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World - Britain swings austerity axe but drops tax reform

Britain took the axe to spending Wednesday, fleshing out plans to slash welfare and eliminate the deficit, but dropped a controversial plan to cut tax credits for the poorest. Finance minister George Osborne spelled out his proposals for £12 billion (17 billion euros, $18 billion) of cuts to welfare spending and £20 billion of reductions to public expenditure, while raising £5.0 billion via a crackdown on tax avoidance. In recent months, Osborne had faced stiff opposition from even within his own Conservative Party over cuts to welfare and other social spending that some see as too swingeing.

Wednesday, November 25, 2015  15:03


World - Cost of replacing UK`s nuclear submarines goes up £6bn

The estimated cost of replacing the submarines which carry Britain`s nuclear weapons has shot up by £6 billion (8.5 billion euros, $9.0 billion), the government revealed Monday. On top of the £31 billion, the SDSR also factors in an extra £10 billion of `contingency` funding for the project. Britain currently has four submarines in its ageing Trident fleet, at least one of which is on patrol somewhere in the world 24 hours a day.

Monday, November 23, 2015  19:09


World - Struggling Chelsea announce £23m loss

Chelsea made a loss of £23.1 million ($34.9m, 32.9m euros) last season, the Premier League champions announced on Monday. The west London club revealed their annual financial results until June 30, 2015 and reported the deficit kept them within Financial Fair Play limits. The Blues, owned by Russian billionaire Roman Abramovich, announced revenues of £314.3m, marginally down on the 2013-14 high of £319.8m.

Monday, November 23, 2015  18:51


World - Britain fines Barclays £72m over `elephant` deal

Britain`s financial regulator on Thursday fined Barclays bank £72 million ($109 million, 102 million euros) for failing to carry out proper checks on a vast so-called `elephant` deal for ultra-wealthy clients. The Financial Conduct Authority said Barclays rushed through a huge £1.88-billion transaction in order to secure fees from a number of very rich customers. `The clients involved were politically exposed persons and should therefore have been subject to enhanced levels of due diligence and monitoring by Barclays,` the FCA added in a statement.

Thursday, November 26, 2015  17:55


World - UK swings austerity axe but spares key welfare scheme, police

Unveiling a budget update, finance minister George Osborne said the government, which is borrowing £73.5 billion (105 billion euros, $110 billion) this year, is on track to balance its books by 2019-20. This will be achieved through the most significant belt-tightening in a generation which includes reducing welfare by £12 billion and the budgets of some government departments by up to 37 percent. Opponents of the move, including many within his own centre-right Conservative party as well as the main opposition Labour party under Jeremy Corbyn, said it would have left over three million families worse off.

Wednesday, November 25, 2015  16:34


Business - DisneyLife rolls movies, music and more into a £10 subscription

Right on schedule, Disney has launched its own streaming service in the UK. For £9.99 per month you`ll gain access to many of the company`s animated classics, such as The Lion King, Aladdin and The Jungle ...

Monday, November 23, 2015  17:39


World - Fake ambulances smuggled £1.6bn of drugs into UK, court finds

A British court on Friday convicted a Dutchman of conspiring to smuggle drugs with a street value of £1.6 billion (2.3 billion euros, $2.4 billion) in a fleet of fake ambulances into Britain. The gang used bogus paramedic uniforms to drive ambulances packed with drugs across the Channel, with at least 45 trips identified over a 14-month period, the court heard. Prosecutor Robert Davies said the police tipped off Dutch authorities, who found `a fleet` of similarly adapted ambulances at two yards in the Netherlands.

Friday, November 27, 2015  21:44


World - `Romance fraud` warning from UK police after £1.6m scam

London`s Metropolitan Police on Friday warned singletons to beware of online dating scams after two men were convicted of duping a woman out of £1.6 million (2.3 million euros, $2.4 million). The woman met, via a dating site, a man who claimed to be a well-off engineer. Detective Chief Inspector Gary Miles of Falcon, a specialist police cyber crime and fraud unit, said victims of such scams were being `ruthlessly manipulated` by fake lovers.

Friday, November 27, 2015  17:10


World - F1 champion Lewis Hamilton hits back at critics with speed

Newly crowned three-time world champion Lewis Hamilton hit back at criticism of his jetset lifestyle on Friday by outpacing Mercedes team-mate Nico Rosberg in opening free practice for Sunday‚ s season-ending Abu Dhabi Grand Prix. The 30-year-old, attacked by his former McLaren team boss Ron Dennis for doing things that ‚ would not have been allowed‚ under his regime and told by Rosberg not to complain about the handling of their Mercedes cars, produced his riposte on the spectacular Yas Marina circuit. In brilliant sunshine, Hamilton clocked a best lap in one minute and 43.754 seconds, ahead of Rosberg‚ s best of 1:43.895 as the German began his bid to claim a sixth straight pole ahead of his rival and complete a hat-trick of victories.

Friday, November 27, 2015  13:33


World - Osborne swings austerity axe, spares key welfare scheme, police

Chancellor of the Exchequer George Osborne announced a fresh round of deep cuts to public spending, but dropped a plan to reduce welfare payments for the poorest and spared the police from savings after the Paris attacks. Unveiling a budget update, Osborne said the government, which is borrowing £73.5 billion this year, is on track to balance its books by 2019-20. Opponents of the cuts, including many within his own Conservative party as well as the Labour party under Jeremy Corbyn, said it would have left over three million families worse off.

Thursday, November 26, 2015  02:50

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