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May 22, 2015

UK lawmaker Tyrie set to lead bank scrutiny in parliament again

LONDON, May 22 (Reuters) – British lawmaker Andrew Tyrie is
on course to win a second term as head of a powerful panel in
parliament that scrutinises the work of the finance ministry,
the Bank of England and the London’s financial services
industry.

The influence and importance of the Treasury Select
Committee has risen since the 2007-09 financial crisis, when
more than 60 billion pounds ($93.7 billion) of taxpayer cash was
used to save banks and sharpened the focus on the failings of
bankers, politicians and regulators.

May 20, 2015

Britain to streamline sale of banking assets, address low productivity

LONDON (Reuters) – British finance minister George Osborne will set out plans on Wednesday to streamline the sale of 23 billion pounds ($35.7 billion) of bank shares and other publicly owned assets by creating a new government-run company.

In a speech to business leaders in London, Osborne will highlight the plan as part of a drive to improve Britain’s low productivity – which he refers to as the “long-standing weakness in the British economy”.

May 20, 2015

Government to streamline sale of banking assets, address low productivity

LONDON (Reuters) – Chancellor George Osborne will set out plans on Wednesday to streamline the sale of 23 billion pounds of bank shares and other publicly owned assets by creating a new government-run company.

In a speech to business leaders in London, Osborne will highlight the plan as part of a drive to improve Britain’s low productivity – which he refers to as the “long-standing weakness in the British economy”.

May 19, 2015

Hard road ahead as UK’s Osborne embarks on mission to reshape state

LONDON, May 19 (Reuters) – Britain’s finance minister George
Osborne is under pressure to spell out how he will slash
government spending after getting the green light from voters to
finish off what is expected to be, for many, a painful
redefinition of the role of the state.

After five years of austerity under a coalition government,
newly-reappointed Osborne now says he needs to find another 25
billion pounds of spending cuts in the next two years, and more
beyond that, to complete what is set to be the most radical
shrinking of the state in Britain since World War Two.

May 12, 2015

Britain could hold EU vote earlier than end of 2017

LONDON (Reuters) – Prime Minister David Cameron will hold an early referendum on membership of the European Union if he can first reach a deal that satisfies his demands for major changes in Britain’s relationship with the bloc, his spokesman said on Tuesday.

Cameron, who won a majority in Thursday’s general election, has pledged to renegotiate Britain’s ties with Europe and then give voters an in-out referendum on EU membership by the end of 2017.

May 11, 2015

Nigel Farage, leader of anti-EU party, U-turns on resignation

LONDON (Reuters) – Nigel Farage, the leader of Britain’s anti-EU UK Independence Party, on Monday withdrew his resignation after tendering it last week over his failure to win a seat in the British parliament.

UKIP, which wants Britain to withdraw from the European Union, won just one seat in a national election last week, despite talking up its chances of doing much better after winning European elections in Britain last year.

May 11, 2015

Nigel Farage, leader of Britain’s anti-EU party, U-turns on resignation

LONDON (Reuters) – Nigel Farage, the leader of Britain’s anti-EU UK Independence Party, on Monday withdrew his resignation after tendering it last week over his failure to win a seat in the British parliament.

UKIP, which wants Britain to withdraw from the European Union, won just one seat in a national election last week, despite talking up its chances of doing much better after winning European elections in Britain last year.

May 8, 2015

Miliband quits after Labour thrashed in UK election

LONDON (Reuters) – British opposition leader Ed Miliband quit on Friday after his Labour Party suffered a heavy election defeat and was virtually driven out of Scotland, leaving the demoralized party with no obvious successor.

Miliband had gone into Thursday’s election expecting he had a good chance of beating Prime Minister David Cameron’s Conservatives and forming a government, probably in some form of alliance with a smaller party. Instead Cameron will govern again, this time with an overall parliamentary majority.

May 8, 2015

PM Cameron sweeps to unexpected triumph in British election

LONDON (Reuters) – Prime Minister David Cameron won a shock election victory in Britain, overturning predictions that the vote would be the closest in decades to sweep into office for another five years, with his Labour opponents in tatters.

The sterling currency, bonds and shares surged on a result that reversed expectations of an inconclusive “hung parliament” with Cameron jockeying for power with Labour rival Ed Miliband.

May 3, 2015

With nobody set for majority, Britain braces for hung parliament

LONDON (Reuters) – Britain is heading towards a hung parliament after Thursday’s national election, fuelling uncertainty about the country’s future in the European Union, its economic policy, and Scotland’s place in the United Kingdom.

Four days before Britain’s closest election in decades, the prospect of no single party winning an overall majority and which alliances could be struck with smaller parties afterwards is dominating debate.