Latest George Osborne news

  • UK has plans to help its nationals in Greece if situation deteriorates Mon, Jun 29, 2015

    LONDON (Reuters) - Britain has drawn up contingency plans to help its nationals in Greece if the situation there worsens following the imposition of capital controls, finance minister George Osborne said on Monday. "The foreign office have put in place contingency plans to step up the support that they can provide on the ground should the situation deteriorate," Osborne told parliament. (Reporting by William James; Editing by Andrew Osborn) More »

  • UK 'ready for Greece euro exit'
    UK 'ready for Greece euro exit' Mon, Jun 29, 2015

    The Government stands ready to protect the British economy from the fall-out from Greece crashing out of the euro, Chancellor George Osborne has said. More »

  • Osborne: Don't underestimate impact of 'Grexit' on EU/UK econom … Mon, Jun 29, 2015

    The impact of a possible Greek exit from the euro zone should not be underestimated, British finance minister George Osborne warned on Monday, saying Britain's government and central bank stood ready to ensure financial stability. "I don’t think anyone should underestimate the impact that a Greek exit from the euro would have on the European economy – and the knock-on effects on us," Osborne told parliament. More »

  • Britain to review Greek crisis impact on bank branches, holidaymakers Mon, Jun 29, 2015

    Prime Minister David Cameron and other senior policymakers will discuss on Monday how Greece's debt crisis might affect UK banking and whether it might need to help British holidaymakers and residents there. Cameron's spokeswoman said he would chair a meeting attended by Bank of England Governor Mark Carney and senior ministers including finance minister George Osborne. It would also address any issues concerning holidaymakers in Greece or for British nationals living there, she said. More »

  • Carney says many financiers unaware of ethics
    Carney says many financiers unaware of ethics Fri, Jun 26, 2015

    Bank of England Governor Mark Carney said on Friday that many people working in finance are still unaware of the standards of conduct expected and the need for them to exceed that required by the letter of the law. The BoE is stepping up its regulatory scrutiny of senior figures in the finance industry in the wake of scandals hitting London's trillion-dollar markets for foreign exchange and interbank lending. Earlier this month Carney and Chancellor George Osborne announced longer jail terms for financiers who break the law, but Carney said a broader shift towards more ethical financial market practices is needed. More »

  • Debenhams boss says new austerity fears put brake on spending
    Debenhams boss says new austerity fears put brake on spending Thu, Jun 25, 2015

    By James Davey LONDON (Reuters) - Fears over the possible impact of new British government spending cuts was dampening consumer confidence even though shoppers had more money to spend, the boss of department store chain Debenhams said. Britain's newly re-elected Conservative government is pressing ahead with plans to cut welfare spending by 12 billion pounds. Chancellor George Osborne is expected to give details of measures in his budget statement on July 8. More »

  • Lawson: Cut top rate income tax
    Lawson: Cut top rate income tax Thu, Jun 25, 2015

    Former Tory chancellor Lord Lawson has urged George Osborne to use his first all-Conservative Budget next month to cut the top rate of income tax to 40p. More »

  • Tory Government's £12bn Welfare Cuts Agreed
    Tory Government's £12bn Welfare Cuts Agreed Sun, Jun 21, 2015

    Welfare cuts worth £12bn a year will be announced in next month's Budget, after the Government agreed "significant" spending reductions in the last few days. On a weekend during which tens of thousands of protesters marched against austerity , Chancellor George Osborne and Work and Pensions Secretary Iain Duncan Smith signalled they would press ahead with cuts. The welfare changes will include capping benefits at £23,000 a year for each family. More »

  • Ministers To Sell Stake In State's Green Bank
    Ministers To Sell Stake In State's Green Bank Sun, Jun 21, 2015

    Ministers are poised to sanction an inaugural sale of shares in the Government's Green Investment Bank (GIB), a state-backed lender to green infrastructure projects, in a move that will accelerate the Conservatives' £50bn post-Election privatisation spree. Sky News has learnt that advisers from Bank of America Merrill Lynch have been drawing up plans with Whitehall officials to sell a stake in the GIB, which has funded dozens of waste and energy ventures since its launch in 2012. Insiders said that details of the plan could be included in George Osborne's Emergency Budget on 8 July. More »

  • Ministers defiant over welfare cuts
    Ministers defiant over welfare cuts Sun, Jun 21, 2015

    George Osborne and Iain Duncan Smith have insisted they will push ahead with plans to slash another £12 billion a year from the benefits bill. More »

  • Osborne vows hefty welfare cuts in July budget plan
    Osborne vows hefty welfare cuts in July budget plan Sun, Jun 21, 2015

    By David Milliken LONDON (Reuters) - Chancellor George Osborne has said he will press ahead with hefty cuts to welfare in a budget statement next month, a day after tens of thousands of people marched against austerity in central London. Writing in the Sunday Times, Osborne and welfare minister Iain Duncan Smith said the newly re-elected Conservative government would go ahead with plans to cut welfare spending by 12 billion pounds, out of an annual budget of 220 billion pounds, including old-age pensions. More »

  • Sunday's National Newspaper Front Pages
  • Strong income tax growth pushes UK borrowing to 8-year low
    Strong income tax growth pushes UK borrowing to 8-year low Fri, Jun 19, 2015

    By David Milliken and Li-mei Hoang LONDON (Reuters) - Strong income tax receipts pushed British government borrowing to its lowest May reading since 2007, adding to signs that revenue growth could play a major role in debt-reduction plans being drafted by finance minister George Osborne. The budget deficit fell to 10.1 billion pounds ($16.05 billion) from 12.4 billion pounds a year earlier, a smaller gap than economists had forecast. After an unexpected outright election victory last month for the Conservative party to which Osborne belongs, he has said he will use a budget statement on July 8 to set out plans to commit future governments to run budget surpluses during normal economic times. More »

  • Britain must be 'ready for worst over Greece: Osborne
    Britain must be 'ready for worst over Greece: Osborne Fri, Jun 19, 2015

    George Osborne says Britain must be prepared for the worst as Greece risks exiting the eurozone More »

  • Osborne urges Greece deal, says preparing for worst Fri, Jun 19, 2015

    British finance minister George Osborne urged Greece on Friday to strike a deal with its international creditors in loans-for-reforms talks, saying Britain was hoping for the best but preparing for the worst. "We have entered the 11th hour of this Greek crisis and we urge the Greek government to do a deal before it is too late. More »

  • Goldman Sachs To Advise UK On Bank Sales
    Goldman Sachs To Advise UK On Bank Sales Fri, Jun 19, 2015

    Goldman Sachs is to advise the Government on the sale of its remaining stakes in Britain's bailed-out lenders at the same time as one of its divisions tries to acquire billions of pounds of bank assets from the taxpayer. Sky News has learnt that Goldman was hired as the privatisation adviser to UK Financial Investments (UKFI) just days after George Osborne announced that he would begin selling the state's shares in Royal Bank of Scotland (RBS) within months. Goldman's appointment may prove to be controversial given criticism of its role advising the Treasury on the nationalisation of Northern Rock in 2008, and its securities division's interest in buying Granite, a £13bn mortgage portfolio put up for sale by the Chancellor earlier this year. More »

  • Boris Will Be Boris: Non-Stick, Sticky Moments
    Boris Will Be Boris: Non-Stick, Sticky Moments Thu, Jun 18, 2015

    Alex Salmond and Nigel Farage seem to walk away relatively unscathed from gaffes that might be career-ending for others. Even the latest incident, in which he fired an expletive-laden missile at a taxi driver, has not drawn scorn in the way it might have done had it been George Osborne, let alone Andy Burnham or Yvette Cooper. More »

  • Osborne 'must cut billions more'
    Osborne 'must cut billions more' Thu, Jun 18, 2015

    George Osborne may need to cut £45 billion a year from public spending by 2018-19 to balance the books rather than the £30 billion of consolidation measures currently planned, a think tank has claimed. More »

  • 'Bring back Balls,' says Osborne
    'Bring back Balls,' says Osborne Tue, Jun 16, 2015

    Labour has accused George Osborne of being distracted from his day job by "personal ambitions" as he prepares to stand in for David Cameron at Prime Minister's Questions tomorrow. More »

  • Osborne says vigilant to all risks in uncertain global economy
    Osborne says vigilant to all risks in uncertain global economy Tue, Jun 16, 2015

    British finance minister George Osborne said on Tuesday the government will remain vigilant to all risks in an uncertain global economy, despite signs that Britain's economic upturn is continuing. Speaking after British inflation turned positive again in May following a dip below zero in April for the first time in 55 years, Osborne said the latest data were good news for Britons and showed the recovery was going from strength to strength. "Of course the job is not done and we will continue to remain vigilant to all risks, particularly when the global economic situation is so uncertain," he said in a statement. More »

  • UK public finances improve more than expected in boost for Osborne
    UK public finances improve more than expected in boost for Osborne Tue, Jun 16, 2015

    Britain's public sector budget deficit narrowed more than expected in April, giving Chancellor George Osborne a boost as he renews his push to fix the country's public finances. The Office for National Statistics said public sector net borrowing, excluding state-controlled banks, totalled 6.8 billion pounds in April, down nearly 27 percent from a year earlier and the lowest shortfall for that month since 2008. More »

  • William Keegan: Smug George Osborne must combat balance of payments deficit …
    William Keegan: Smug George Osborne must combat balance of payments deficit … Mon, Jun 15, 2015

    The doubts have arisen in the face of the prospect of the referendum on our continued membership of the European Union – the so-called Brexit. Something was needed to wipe the smug smile off Chancellor George Osborne's face and this item of news was as good as any. For the trouble is that the outcome of the recent British general election has gone to Osborne's head. More »

  • Saturday's National Newspaper Front Pages
  • RBS shares rise despite Labour criticism of share sale
    RBS shares rise despite Labour criticism of share sale Thu, Jun 11, 2015

    By Matt Scuffham LONDON (Reuters) - Shares in Royal Bank of Scotland rose after Britain's Conservative government said it would start selling its 32-billion pound ($49.6 billion) stake at a loss, a decision criticised by the opposition Labour party. The sale plan represents a milestone in RBS's recovery from the financial crisis but also means finance minister George Osborne has given up on his original intention of selling the shares for a profit. Labour accused the government of selling up prematurely with the bank still in the process of a major restructuring and facing more fines in relation to past misconduct. More »

  • RBS set to appoint Bank of America as corporate broker -source Thu, Jun 11, 2015

    LONDON (Reuters) - Royal Bank of Scotland is set to appoint Bank of America as its new corporate broker, a person familiar with the matter said on Thursday. Bank of America will take up the role as RBS prepares for the government to start selling its 79 percent stake in the bank at a loss later this year, which was announced by Finance Minister George Osborne on Wednesday. ... More »

  • RBS shares might go up but it's irresponsible to play markets with taxpayer's …
    RBS shares might go up but it's irresponsible to play markets with taxpayer's … Thu, Jun 11, 2015

    There may have been a case for selling shares in RBS at some point prior to the general election when its share price edged above the 400p mark, but there was much more at stake back then and George Osborne did the sensible thing and focused on Lloyds. Although it always seems like an excuse created by bankers to justify their salaries, RBS may be unable to attract top executives it seems. This will change once it's privatised and its share price may rise some more as a result. More »

  • RBS shares up over sell-off plan
    RBS shares up over sell-off plan Thu, Jun 11, 2015

    Royal Bank of Scotland saw its stock market value rise by as much as £900 million after Chancellor George Osborne announced plans to begin selling off the taxpayer's stake in it. More »

  • Shares in RBS rise after UK unveils plan to sell shares Thu, Jun 11, 2015

    Shares in Royal Bank of Scotland rose in early trading on the London Stock Exchange after Britain's Chancellor George Osborne said the government would start selling its shares in the bank. In his annual speech to financiers in the City of London on Wednesday evening, Osborne said he had decided to begin selling the government's 80 percent stake in the bank, worth 32 billion pounds, after taking independent advice from investment bank Rothschild and the Bank of England. Shares in RBS were up 2.1 percent to 362.3 pence at 0711GMT. More »

  • Chancellor Ready To Sell Off RBS At Loss
    Chancellor Ready To Sell Off RBS At Loss Thu, Jun 11, 2015

    The Government is to sell its majority stake in RBS, which was rescued during the financial meltdown with £45.5bn of public money. Chancellor George Osborne said sales of the taxpayers' 79% stake in the bank will begin in the coming months, and may take "some years" because of the size of the holding. "It's the right thing to do for British businesses and taxpayers," he said at his annual Mansion House speech to business leaders in London. More »

  • Carney: 'Age Of Irresponsibility' Is Over
    Carney: 'Age Of Irresponsibility' Is Over Thu, Jun 11, 2015

    Bank of England Governor Mark Carney has warned the "age of irresponsibility" is over as he called for longer prison sentences for rogue bankers and traders. Mr Carney said: "For the best in the business, this won't be new. George Osborne told the audience he agrees with the Governor's concerns and the need for stronger action against criminal activity. More »

  • Osborne and Balls at Bilderberg
    Osborne and Balls at Bilderberg Thu, Jun 11, 2015

    Chancellor George Osborne and his former counterpart Ed Balls are among those on the list for the Bilderberg conference today. More »

  • Thursday's National Newspaper Front Pages
  • Osborne seeks safeguards against EU's 'ever-closer union' mantr …
    Osborne seeks safeguards against EU's 'ever-closer union' mantr … Wed, Jun 10, 2015

    By William James LONDON (Reuters) - Britain wants a guarantee from the European Union that it will not be penalised for remaining outside the euro zone, Chancellor George Osborne said on Wednesday, setting out one key demand in London's renegotiation with the bloc. Britain's membership of the EU will be put to a referendum before the end of 2017 once Prime Minister David Cameron and Osborne, his most senior political ally, have renegotiated the country's ties to the bloc. Osborne used a major speech to London's most powerful financiers to spell out his desire to rewrite one of the EU's guiding principles: that all members are committed to ever-closer union. More »

  • Mansion House speech: George Osborne plans RBS sell-off at a £13bn loss to the …
    Mansion House speech: George Osborne plans RBS sell-off at a £13bn loss to the … Wed, Jun 10, 2015

    Chancellor of the Exchequer George Osborne has announced plans to sell off the British government's 79% stake in the Royal Bank of Scotland. RBS, bailed out by the taxpayer at the height of the 2008 financial meltdown, is now likely to be worth about £13bn ($20bn) less than the government paid for it at the time, £45bn. Speaking at the annual Mansion House speech in the City of London, Osborne also gave his support for Bank of England governor Mark Carney, who said he would impose tougher punishments on bankers who manipulated and fixed markets. More »

  • Britain to start selling shares in RBS as Osborne swallows loss
    Britain to start selling shares in RBS as Osborne swallows loss Wed, Jun 10, 2015

    By Matt Scuffham LONDON, (Reuters) - Britain will start selling its 32 billion-pound stake in Royal Bank of Scotland in the coming months, Chancellor George Osborne said on Wednesday, giving up on his previous intention to only sell the shares for a profit. Osborne said he had received independent advice from the Bank of England and from investment bank Rothschild that it was in the interests of taxpayers to start selling the shares in the bank which was rescued at the height of the financial crisis. "In the coming months we will begin to sell our stake in RBS. More »