Jeremy Hunt

Britain's economy rebounded slightly in January, data showed Wednesday, sparking hope of an end to recession in a boost to embattled Prime Minister Rishi Sunak ahead of elections.

Gross domestic product grew 0.2 percent following a slight 0.1-percent decline in December according to a statement from the Office for National Statistics (ONS).

Finance minister Jeremy Hunt is today due to announce new measures to support Britain's powerful financial sector, seeking to make the U.K. the "most innovative and competitive" financial centre in the world.

British Prime Minister Rishi Sunak is being investigated by the Parliamentary Committee on Standards over suspicions of under-declaration of income and conflict of interest.

British annual inflation unexpectedly accelerated in February despite central bank efforts to tame a growing cost-of-living crisis, official data showed yesterday.

The Consumer Prices Index (CPI) rose by 10.4 percent in the 12 months to February 2023, up from 10.1 percent in January, the Office for National Statistics said.

Teachers, London Underground train drivers and civil servants joined striking doctors Wednesday in a mass stoppage, just as Britain's finance minister Jeremy Hunt unveiled his tax and spending plans.

With hundreds of thousands of workers walking out, it was touted as the biggest single day of industrial action since a wave of unrest began last year.

Rishi Sunak will on Wednesday face off against opposition lawmakers for the first time as British prime minister, in a likely raucous parliamentary session following weeks of political turmoil.

Contenders bidding to succeed Prime Minister Liz Truss were on Oct. 21 to open a hectic weekend of campaigning, but opposition parties demanded that UK voters get their own say to end months of political chaos.

The U.K.'s new Treasury chief ripped up the government's economic plan on Monday, dramatically reversing most of the tax cuts and spending plans that new Prime Minister Liz Truss announced less than a month ago. The move raises more questions about how long the beleaguered British leader can stay in office, though Truss insisted she has no plans to quit.

Britain's new Treasury chief has acknowledged mistakes made by his predecessor and suggested that he may reverse much of Conservative Prime Minister Liz Truss' tax-cutting plans in order to bring stability to the country after weeks of economic and political turbulence.

In Britain, an opinion poll following the sacking of finance minister Kwasi Kwarteng showed seven in ten Brits did not think Prime Minister Liz Truss could win back the trust of voters.