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Int'l Business Times
02-07-2025
- Business
- Int'l Business Times
UK's Starmer Backs Finance Minister After Tears In Parliament
UK Prime Minister Keir Starmer on Wednesday said that finance minister Rachel Reeves would remain in her role for "a very long time to come" after she appeared visibly upset in parliament as rumours swirled around her future. Tears rolled down Reeves' face after Starmer declined to guarantee that she would remain in place until the next general election, likely in 2029. It came after his Labour government U-turned over key welfare spending cuts, wiping out a multibillion-pound boost to public finances and triggering speculation that Reeves could lose her job. The pound slumped more than one percent against the dollar on Wednesday and London's stock market retreated amid the speculation. A spokeswoman for Starmer later told reporters that Reeves had his "full backing", while a spokesman for Reeves said she had been upset due to a "personal matter". "The Chancellor is going nowhere. She has the Prime Minister's full backing," Starmer's press secretary said. Asked why he had not confirmed faith in Reeves when asked in the House of Commons, she said: "He has done so repeatedly." "The Chancellor and the Prime Minister are focused entirely on delivering for working people," she added. Starmer later told the BBC that Reeves had done "an excellent job as chancellor" and would remain in the job for "a very long time to come". He said her tears at the weekly Prime Minister's Questions session had "nothing to do with politics" and it was "absolutely wrong" to suggest otherwise. Asked about why Reeves was upset, her spokesman said in a statement: "It's a personal matter, which, as you would expect, we are not going to get into." "The Chancellor will be working out of Downing Street this afternoon," he said. Starmer backed down on the welfare plans on Tuesday after a rebellion by MPs from his own party, in a major blow to his authority. Starmer's retreat on slashing benefits has left an almost GBP5 billion black hole in Reeves's plans, leading to the possibility that she will have to raise taxes on "working people", something that she has repeatedly ruled out. Reeves has also ruled out tweaking her self-imposed rule that day-to-day spending should be met through tax receipts rather than borrowing.
Int'l Business Times
01-07-2025
- Business
- Int'l Business Times
UK Govt Faces Major Rebellion In Welfare Vote
UK Prime Minister Keir Starmer faced the most serious internal rebellion of his year-long premiership on Tuesday with MPs set for a close vote on welfare reforms that have already forced a damaging climbdown. The government backed down Friday on controversial plans to slash disability and sickness benefits after a major rebellion by MPs that threatened to derail the legislation, even though Labour enjoys a huge majority in the lower House of Commons. Only days after Starmer insisted he would plough ahead with the reforms, the government confirmed concessions had been made to 126 rebel MPs who had threatened to scupper the proposed changes. Despite the concessions, there are an estimated 39 Labour MPs still planning to rebel, around half the number needed to sink the key bill, leaving Starmer facing an uncomfortable vote. Minister Liz Kendall revealed the new-look bill to parliament on Monday, but the UK media reported that wavering parliamentarians were only left more aggravated. "It was falling apart in the Commons today because MPs were exposing so many holes in the government's plans," leading rebel MP Rachael Maskell told the Guardian newspaper. The concessions include a "staggered approach" to the reforms, care minister Stephen Kinnock said. This means the narrower eligibility criteria proposed for sickness and disability benefits will only apply to new claimants, not those already receiving the payments. Government data published Monday estimated an extra 150,000 people would be pushed into poverty by the reforms, even taking into account the concessions, further ramping up the pressure on the government. Starmer had hoped the bill would make savings of GBP5 billion ($6.9 billion), but that figure has now been reduced to GBP2.5 billion. That means finance minister Rachel Reeves, who has struggled to generate growth from a sluggish UK economy, will need to find more money elsewhere. The vote comes just before Starmer marks the first anniversary of what has been a rocky return to power for Labour after 14 years in opposition, with questions already being raised about his political acumen and the direction of the ruling Labour party. He has had little success in his attempts to revive a sluggish UK economy while angering many in the process, leading to a series of damaging U-turns. On June 9, the government declared it had reversed a policy to scrap a winter heating benefit for millions of pensioners, following widespread criticism and another rebellion from its own MPs. A week later, Starmer -- a former chief state prosecutor in England and Wales -- announced a national inquiry focused on a UK child sex exploitation scandal, after previously resisting calls. The prime minister has a massive majority of 165 MPs, meaning he should be able to force whatever legislation he wants through parliament. But many of his own MPs complain of a disconnect between Starmer's leadership, which is focused on combatting the rise of the far-right Reform UK party, and Labour's traditional centre-left principles. A YouGov poll of more than 10,000 Britons released last week found that while Labour is losing voters to Reform, it is also forfeiting supporters to the Liberal Democrats and the Greens on the left. Britain's Prime Minister Keir Starmer is facing a major rebellion over his plans to reform welfare AFP
Int'l Business Times
20-06-2025
- Entertainment
- Int'l Business Times
US Singer Chris Brown Pleads Not Guilty In UK Assault Case
American R&B singer Chris Brown on Friday pleaded not guilty in a UK court to a charge stemming from an alleged London nightclub brawl in 2023. Brown, 36, wearing a dark suit and tie as well as glasses, stood in the dock in London as the charge was put to him, replying: "Not guilty, ma'am." The singer, who is on GBP5 million ($6.7 million) bail, waved to people in the public gallery as he left, following his plea to allegedly attempting to cause grievous bodily harm with intent. A five to seven-day long trial was scheduled to start on October 26, 2026. The singer was held in custody for a nearly a week in May after he was arrested in the northwestern city of Manchester. He was later released on bail. Under the terms of his bail, he will forfeit the GBP5 million guarantee if he fails to return for court proceedings. He was also given the go-ahead to continue his scheduled international tour which began on June 8 in Amsterdam. The star, who had a troubled relationship with Barbadian singer Rihanna, is on the UK leg of his tour, with his next date in London on Saturday. Brown is charged with attempting to cause grievous bodily harm with intent in relation to an assault in which the victim was allegedly struck several times with a bottle before being pursued, punched and kicked. The alleged incident took place at a nightclub in Hanover Square in London on February 19, 2023 while Brown was touring in the UK. Police detained him in the early hours of May 13 at a five-star hotel in Manchester after he reportedly flew in by private jet. Other bail terms include that he should surrender his passport if he is not travelling. He is also required to live at a specific address known to the court and is not permitted to visit the nightclub were the alleged assault took place or contact the alleged victim, Abraham Diah. He appeared in the dock with co-defendant Omololu Akinlolu, a US national, with whom he is jointly charged. Akinlolu also entered a not guilty plea to the same charge of attempting to cause grievous bodily harm with intent. Both men are also jointly charged with assault occasioning actual bodily harm. They will enter pleas to that charge on July 11, the court was told. Brown also faces a third charge of having an offensive weapon, a bottle, in public. The Grammy-winning singer is known for mid-2000s hits such as "Kiss, Kiss". He rose from a local church choir in Virginia to sudden fame with his rich R&B voice and later rap, but his reputation has been tarnished by the allegations of abuse. He also are also scheduled to perform in France, Portugal and the US later in the year, before the tour wraps up in Memphis in mid-October.
Yahoo
05-06-2025
- Business
- Yahoo
KBRA Releases Research – UK Mortgage and Housing Trends: June 2025 Update
LONDON, June 05, 2025--(BUSINESS WIRE)--KBRA releases research examining the UK housing and mortgage market, which continues to exhibit resilience in the face of shifting macroeconomic dynamics. While inflationary pressures have moderated, uncertainty around the pace and extent of future Bank of England (BoE) rate cuts persists. Despite these uncertainties, housing finance activity remains robust and, while borrower performance varies, it has generally stabilised across segments. Following a trough in late 2023, house price growth has accelerated again, partly due to a moderation in mortgage rates. At the same time, rental price growth has eased in most regions, though rents generally remain elevated relative to pre-pandemic levels. In this report, we provide an in-depth analysis of housing finance trends across the UK, including structural headwinds such as the evolving housing affordability challenges and emerging risks within the residential property sector. Key Takeaways KBRA expects prime delinquencies to continue to decline and stabilise at low levels. Nonconforming and buy-to-let (BTL) delinquencies are expected to remain broadly stable through early 2026, with gradual improvement thereafter for BTL mortgages and over the medium term for nonconforming loans. The BoE's recent rate cuts should push delinquencies lower, as well as improve affordability metrics. House prices have recently improved, with higher offer prices seen in Q1 2025. The UK Office for Budget Responsibility (OBR) forecasts house prices to continue to rise into late 2025 before levelling off. Supply constraints persist, with low levels of new housing continuing to support prices. First-time buyers continue to represent a growing share of total lending, accompanied by increases in fixed rate loans and higher loan-to-value (LTV) ratios. After 14 consecutive years of Conservative leadership, the recent Labour Party victory introduces a new dynamic in the UK mortgage market. Most notably, the party has pledged GBP5 billion in government housing investment, including a target to build 1.5 million homes over the next five years. This ambitious goal has been met with scepticism, as it would require building 300,000 homes annually, a pace not achieved since the 1970s. Click here to view the report. Recent Publications 2025 European Structured Finance Sector Outlook: Keep Calm and Carry On UK RMBS: Growth of Specialist Lenders to Continue? UK Mortgage and Housing Trends: May 2024 Update UK Buy-to-Let: A Brewing Remortgage Storm? About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1009754 View source version on Contacts Kali Sirugudi, Managing Director+44 20 8148 Hrishikesh Oturkar, Director+44 20 8148 Brian Ford, Managing Director+1 Media Contact Adam Tempkin, Senior Director of Communications+1 Business Development Contact Mauricio Noé, Co-Head of Europe+44 20 8148 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
05-06-2025
- Business
- Business Wire
KBRA Releases Research – UK Mortgage and Housing Trends: June 2025 Update
LONDON--(BUSINESS WIRE)--KBRA releases research examining the UK housing and mortgage market, which continues to exhibit resilience in the face of shifting macroeconomic dynamics. While inflationary pressures have moderated, uncertainty around the pace and extent of future Bank of England (BoE) rate cuts persists. Despite these uncertainties, housing finance activity remains robust and, while borrower performance varies, it has generally stabilised across segments. Following a trough in late 2023, house price growth has accelerated again, partly due to a moderation in mortgage rates. At the same time, rental price growth has eased in most regions, though rents generally remain elevated relative to pre-pandemic levels. In this report, we provide an in-depth analysis of housing finance trends across the UK, including structural headwinds such as the evolving housing affordability challenges and emerging risks within the residential property sector. Key Takeaways KBRA expects prime delinquencies to continue to decline and stabilise at low levels. Nonconforming and buy-to-let (BTL) delinquencies are expected to remain broadly stable through early 2026, with gradual improvement thereafter for BTL mortgages and over the medium term for nonconforming loans. The BoE's recent rate cuts should push delinquencies lower, as well as improve affordability metrics. House prices have recently improved, with higher offer prices seen in Q1 2025. The UK Office for Budget Responsibility (OBR) forecasts house prices to continue to rise into late 2025 before levelling off. Supply constraints persist, with low levels of new housing continuing to support prices. First-time buyers continue to represent a growing share of total lending, accompanied by increases in fixed rate loans and higher loan-to-value (LTV) ratios. After 14 consecutive years of Conservative leadership, the recent Labour Party victory introduces a new dynamic in the UK mortgage market. Most notably, the party has pledged GBP5 billion in government housing investment, including a target to build 1.5 million homes over the next five years. This ambitious goal has been met with scepticism, as it would require building 300,000 homes annually, a pace not achieved since the 1970s. Click here to view the report. Recent Publications About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1009754
