Latest news with #UK-U.S.
The Sun
22-05-2025
- Politics
- The Sun
UK temporarily prevented from concluding Chagos Islands deal
THE BRITISH government has been temporarily banned from concluding its negotiations on the Chagos Islands deal with Mauritius by an injunction granted by a High Court judge, PA Media said on Thursday. Earlier reports said Britain was set to sign the deal which would cede sovereignty of the Chagos Islands to Mauritius while securing the future of the UK-U.S. Diego Garcia military base in the Indian Ocean.
Straits Times
22-05-2025
- Business
- Straits Times
UK set to sign deal ceding sovereignty of Chagos Islands to Mauritius
LONDON - Britain is set to sign a deal ceding sovereignty of the Chagos Islands to Mauritius while also securing the future of the UK-U.S. Diego Garcia military base in the Indian Ocean, media reported on Thursday. The deal, the details of which were first announced in October, will allow Britain to retain control of the military base on Diego Garcia, the largest island of the archipelago in the Indian Ocean, under a 99-year lease. British Prime Minister Keir Starmer will join a virtual signing ceremony with representatives from the Mauritian government, the Telegraph newspaper reported. In 1965 Britain detached the Chagos Islands from Mauritius - a former colony that became independent three years later - to create the British Indian Ocean Territory. Financial details of the deal have not been set out. Media reports have put the cost to Britain at 9 billion pounds. U.S. President Donald Trump, who took office in November, indicated his backing for the deal in February after meeting Starmer in Washington. Trump's predecessor Joe Biden had also supported the agreement. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Time of India
21-05-2025
- Business
- Time of India
UK inflation hits 3.5% in April amid soaring household bills and tax pressures
Inflation in the UK surged to its highest level since January 2024 in April, driven by sharp increases in domestic bills such as energy and water, official data revealed on Wednesday. The Office for National Statistics reported that the consumer prices index rose to 3.5 per cent in the 12 months to April, up from 2.6 per cent in March — surpassing economists' expectations of a rise to 3.3 per cent, news agency AP reported. This marks the steepest monthly inflation jump since October 2022, during the height of the global energy crisis following Russia's full-scale invasion of Ukraine. Economists had anticipated a notable rise in April due to substantial annual increases in utility costs, higher business taxes, and a significant boost to the minimum wage. With inflation expected to remain above 3 per cent for the rest of 2025, prospects for additional interest rate cuts by the Bank of England may diminish. The central bank, which targets a 2 per cent inflation rate, has been gradually reducing rates since last August from a 16-year high of 5.25 per cent. Earlier this month, it lowered the main rate to 4.25 per cent. Bank of England chief economist Huw Pill, speaking on Tuesday, expressed concern that borrowing rates may have been cut too swiftly, highlighting persistent underlying inflation pressures. Rob Wood, chief UK economist at Pantheon Macroeconomics, said that further rate cuts following a 'precise quarterly schedule' are now 'far from certain.' Although inflation is set to stay above target this year, economists expect it to ease in 2026, partly due to the recent UK-U.S. trade deal that scrapped several planned tariffs introduced during the Trump administration. The sudden jump in inflation presents a political challenge for the Labour government, which returned to power last July after 14 years. The party has recently emphasized signs of economic progress, including stronger-than-expected Q1 growth and a series of trade deals — not only with the US, but also with India and the European Union. 'I am disappointed with these figures, because I know cost of living pressures are still weighing down on working people," said Treasury chief Rachel Reeves. The Conservative Party, now in opposition, blamed the inflation spike on Labour's fiscal policies. 'Families are paying the price for the Labour Chancellor's choices," said Mel Stride, the Tories' economy spokesman. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
13-05-2025
- Business
- Yahoo
US-UK trade deal probably not a template for EU-US agreement, says Lithuania
By Jan Strupczewski BRUSSELS (Reuters) -The trade deal struck last week between the United States and Britain is probably not going to serve as a template for a trade agreement between the U.S. and the European Union, Lithuania's Finance Minister Rimantas Sadzius said on Tuesday. In an interview with Reuters on the sidelines of an EU finance ministers meeting in Brussels, Sadzius said the trade relationship between the U.S. and the 27-nation EU was a much bigger one than the one Washington had with Britain. "I have big doubts that the EU will have to ... adopt any template from anywhere," Sadzius said. Washington and London last week announced a limited bilateral trade agreement that leaves 10% U.S. tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British cars. The two sides agreed to continue trying to agree a broader deal that will cover pharmaceuticals and reducing the remaining reciprocal tariffs. But Sadzius said the EU economy was a much more powerful trading bloc. "I think European institutions are strong in this negotiation process, very strong," he said. "Competition between the European Union and the United something that designs or defines the economic map of the world." According to the U.S. trade department, trade with the European Union totaled $976 billion in 2024, more than six times the value of trade with the UK which added up to $148 billion. The European Commission said it was analysing the UK-U.S. agreement for impact on the EU and global trade as it continues to negotiate the EU's own deal with the United States ahead of a July 8 deadline. Until then there are 10% across-the-board U.S. duties on almost all EU products and 25% U.S. duties on European steel, aluminium, cars and car parts. If there is no deal by July 8, the across-the board 10% duty on European goods could go up to 20%.
Yahoo
13-05-2025
- Automotive
- Yahoo
Luxury car maker JLR abstains from confirming forecast on US tariff uncertainty
(Reuters) -India's Tata Motors on Tuesday did not confirm its profitability target for luxury car brand Jaguar Land Rover (JLR), joining other global automakers in abstaining or pulling their forecasts due to the uncertainty around U.S. tariffs. Imported cars have been a main focus of U.S. President Donald Trump's global trade war. Trump last month imposed a 25% tariff on all foreign-made vehicles sold in the world's second-largest car market, which is UK-based JLR's fastest-growing market. JLR said it met its earnings before interest and taxes (EBIT) margin target of 8.5% for the year ended March, but abstained from confirming its target of a 10% EBIT margin for the current fiscal year. "We are assessing our guidance in light of the recent UK-U.S. trade deal announced on May 8 and will provide an update at our investor day on June 16," said parent Tata Motors, which gets about two-thirds of its overall revenue from JLR. Despite the U.S.-UK trade deal, analysts expect JLR's North America sales to drop this fiscal year, with some noting that the top-selling 'Defender' SUV, which is made in Slovakia, is not covered under the deal. Automakers globally, including Mercedes-Benz, Fiat-owner Stellantis and Volvo, have either abstained from issuing or pulled their earnings forecasts. Still, JLR's sales volumes rose 1.1% in the January-March quarter, helped by strong demand for its SUVs in North America and Europe. That helped Tata Motors' fourth-quarter profit of 84.70 billion rupees ($993 million) beat analysts' estimates of 74.58 billion rupees, according to data compiled by LSEG. The company's profit halved from the year-ago quarter, which included a one-time tax benefit. Tata Motors' shares closed 1.8% lower ahead of the results. ($1 = 85.2750 Indian rupees) 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
