The U.K. Chancellor of the Exchequer asks the Bank of England whether it needs more power. The central bank's Financial Policy Committee will study the question.
The 2021 redesign of the £50 note, featuring British mathematician Alan Turing on the reverse, is officially unveiled by the Bank of England. It is slated to enter circulation on June 23, Turing's birthday.
The Court of Appeals for England and Wales overturns a ruling earlier this year by the High Court of Justice that stated the government of Venezuelan President Nicolás Maduro did not have the right to access the Central Bank of Venezuela's gold, worth more than US$1.8 billion, currently stored by the Bank of England due to the UK government's recognition of oppositional leader Juan Guaidó as the actual president.
"The Mail on Sunday" reports that British Chancellor Rishi Sunak plans to abolish an Internet tax expected to raise £500 million ($654M) a year. The tax was introduced in April 2020 and could reportedly be an impediment to a post-Brexit trade deal with the United States.
In the United Kingdom, the unelected House of Lords, Parliament’s upper house, delays by three years reductions in tax credits paid to working people that would have cost affected families an average of £1,300 ($2,000) a year. This is the first major setback for George Osborne, Chancellor of the Exchequer, since the general election. Osborne said the government will "lessen" the impact of tax credit cuts for those affected, while vowing to press on with changes designed to save billions from welfare.
Chancellor of the Exchequer George Osborne hails the results as proof that the economy is going through a steady recovery, but opposition Labour Party leader Ed Miliband asserts that the recent spending review and budget cuts will harm economic performance.