The U.K. government announced sweeping tax increases and spending cuts on Thursday, becoming the first major Western economy to start sharply limiting its spending growth after years of ramped-up fiscal stimulus during the pandemic and recent energy subsidies, the Wall Street Journal reported. The measures mark a second major shift in U.K. economic policy in just a matter of months, after previous British Prime Minister Liz Truss spooked financial markets by pledging to jump-start growth with tax cuts funded by more borrowing.
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Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
The funding crunch afflicting Sweden’s leveraged property sector intensified late on Wednesday after a privately owned landlord signaled it needed more time to repay bonds that fall due next year, Bloomberg News reported. In what may be among the first instances of real-estate worries spilling over to the country’s bond market, little-known property developer Sehlhall Holding AB turned to its creditors to amend terms on its debt.
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Croydon Council claims it has been forced pull funding from dozens of local charities as it works to balance its books after the borough had to declare bankruptcy. The authority said it will not renew its community fund when it comes to end in March 2023, MyLondon.com reported. Documents from 2020, when the fund was rolled out, shows the £2.6 million fund gave cash to more than 50 organisations and projects.
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The U.K. arm of Sanjeev Gupta’s steel empire has struck a preliminary deal with major creditors that could let it stave off insolvency proceedings by restructuring its debts, BM Magazine reported. Liberty Steel Group has reached a preliminary agreement with Credit Suisse Asset Management, Greensill Capital and Greensill Bank to restructure its debts, the steelmaker said in a statement. If finalized, the agreement in principle would see Liberty’s creditors adjourn their petitions to wind up Gupta’s embattled steelmaking firm.
President Vladimir Putin urged the Russian government on Wednesday to control car prices, as one industry head said Western sanctions could send annual sales crashing to below 1 million for the first time since records began, Reuters reported. Auto sales have fallen over 60% so far this year, and may end up being less than a quarter of what they were a decade ago, according to Maxim Sokolov, head of Russia's top carmaker Avtovaz.
German authorities are stepping up preparations for emergency cash deliveries in case of a blackout to keep the economy running, four people involved said, as the nation braces for possible power cuts arising from the war in Ukraine, Reuters reported. The plans include the Bundesbank, Germany's central bank, hoarding extra billions to cope with a surge in demand, and possible limits on withdrawals, one of the people said.
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Lisa Osofsky, director of the U.K.’s Serious Fraud Office, will leave her job in August 2023 after completing her five-year tenure with the white-collar crime prosecuting agency, the Wall Street Journal reported. The U.K. attorney general’s office will start its search for her successor immediately, the person said in an email, adding that Ms. Osofsky will remain in her job for a short period after her tenure ends if needed. The leadership of the SFO by Ms. Osofsky, a former U.S.
Russia will allow Belarus to postpone debt payments totalling $1.4 billion for 10 years, while also setting a fixed interest rate, according to draft laws approved by Russian lower house of parliament, or Duma, on Tuesday, Reuters reported. At the start of the year, Belarus has asked Russia to restructure and refinance Minsk's 2022 debt obligations and Moscow would move all payments, redemptions and debt servicing due between March 2022 and April 2023 to 2028-2033, Timur Maksimov, Russian deputy finance minister, told Duma.
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Joules Group Plc is set to file for insolvency after the British retailer failed to secure bridge financing or raise equity, putting around 1,600 jobs at risk, Bloomberg News reported. The clothing chain, known for its colorful coats and Wellington boots, said it will appoint Interpath Advisory as administrators to protect the interest of creditors. Shares have been suspended. Joules warned last week that it would struggle to repay a £5 million ($5.9 million) loan due at the end of this month amid weaker-than-expected sales and reduced cash flow.
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The French government, which plans to retake full ownership of Electricite de France SA, has no plan to subsequently dismantle the utility after the €9.7 billion ($10 billion) buyout, according to the Finance Ministry, Bloomberg News reported. The state, which already owns 84% of the nuclear giant, wants the company to keep growing its output of renewable energy alongside building new nuclear plants, Finance Ministry officials said at a press briefing on Monday. Earlier, a lawmaker had said the government was still pursuing a project to spin off minority stakes in some of EDF’s activities.
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