The fate of incoming Labour business and industry secretaries seems to be to launch emergency rescue packages for industries that would otherwise face imminent closure. Witness Jonathan Reynolds at last Saturday’s extraordinary parliamentary recall arguing for the legal right to take over the running of British Steel from its Chinese owner, Jingye, in order to save up to 3,500 jobs and Britain’s strategic capacity to make steel. And witness Tony Benn, in 1974, offering a financial lifeline to 3,000 workers forming a cooperative to save motorcycle manufacture at the failed…
Tag: UK news
Cutting business ties with China would be ‘foolish’, Reeves says amid reports of US pressure
Rachel Reeves has dismissed the idea of economically disengaging from China, amid concerns the US may put pressure on the UK to limit its deals with Beijing. The chancellor, who will discuss a trade deal with the US on a trip to Washington next week, said it would be “very foolish” for Britain to have less involvement with Xi Jinping’s administration. The Wall Street Journal reported this week that US officials would attempt to use trade deals and tariff discussions to economically isolate China. Keir Starmer spoke to Donald Trump…
New daily weight-loss pill shows success at clinical trial
A significant trial of a daily weight-loss pill has found that it helped people to shed the pounds and reduce their blood sugar levels, making it a contender to join the new wave of drugs that combat obesity and diabetes. People who took a 36mg pill of orforglipron lost an average of 7.3kg (16lbs) over nine months, according to results from a phase 3 clinical trial reported by the drug’s manufacturer, Eli Lilly, on Thursday. The trial, which enrolled 559 obese people with type 2 diabetes from the US, China,…
Why is US threatening to ban TikTok and will other countries follow suit?
Joe Biden has signed into law a bill that requires TikTok’s Chinese owner to sell the social media app’s US operations or face a ban, after the Senate passed the legislation. The law, part of a foreign aid package for Ukraine, Israel and Taiwan, sets the clock ticking on a potential ban for a platform that is hugely popular in the US. Here is a guide to the TikTok legislation and what may happen next. How does the legislation pave the way for a sale or ban? The bill gives…
UK ‘helping Russia pay for its war on Ukraine’ via loophole on refined oil imports
The UK has been accused of “helping Russia pay for its war on Ukraine” by continuing to import record amounts of refined oil from countries processing Kremlin fossil fuels. Government data analysed by the environmental news site Desmog shows that imports of refined oil from India, China and Turkey amounted to £2.2bn in 2023, the same record value as the previous year, up from £434.2m in 2021. Russia is the largest crude oil supplier to India and China, while Turkey has become one of the biggest importers of Russian oil…
Two men in UK charged with spying for China
A parliamentary researcher who was arrested last year on suspicion of spying for China has been charged along with another man with espionage offences. Christopher Cash, 29, who had access to parliament through his work for an organisation set up by Conservative MPs, is to appear in court on Friday after he and Christopher Berry, 32, were charged under the Official Secrets Act. The men are accused of providing prejudicial information to a foreign state, China, the Crown Prosecution Service (CPS) said in a statement on Monday. Police arrested the…
Global defence budget jumps to record high of $2440bn
Global military expenditure has reached a record high of $2440bn (£1970bn) after the largest annual rise in government spending on arms in over a decade, according to a report. The 6.8% increase between 2022 and 2023 was the steepest since 2009, pushing spending to the highest recorded by the Stockholm International Peace Research Institute (Sipri) in its 60-year history. For the first time, analysts at the thinktank recorded a rise in military outlay in all five geographical regions: Africa, Europe, the Middle East, Asia and Oceania and the Americas. Nan…
UK firms may be barred from funding emerging tech in hostile countries
Ministers are considering blocking British investors from funding emerging technologies in hostile countries if they believe the technology could pose a threat to UK security, the deputy prime minister has said. Oliver Dowden said on Thursday the government would consult on curbing British investment abroad, after becoming concerned that money from the UK could be used to finance projects that could undermine national security. His comments come eight months after the Biden administration gave regulators the power to stop US investment in Chinese institutions in three sectors: semiconductors, quantum computing…
Ditching European trade for China and India was ever a poor bet. Now it’s a farce | Will Hutton
The world has changed since, post-Brexit, “Global Britain” set itself to “pivot” from sclerotic Europe towards booming Asia. Always a fanciful idea that disregarded Asian realities, it has now become farcical. Neither China nor India are proving the easy pickings on which “buccaneering” Britain could ride to economic success, denied through being tied to the “corpse” of an EU economy allegedly shackled by regulation and tax. Brexiter ambitions are turning to ashes. Instead, there is China, run by an ever more openly dictatorial and militarily ambitious communist government. Its economy is…
Chinese lenders key as Thames Water’s owner seeks time to pay debts
The Dutch bank ING and two Chinese state-owned lenders could play a crucial role in deciding the fate of beleaguered Thames Water, it has emerged. The banks are expected to agree an extension on a £190m loan to the parent company of Britain’s biggest water supplier, which is due to be repaid at the end of this month. The group of lenders to Kemble Water Finance include ING, Allied Irish Banks (AIB) and the Chinese state-owned Bank of China and Industrial and Commercial Bank of China (ICBC), the Financial Times…