Party in turmoil: Tory MPs increasingly frustrated as Boris Johnson’s authority crumbles June 24, 2022 The Conservative Party lost their former stronghold of Tiverton and Honiton to the Liberal Democrats and surrendered Wakefield to Labour at the by-elections overnight. Therefore, Conservative MPs are increasingly nervous that retaining their seats at the next general election will “no doubt” be difficult following the double by-election loss. Prime Minister Boris Johnson acknowledged that [...]
Exclusive: Sunak to unveil plan to slash EU financial services rules in Mansion House speech June 24, 2022 Rishi Sunak will unveil his plan to slash EU financial services regulations in a major set piece Mansion House speech next month. City PM understands the chancellor will announce details of his Financial Services and Markets Bill at the City’s annual Mansion House bankers’ dinner on 19 July and will introduce the legislation to the [...]
Shares in defence supplier Ultra soar as Kwarteng hints of £2.6bn takeover approval June 24, 2022 The £2.6bn takeover of UK defence supplier Ultra Electronics by private equity-owned Cobham is reportedly set to receive a green light from the government. Business secretary Kwasi Kwarteng announced on Thursday that he is “minded to accept undertakings offered”, despite national security concerns. The move seemingly sparked the interest of investors, as Ultra’s share soared [...]
After crushing by-election defeat: What next for beleaguered prime minister Boris Johnson? June 24, 2022 After the Tories’ humiliating defeats in two parliamentary by-elections overnight, Boris Johnson’s authority has suffered a double blow. A fatal blow, some believe. The contests in Wakefield, West Yorkshire and Tiverton and Honiton, Devon were triggered by Conservative MPs resigning in disgrace. Wakefield’s Imran Ahmad Khan quit as an MP after being convicted of sexual [...]
Canada to ignite UK space boom, says science minister June 24, 2022 Britain’s space boom could be supercharged by Canada’s expertise and financial muscle, the minister responsible told City PM yesterday. While the global space economy has spent the last 40 to 50 years recovering from a Cold War hangover, “We’re now in the hockey stick of a huge commercial space boom,” science, research and innovation [...]
Taking one for the team: Tory chair Oliver Dowden resigns after humiliated Conservatives are crushed in two by-elections June 24, 2022 Following the news the Conservative Party lost two by-elections overnight, Oliver Dowden just resigned as Tory chairman, writing in a letter to Prime Minister Boris Johnson that “someone must take responsibility”. In Tiverton and Honiton the Liberal Democrats overturned a 24,000 Tory majority to win, while Labour reclaimed Wakefield. The contests, triggered by the resignation [...]
Khan lashes Shapps for refusing to meet over TfL funding as latest deal runs out June 23, 2022 Sadiq Khan has hit out at transport secretary Grant Shapps for refusing to meet with him over Transport for London (TfL) funding, despite the body’s latest deal running out tomorrow. The mayor of London told a group of journalists today that Shapps had not answered formal requests for a meeting that was made two weeks [...]
Rampant inflation swells UK debt interest bill and pushes up government borrowing June 23, 2022 Inflation is swelling the UK’s interest bill and forcing the government to borrow more money to pay investors, official figures released today revealed. The amount of money the government paid to holders of UK debt jumped just over 70 per cent over the last year, reaching £7.6bn in May, up from £4.5bn last year, according [...]
Johnson says it’s ‘crazy’ to think he’ll quit if he loses today’s by-elections June 23, 2022 Boris Johnson has said it is “crazy” to suggest he should quit if the Tories lose two key by-elections today. Voters will go to the polls in Wakefield and Tiverton and Honiton, with the Conservatives increasingly expected to lose both seats. The Tories hold only a small majority in Wakefield, with Labour expected to turn [...]
Johnson defends immigration policy in Rwandan speech June 23, 2022 Boris Johnson has defended his controversial immigration policy in a speech during his trip to Rwanda, saying that it “is in conformity with human rights”. The Prime Minister is in the capital of Kigali today for the Commonwealth Heads of Government Meeting (CHOGM), which is held every two years. It comes after Johnson struck a [...]
