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  • Prime Minister Gordon Brown

    As Shadow Chancellor Ed Balls wrapped up his speech to the Labour party conference on Monday, one thing became abundantly clear: Labour still have a trust issue when it comes to the economy.

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    The wreck of a British merchant vessel, sunk during the second world war, looks set to yield the largest haul of precious metal at sea, the FT reports.

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    European leaders headed home from a weekend of meetings in Washington vowing bolder steps to address widening anxiety about the Continent’s debt burden. But it will most likely be weeks or even months before any new action comes to pass. The NYT reports.

  • Chancellor of the Exchequer George Osborne holds Disraeli's original budget box as he leaves 11 Downing Street for Parliament.

    The UK’s opposition finance spokesman Ed Balls called on the government to provide a credible policy to encourage economic growth telling delegates at the Labour party’s annual conference the coalition government’s austerity plan “just wasn’t working”.

  • Rupert Murdoch, Chairman and CEO of News Corporation

    British lawyers acting for victims of phone hacking by The News of the World are planning to launch legal action in the U.S. against directors of the newspaper's parent company News Corp, according to a report on British satellite news channel Sky News.

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    The UK is committed to its austerity plans and is not lining up an alternative, the country's Business Secretary told CNBC Thursday.

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    More monetary stimulus by the UK could lead to more inflation and not much economic growth, a former member of the Bank of England's Monetary Policy Committee told CNBC Thursday.

  • Liberal Democrat Leader Nick Clegg takes part in a question and answer session with community groups at the Frontline Church in Liverpool, England.

    Britain’s deputy prime minister, Liberal Democrat leader Nick Clegg told delegates at his annual party conference in Birmingham on Wednesday there was no turning back from the coalition government’s fiscal austerity program despite figures showing government borrowing in August reached a record high for the month.

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    The Bank of England (BoE) considered a further round of quantitative easing to help boost the flagging UK economy, the latest minutes of its interest rate setting committee, the Monetary Policy Committee (MPC) showed on Wednesday.

  • Chancellor of the Exchequer George Osborne holds Disraeli's original budget box as he leaves 11 Downing Street for Parliament.

    Ministers are set to be told this autumn that a £12 billion ($18.8 billion) black hole has opened in the public finances, in a forecast that threatens to derail the coalition’s deficit reduction strategy and prolong austerity well into the next parliament, reported the FT.

  • Chipping Away at Public Debt

    In the new book, the authors examine past attempts to re-establish sustainable public finances - what works, what doesn't and why.

  • A man walks outside the Bank of Greece headquarters during a demonstation against government's austerity measures in central Athens.

    German Chancellor Angela Merkel and French President Nicolas Sarkozy have both said that Greece will not leave the euro, but the "unthinkable" is now being seriously considered at all levels.

  • Euro bills and coins

    The arm-in-arm effort by central bankers to increase U.S. dollar liquidity in Europe is essentially a band-aid solution, and the euro is already backing off its gains.

  • A protester holds up a smoke bomb during a mass demonstration against government financial cuts in central London, on March 26, 2011.

    Trade unions representing millions of public sector workers announced on Wednesday they would hold a strike ballot over pension reforms, raising the threat of mass walkouts later this year.

  • Chancellor of the Exchequer George Osborne holds Disraeli's original budget box as he leaves 11 Downing Street for Parliament.

    UK Finance Minister George Osborne faced controversy Monday as allegations resurfaced about him taking cocaine with a former madam.

  • Chancellor of the Exchequer George Osborne holds Disraeli's original budget box as he leaves 11 Downing Street for Parliament.

    The UK Chancellor, George Osborne, appeared to clear the path for a second round of quantitative easing (QE)  over the weekend, telling journalists at the G7 meeting in Marseilles, France, that he saw no barriers to such an action, if the Bank of England asked for it.

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    The UK's banks should ring-fence their retail operations from riskier investment banking and increase their capital requirements beyond what is required by the Basel III directives, a much-anticipated report by the Independent Commission on Banking (ICB) said Monday.

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    Britain’s banks will face an annual bill of as much as £6 billion ($9.5 billion) to comply with the reforms of the Vickers Commission, according to the panel’s final report, published on Monday. The FT reports.

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    With all the action on the Continent, the British pound has been out of the spotlight. It's time for a look — and you might not like it.