U.K. Chancellor of the Exchequer George Osborne wrote to ministers saying he’ll cut the amount of money their departments can spend in the next three years by 1 billion pounds ($1.6 billion) each year.
The U.K.’s largest insurance companies will invest 25 billion pounds ($41 billion) in infrastructure, the government announced as it prepares to publish new plans for projects from energy and transport to communications.
The U.K. government said it expects 40 billion pounds ($65 billion) of investment in renewables by 2020 after shifting incentives toward offshore wind power and away from projects on land in areas where residents object.
Scotland’s nationalist government aims to establish an independent state by March 2016, breaking away from the 306-year-old United Kingdom and keeping the pound as its currency, according to the blueprint it published today.
Prime Minister David Cameron’s government argued that alternatives to its High Speed 2 rail plan would mean 14 years of closing train routes on weekends, as the opposition Labour Party suggested it could withdraw support for the plan.
Prime Minister David Cameron’s High Speed 2 rail plan for the U.K. drew further unease over costs from the opposition Labour Party, as a minister pledged the bill for the infrastructure project won’t increase.
U.K. spending plans unveiled last week increase certainty for companies to invest, Chief Treasury Secretary Danny Alexander said, as his Cabinet colleague Francis Maude signaled further government cuts.
Chief Secretary to the Treasury Danny Alexander will pledge that his Liberal Democrats will seek to tax the assets of Britain’s wealthiest, as the party seeks to distance itself from its Tory coalition partners.