Liam Byrne News
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U.K. Prime Minister David Cameron defeated opposition plans to block legislation for a cap on welfare payments after threats of a parliamentary rebellion and a warning that the changes will hurt the poor the most.
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Arriving for work at the U.K. Treasury last week, the incoming chief secretary, David Laws , found a note from his predecessor, Liam Byrne , offering advice on the job.
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The U.K. Treasury said it will extend by four years the eligibility period for Equitable Life Assurance Society victims to claim compensation.
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The U.K. unemployment rate rose to the highest in 15 years in the three months through August, adding pressure on the government to loosen its fiscal squeeze as the economy struggles to avoid recession.
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Britain’s opposition Labour Party called for lower fees on private pension plans, saying consumers are losing money through concealed charges and penalties for changing providers.
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U.K. Chief Secretary to the Treasury Danny Alexander suspended 12 projects costing 8.5 billion pounds ($12.6 billion) announced by the previous government and cut completely other programs totaling 2 billion pounds.
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U.K. government debt investors are gaining confidence in Prime Minister David Cameron’s plan to tame a budget deficit that the world’s biggest bond-fund manager described as a “bed of nitroglycerine.”
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U.K. unemployment fell to a nine- month low in the quarter through May as the London Olympics helped to create jobs, underlining the resilience of the labor market in the face of a recession and Europe’s debt crisis.
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U.K. unemployment jumped in the third quarter as the number of young people looking for work climbed above 1 million for the first time in at least 19 years.
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The pound fell to a more than 13- month low against the dollar after U.K. Prime Minister David Cameron said the government discovered “very bad” spending decisions by the previous administration.
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