Business
Lib Dems back Bank of England after Farage criticism
The Liberal Democrats have promised to back the Bank of England’s (BoE) independence “against Farage’s threats” after the Reform leader urged it to end its bond-selling programme.
On Friday, party leader Sir Ed Davey and his deputy Daisy Cooper met the bank’s governor Andrew Bailey to “reaffirm support” for the Bank’s autonomy.
It comes two weeks after Nigel Farage met Mr Bailey to argue for the end of BoE bond sales, known as quantitative tightening, claiming it is costing taxpayers billions and driving up debt.
Sir Ed accused Farage of “putting his obsession with mimicking Donald Trump ahead of what is in the best interests of the British people” by pressuring the central bank.
Reform UK has been approached for comment.
Sir Ed has pledged to lead the fight against Reform UK – using his Lib Dem conference speech to argue his party had a “moral responsibility” to challenge Farage.
Speaking after his meeting at the Bank’s Threadneedle Street HQ, Sir Ed said: “Liberal Democrats will stand firmly behind Bank of England independence, just as we have stood against recent attacks on the independence of our judiciary.
“Trump’s threats to sack governors of the Fed if they don’t do what he wants are causing economic panic in the United States,” Sir Ed said.
“That is the last thing we need here at home – we cannot let Trump’s America become Farage’s Britain.”
Speaking to reporters later, Sir Ed argued the BoE needed “modernisation” but argued keeping it independent from government was “the best way” to lower food bills and mortgage rates.
The Bank began its quantitative tightening programme in 2022, unwinding the emergency support it brought in after the 2008 financial crisis.
That earlier process, known as quantitative easing, saw the Bank electronically create billions of pounds to buy UK government bonds, a form of debt, in a bid to prop up the UK economy by keeping market interest rates low.
The Bank subsequently launched new rounds of QE after the eurozone debt crisis, the Brexit referendum and the coronavirus pandemic.
The Bank is now in the process of selling these bonds for less than it paid for them, with losses being picked up by the Treasury under a deal agreed in 2009.
Reform has criticised the process, with deputy leader Richard Tice branding it a “systemic misuse of taxpayers’ money” in a letter to Bailey in June.
He also blamed it for increasing the costs of long-term government debt, which recently rose to a 27-year high.
Farage and Tice visited the Bank for talks with Bailey on 25 September, after the Bank chief agreed to a meeting.
Speaking to reporters afterwards, Tice called for MPs to take a more active role in debating the policy, arguing they were reluctant to do so for fear of encroaching on the bank’s independence.
But he added that the “huge multibillion cost” meant it had an impact on taxation, traditionally a matter for Parliament, and could “change the decisions the chancellor makes” at November’s Budget.
They also pressed the Bank to relax its stance on cryptocurrencies, accusing it of holding back innovation.
The Oil and Gas Regulatory Authority (OGRA) has approved a fresh increase in the price of liquefied petroleum gas (LPG), raising the cost for both domestic consumers and commercial users.
According to the notification issued, the LPG price has been increased by Rs7.39 per kilogram, setting the new rate at Rs209 per kg for December. As a result, the price of a domestic LPG cylinder has risen by Rs87.21, bringing the new price to Rs2,466.10.
In November, the price of LPG stood at Rs201 per kg, while the domestic cylinder was priced at Rs2,378.89.
The latest price hike is expected to put additional pressure on households already grappling with rising living costs nationwide.
Business
Private sector data: Over 2 lakh private companies closed in 5 years; govt flags monitoring for suspicious cases – The Times of India
NEW DELHI: The government on Monday said that over the past five years, more than two lakh private companies have been closed in India.According to data provided by Minister of State for Corporate Affairs Harsh Malhotra in a written reply to the Lok Sabha, a total of 2,04,268 private companies were shut down between 2020-21 and 2024-25 due to amalgamation, conversion, dissolution or being struck off from official records under the Companies Act, 2013.Regarding the rehabilitation of employees from these closed companies, the minister said there is currently no proposal before the government, as reported by PTI. In the same period, 1,85,350 companies were officially removed from government records, including 8,648 entities struck off till July 16 this fiscal year. Companies can be removed from records if they are inactive for long periods or voluntarily after fulfilling regulatory requirements.On queries about shell companies and their potential use in money laundering, Malhotra highlighted that the term “shell company” is not defined under the Companies Act, 2013. However, he added that whenever suspicious instances are reported, they are shared with other government agencies such as the Enforcement Directorate and the Income Tax Department for monitoring.A major push to remove inactive companies took place in 2022-23, when 82,125 companies were struck off during a strike-off drive by the corporate affairs ministry.The minister also highlighted the government’s broader policy to simplify and rationalize the tax system. “It is the stated policy of the government to gradually phase out exemptions and deductions while rationalising tax rates to create a simple, transparent, and equitable tax regime,” he said. He added that several reforms have been undertaken to promote investment and ease of doing business, including substantial reductions in corporate tax rates for existing and new domestic companies.
Pakistan’s textile exports surged to $6.4 billion during the first four months of the 2025-26 fiscal year, marking the highest trade volume for the sector in this period.
According to the Pakistan Bureau of Statistics (PBS), value-added textile sectors were key contributors to the growth.
Knitwear exports reached $1.9 billion, while ready-made garments contributed $1.4 billion.
Significant increases were observed across several commodities: cotton yarn exports rose 7.74% to $238.9 million, and raw cotton exports jumped 100%, reaching $2.6 million from zero exports the previous year.
Other notable gains included tents, canvas, and tarpaulins, up 32.34% to $53.48 million, while ready-made garments increased 5.11% to $1.43 billion.
Exports of made-up textile articles, excluding towels and bedwear, rose 4.17%, totaling $274.75 million.
The report also mentioned that the growth in textile exports is a result of improved global demand and stability in the value of the Pakistani rupee.
I’ve Tried Every Digital Notebook. Here Are the Best Ones on Sale
Flamengo’s Copa Libertadores trophy damaged in title celebrations
Eastpak appoints Marie Gras as vice president, global brand
-
Sports1 week agoWATCH: Ronaldo scores spectacular bicycle kick
-
Entertainment1 week agoWelcome to Derry’ episode 5 delivers shocking twist
-
Politics1 week agoWashington and Kyiv Stress Any Peace Deal Must Fully Respect Ukraine’s Sovereignty
-
Business1 week agoKey economic data and trends that will shape Rachel Reeves’ Budget
-
Politics1 week ago53,000 Sikhs vote in Ottawa Khalistan Referendum amid Carney-Modi trade talks scrutiny
-
Tech6 days agoWake Up—the Best Black Friday Mattress Sales Are Here
-
Tech1 day agoGet Your Steps In From Your Home Office With This Walking Pad—On Sale This Week
-
Fashion1 week agoCanada’s Lululemon unveils team Canada kit for Milano Cortina 2026