By GB News (Politics) | Created at 2025-01-15 08:38:05 | Updated at 2025-01-15 12:34:44
5 hours ago
Sir Keir Starmer will face a grilling from Kemi Badenoch at Prime Minister's Questions today, just hours after Labour's Treasury Minister Tulip Siddiq stepped down from the role.
The MP for Hampstead and Highgate has stepped down from her post following allegations that her family had links to the Bangladeshi government.
Siddiq, whose role as Economic Secretary to the Treasury included tackling corruption in UK financial markets, had ties to the political party led by her aunt Sheikh Hasina, the former prime minister of Bangladesh.
An investigation that began last month has been probing claims that her family embezzled up to £3.9billion from infrastructure spending in the south Asian country.
In a letter to Starmer, Siddiq said that although she had "not breached the ministerial code", her continuation in her role as the anti-corruption minister would be "a distraction from the work of the Government".
In response to her letter of resignation, Starmer said that he accepted her decision "with sadness", writing: "I also wish to be clear that Sir Laurie Magnus as Independent Adviser has assured me he found no breach of the ministerial code and no evidence of financial improprieties on your part."
Badenoch, who Starmer will face later today at PMQs, has said the Prime Minister "dithered and delayed to protect" Siddiq.
The Prime Minister will also reportedly meet with senior figures today, amid speculation that the Chagos Island's deal is soon to be completed.
FOLLOW BELOW FOR LIVE UPDATES THROUGHOUT THE DAY…
Treasury minister rules out March budget: 'There will only be one major fiscal event a year'
Darren Jones, Chief Secretary to the Treasury, has said there will be no mini-Budget in March and the only major fiscal event will take place in autumn.
Speaking to Times Radio, he said: “We’ve been very clear there’s only going to be one major fiscal event, Treasury language for a budget, a year. We did that in the autumn last year."
Asked whether he was ruling out a spring mini-Budget, as the pound falls and borrowing cost continue to rise, the minister said there would be a spring statement on March 26.
“But we will only be having one major fiscal event a year, budget, and that will be in the autumn.”
Downing Street breathing 'sigh of relief' after inflation drop
Downing Street will be breathing a “sigh of relief” after UK inflation unexpectedly fell last month, a former Bank of England policymaker said.
Economist Michael Saunders said of the new figures: “I think you can hear a sigh of relief coming out from Downing Street, the Bank of England and across financial markets as a whole.
“To be sure, inflation is a little bit above the 2 per cent target, but markets have been expecting today’s figure to be stable or higher and it came in a little lower than expected with services inflation, which the Bank of England is closely focused on, sharply lower than the previous month,” he told the BBC.
He added that the new figure would be “some help” in easing some of the “worries about the outlook for the UK”.
Inflation DROPS to 2.5% in win for Rachel Reeves after market turmoil
Rachel Reeves
Getty
Inflation in the UK has falling slightly in a win for consumers, according to the latest figures from the Office for National Statistics (ONS). The consumer price index (CPI) rate for the 12 months to December 2024 dropped to 2.5 per cent, up from 2.6 per cent the month before.
Britons have been saddled with inflation-hiked prices amid the ongoing cost of living crisis with today's figures likely to ease financial concern for millions of households across the country.
The news places is good news for Chancellor Rachel Reeves, who is under scrutiny over the Autumn Budget decisions which many have blamed for gilt yields rising over the past week.
