Britain is grappling with a record decline in living standards this year amid soaring inflation and depleting income, with the country's finance minister warning of more pain with looming tax hikes and spending cuts.

The British government has unveiled an austerity budget with $65 billion of tax hikes and spending cuts as recession bites.

UK shoppers are curbing their spending more sharply than expected over non-essential items in September as they felt the hit from sky-rocketing utility bills and higher food prices.

British Prime Minister Liz Truss has apologized for her government's policy "mistakes" that crashed the country’s currency and rattled financial markets but has turned down calls to step down.

What went so wrong for Prime Minister Liz Truss and the so called Mini Budget and why are calls for her resignation getting louder by the minute?

PM Liz Truss  is now facing threats of being ousted herself by senior Conservative parliament members appalled by the party's collapse in opinion polls.

Former UK foreign minister Hunt says London should act to settle its long-overdue debt to Iran.