British Spread
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British Spread
Statesmanship or soundbites? UK players weigh in on new Prime Minister 18:28
A looming recession, a disastrous energy crunch and the highest inflation among G7 nations has sent the pound sinking over the past year. It tumbled another half percentage point to a low of $1.1406 Wednesday, sinking below its March 2020 low when the Covid pandemic erupted onto the global stage.
The drop took the currency to its lowest level against the US dollar since 1985, when Margaret Thatcher was prime minister.
Meanwhile, Liz Truss is on her first full day in the job as the United Kingdom's fourth prime minister since the Brexit vote in 2016, and she's already staring down the barrel of a potential currency crisis. Truss is reportedly considering a £150 billion ($172 billion) commitment to cap surging energy prices that threaten to push millions of Britons in poverty this winter as the cost of living surges.
Yet she hasn't said how the country plans to pay for the rescue. Truss campaigned on tax cuts and said Wednesday she opposes a windfall tax on energy companies that have enjoyed record profits during the recent surge in fuel prices.
The United Kingdom borrowed heavily during the pandemic, but investors may soon turn up their noses at lending the country more money if it tumbles into a so-called stagflation cycle in which the economy shrinks yet prices continue to surge.
That could encourage traders to keep ditching the pound, making it harder for the import-dependent economy to continue to pay its way and further driving up inflation. That could force the Bank of England to raise rates more aggressively, which in turn would hurt the country's economy. That so-called balance-of-payments crisis is a potential, if not present, threat.
Truss remains undeterred. She is expected to unveil her expensive plan to bring down energy prices Thursday.
On Wednesday, she ruled out extending the £5 billion ($6 billion) tax former finance minister Rishi Sunak introduced in May on UK oil and gas producers to fund an earlier energy relief package.
"I am against a windfall tax," she told parliament. "I believe it is the wrong thing to be putting companies off investing in the United Kingdom just when we need to be growing the economy," she added.
— CNN Business' Julia Horowitz and Anna Cooban contributed to this report
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Updated 1554 GMT (2354 HKT) September 7, 2022
New York (CNN Business) The British pound fell to a 37-year low against the US dollar Wednesday as the United Kingdom grapples with a series of overlapping economic problems with no easy solutions.
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Alternate titles: British Empire and Commonwealth
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Last Updated:
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Date:
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Major Events:
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Key People:
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Which sub-Saharan African country was the first to gain independence from the British Empire?
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British Empire was a worldwide system of dependencies that was brought under the sovereignty of the crown of Great Britain and the administration of the British government over some three centuries.
The first tentative steps toward the establishment of the British Empire began with overseas settlements in the 16th century. Great Britain's maritime expansion accelerated in the 17th century and resulted in the establishment of settlements in North America and the West Indies. The East India Company began establishing trading posts in India in 1600, and the first permanent British settlement in Africa was made at James Island in the Gambia River in 1661.
In 1957 the Gold Coast became the first sub-Saharan African colony of the British Empire to reach independence (as Ghana ).
The last significant colony of the British Empire was Hong Kong . It was returned to Chinese sovereignty in 1997.
The British Empire does not exist today. However, the Commonwealth is a free association of sovereign states comprising the United Kingdom and many of its former dependencies that acknowledge the British monarch as the association's symbolic head.
British Empire , a worldwide system of dependencies— colonies , protectorates, and other territories—that over a span of some three centuries was brought under the sovereignty of the crown of Great Britain and the administration of the British government. The policy of granting or recognizing significant degrees of self-government by dependencies, which was favoured by the far-flung nature of the empire , led to the development by the 20th century of the notion of a “British Commonwealth,” comprising largely self-governing dependencies that acknowledged an increasingly symbolic British sovereignty. The term was embodied in statute in 1931. Today the Commonwealth includes former elements of the British Empire in a free association of sovereign states.
Great Britain made its first tentative efforts to establish overseas settlements in the 16th century. Maritime expansion, driven by commercial ambitions and by competition with France , accelerated in the 17th century and resulted in the establishment of settlements in North America and the West Indies . By 1670 there were British American colonies in New England , Virginia, and Maryland and settlements in the Bermudas, Honduras , Antigua, Barbados , and Nova Scotia . Jamaica was obtained by conquest in 1655, and the Hudson’s Bay Company established itself in what became northwestern Canada from the 1670s on. The East India Company began establishing trading posts in India in 1600, and the Straits Settlements (Penang, Singapore , Malacca , and Labuan) became British through an extension of that company’s activities. The first permanent British settlement on the African continent was made at James Island in the Gambia River in 1661. Slave trading had begun earlier in Sierra Leone , but that region did not become a British possession until 1787. Britain acquired the Cape of Good Hope (now in South Africa) in 1806, and the South African interior was opened up by Boer and British pioneers under British control.
Nearly all these early settlements arose from the enterprise of particular companies and magnates rather than from any effort on the part of the English crown. The crown exercised some rights of appointment and supervision, but the colonies were essentially self-managing enterprises. The formation of the empire was thus an unorganized process based on piecemeal acquisition, sometimes with the British government being the least willing partner in the enterprise.
In the 17th and 18th centuries, the crown exercised control over its colonies chiefly in the areas of trade and shipping. In accordance with the mercantilist philosophy of the time, the colonies were regarded as a source of necessary raw materials for England and were granted monopolies for their products, such as tobacco and sugar, in the British market. In return, they were expected to conduct all their trade by means of English ships and to serve as markets for British manufactured goods. The Navigation Act of 1651 and subsequent acts set up a closed economy between Britain and its colonies; all colonial exports had to be shipped on English ships to the British market, and all colonial imports had to come by way of England. This arrangement lasted until the combined effects of the Scottish economist Adam Smith ’s Wealth of Nations (1776), the loss of the American colonies, and the growth of a free-trade movement in Britain slowly brought it to an end in the first half of the 19th century.
The slave trade acquired a peculiar importance to Britain’s colonial economy in the Americas, and it became an economic necessity for the Caribbean colonies and for the southern parts of the future United States . Movements for the end of slavery came to fruition in British colonial possessions long before the similar movement in the United States; the trade was abolished in 1807 and slavery itself in Britain’s dominions in 1833.
British military and naval power, under the leadership of such men as Robert Clive , James Wolfe , and Eyre Coote , gained for Britain two of the most important parts of its empire—Canada and India. Fighting between the British and French colonies in North America was endemic in the first half of the 18th century, but the Treaty of Paris of 1763, which ended the Seven Years’ War (known as the French and Indian War in North America), left Britain dominant in Canada. In India, the East India Company was confronted by the French Compagnie des Indes , but Robert Clive ’s military victories against the French and the rulers of Bengal in the 1750s provided the British with a massive accession of territory and ensured their future supremacy in India.
The loss of Britain’s 13 American colonies in 1776–83 was compensated by new settlements in Australia from 1788 and by the spectacular growth of Upper Canada (now Ontario ) after the emigration of loyalists from what had become the United States. The Napoleonic Wars provided further additions to the empire; the Treaty of Amiens (1802) made Trinidad and Ceylon (now Sri Lanka ) officially British, and in the Treaty of Paris (1814) France ceded Tobago, Mauritius , Saint Lucia , and Malta . Malacca joined the empire in 1795, and Sir Stamford Raffles acquired Singapore in 1819. Canadian settlements in Alberta, Manitoba, and British Columbia extended British influence to the Pacific, while further British conquests in India brought in the United Provinces of Agra and Oudh and the Central Provinces, East Bengal, and Assam.
Marmite: Americans wonder what's all the fuss over divisive British spread?
Marmite: person, place or thing? Photograph: Christopher Thomond/The Guardian
Original reporting and incisive analysis, direct from the Guardian every morning
© 2022 Guardian News & Media Limited or its affiliated companies. All rights reserved. (modern)
Marmite, the ‘love it or hate it’ paste made from yeast extract with a yeasty, salty, soy sauce flavor, was the center of a spat that threatened its very existence
There was good news for the United Kingdom on Thursday, when the Marmite crisis was finally resolved .
But as the Marmite news spread beyond the UK, confusion and terror reigned. Across the US fearful men, women and children took to Google seeking answers to the same few questions.
Who is Marmite? Where is Marmite? Why is Marmite? What is Marmite?
Marmite is a thick, sticky paste made from concentrated yeast extract, a byproduct from brewing beer. German scientist Justus Liebig accidentally invented the concoction in 1902.
Marmite has a very distinctive flavor. The taste is so unique as to defy description, but think of a yeasty, salty, soy sauce-esque flavor with the consistency of old engine oil. Some people really like eating it, and some people don’t like eating it at all.
Marmite actually based a marketing slogan off this divisiveness: “Love it or hate it.” It has infiltrated British culture and language to the point where a certain type of person might even be described as being “like Marmite”.
There has been a Marmite shortage in the UK. Unilever , the food conglomerate that produces Marmite, told British supermarkets it was increasing the price of Marmite by 10%.
Tesco, the largest British supermarket, said it wouldn’t pay. A standoff ensued, and in the meantime Marmite stocks became dangerously low .
Unilever also tried to increase the price of certain deodorants, soaps and detergents, but Marmite was the one that overtook the public consciousness.
How did Unilever have the gall to increase the price of Marmite by 10%?
The company blamed the post-Brexit fall in the value of the British pound against the euro and the US dollar. Since Britain voted to leave the European Union the pound has fallen as low as $1.21, and on Wednesday the pound was at its lowest value since 1848 .
Unilever said this had made packaging, ingredients and equipment cost more money.
Because Marmite, like the Queen, the stiffer upper lip, and getting really drunk, is something that is seen as uniquely British.
There are a number of people who are extremely proud of British history and culture, including foodstuffs, and they do not like the idea of other countries influencing our affairs or the price of our yeast extracts.
From Wikipedia, the free encyclopedia
This article is about the British spread. For the New Zealand yeast spread, see Marmite (New Zealand) . For the French casserole pot, see Marmite (cooking dish) .
^ Hodsdon, Amelia (22 April 2010). "How Marmite spread its way through journalism" . The Guardian . Retrieved 26 June 2014 .
^ Gabbatt, Adam (13 October 2016). "Marmite: Americans wonder wh
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