The controversy regarding the wealth of England’s finance minister Rishi Sunak and wife Akshata Murty has been brewing for quite some time. Murty, the daughter of IT firm Infosys co-founder Narayan Murty, currently has 0.9 per cent stake in the company and that earned her £11.6m in dividend income last year. As a result, Sunak became the first major politician to feature in the Sunday Times rich list as the pair was placed in the 222nd spot with an estimated £730m valuation.

This was the first time since 1989 that a major politician was part of the list and with the country going through inflation and soaring fuel prices, this can put Sunak under the spotlight once again.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/china-looking-to-construct-military-bases-in-pakistan-report-480699" hreflang="en">China looking to construct military outposts in Pakistan: Report</a>

According to The Guardian, Sunak owns four houses worth an estimated £15m, including a £5m Santa Monica penthouse. Justice secretary Dominic Raab reacted to Sunak’s inclusion to the list and said that this does not mean that he is not in touch with the struggles of the general public.

“He’s a fantastic example of someone who’s been successful in business, who’s coming to make a big impact in public service. I think we want more of those people,” Raab told Times Radio.

Also read |&nbsp;<a href="https://www.wionews.com/world/black-lives-matter-paid-4-million-to-people-close-to-co-founder-patrisse-cullors-report-480700">BLM paid $4 million to people close to co-founder Patrisse Cullors - Report</a>

I think it’s fantastic that you’ve got someone of British-Indian origin, showing all people in our country that you can get to the top of politics. And frankly, I think if I understood correctly, the Sunday Times rich list was a reflection of not just him but his wife. His wife is an incredibly successful entrepreneur in her own right.” Raab explained while commenting on Sunday Times list.

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The controversy regarding the wealth of England’s finance minister Rishi Sunak and wife Akshata Murty has been brewing for quite some time. Murty, the daughter of IT firm Infosys co-founder Narayan Murty, currently has 0.

The controversy regarding the wealth of England’s finance minister Rishi Sunak and wife Akshata Murty has been brewing for quite some time. Murty, the daughter of IT firm Infosys co-founder Narayan Murty, currently has 0.9 per cent stake in the company and that earned her £11.6m in dividend income last year. As a result, Sunak became the first major politician to feature in the Sunday Times rich list as the pair was placed in the 222nd spot with an estimated £730m valuation. This was the first time since 1989 that a major politician was part of the list and with the country going through inflation and soaring fuel prices, this can put Sunak under the spotlight once again. Also read | China looking to construct military outposts in Pakistan: Report According to The Guardian, Sunak owns four houses worth an estimated £15m, including a £5m Santa Monica penthouse. Justice secretary Dominic Raab reacted to Sunak’s inclusion to the list and said that this does not mean that he is not in touch with the struggles of the general public. “He’s a fantastic example of someone who’s been successful in business, who’s coming to make a big impact in public service. I think we want more of those people,” Raab told Times Radio. Also read | BLM paid $4 million to people close to co-founder Patrisse Cullors - Report I think it’s fantastic that you’ve got someone of British-Indian origin, showing all people in our country that you can get to the top of politics. And frankly, I think if I understood correctly, the Sunday Times rich list was a reflection of not just him but his wife. His wife is an incredibly successful entrepreneur in her own right.” Raab explained while commenting on Sunday Times list. WATCH WION LIVE HERE - You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UK finance minister Rishi Sunak and wife Akshata Murty make Sunday Times Rich List debut

How UK PM Johnson could be ousted by unhappy Conservative lawmakers

After partygate & a tax scandal, UK's Finance Minister Rishi Sunak is facing another controversy. A pandemic relief scheme he introduced has become the victim of fraud. The British govt has lost £17 Billion. Palki Sharma Upadhyay gets you a report.

Gravitas: Rishi Sunak's fall from grace

Cash filled suitcases were seized at the border in the UK, seized money is suspected from COVID 'bounce back loans'.

UK Minister Rishi Sunak's covid loan scheme falls prey to fraud

Rishi Sunak was one of the most popular politicians in the Britain but recent controversies have rocked Chancellor's popularity.

UK: Sunak goes from first to last in months as scandals rock Chancellor's popularity

Despite denying for years having attended&nbsp;one of the lockdown parties, a new report has revealed that UK Prime Minister Boris Johnson led one of the Downing Street parties in 2020 and even poured drinks to the staff, according to local media reports.

The Sunday Times newspaper reported that a farewell gathering for Lee Cain, his communications director, in November 2020 turned into a party after Johnson showed up.

&nbsp;“He said he wanted to say a few words for Lee and started pouring drinks for people and drinking himself,” a source told the paper.

It is further claimed that Johnson even encouraged his staff to socialise even though indoor socialising was prohibited and asked them to “let off steam”.

Meanwhile, the explosive report has caused a stir with the opposition Labour party demanding Johnson’s resignation.

Deputy Labour&nbsp;leader Angela Rayner accused Johnson of demeaning his office by lying to the public.

&nbsp;“While the British public was making huge sacrifices, Boris Johnson was breaking the law,” Rayner told the Guardian.

“If the latest reports are true, it would mean that not only did the prime minister attend parties, but he had a hand in instigating at least one of them. He has deliberately misled the British people at every turn.”

“The prime minister has demeaned his office. The British people deserve better. While Labour has a plan for tackling the cost of living crisis, Tory MPs are too busy defending the indefensible actions of Boris Johnson.”

Also read |&nbsp;<a href="https://www.wionews.com/world/partygate-scandal-british-pm-boris-johnson-and-finance-minister-rishi-sunak-fined-470579">'Partygate' scandal: British PM Boris Johnson and finance minister Rishi Sunak fined</a>

Jonson has already been fined for attending one of the parties and&nbsp;is expected to receive two more fines for lockdown-breaking parties.

Apart from Jonson, his wife Carrie and finance minister Rishi Sunak have also been fined for breaking lockdown laws on June 19, 2020, celebrating the prime minister’s 56th birthday.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-pm-boris-johnson-agrees-after-rishi-sunak-requested-review-of-his-own-financial-declarations-470363" hreflang="en">UK PM Boris Johnson agrees after Rishi Sunak requested review of his own financial declarations</a>

It is claimed that out of 12 parties that took place in 10 Downing Street, Johnson attended six of them.

Watch |&nbsp;Boris Johnson 'poured drinks' at Downing Street party, more trouble in sight for UK PM

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/boris-johnson-poured-drinks-at-downing-street-party-more-trouble-in-sight-for-uk-pm-471773/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

Despite denying for years having attended one of the lockdown parties, a new report has revealed that UK Prime Minister Boris Johnson led one of the Downing Street parties in 2020 and even poured drinks to the staff, according to local media reports.

Despite denying for years having attended one of the lockdown parties, a new report has revealed that UK Prime Minister Boris Johnson led one of the Downing Street parties in 2020 and even poured drinks to the staff, according to local media reports. The Sunday Times newspaper reported that a farewell gathering for Lee Cain, his communications director, in November 2020 turned into a party after Johnson showed up. “He said he wanted to say a few words for Lee and started pouring drinks for people and drinking himself,” a source told the paper. It is further claimed that Johnson even encouraged his staff to socialise even though indoor socialising was prohibited and asked them to “let off steam”. Meanwhile, the explosive report has caused a stir with the opposition Labour party demanding Johnson’s resignation. Deputy Labour leader Angela Rayner accused Johnson of demeaning his office by lying to the public. “While the British public was making huge sacrifices, Boris Johnson was breaking the law,” Rayner told the Guardian. “If the latest reports are true, it would mean that not only did the prime minister attend parties, but he had a hand in instigating at least one of them. He has deliberately misled the British people at every turn.” “The prime minister has demeaned his office. The British people deserve better. While Labour has a plan for tackling the cost of living crisis, Tory MPs are too busy defending the indefensible actions of Boris Johnson.” Also read | 'Partygate' scandal: British PM Boris Johnson and finance minister Rishi Sunak fined Jonson has already been fined for attending one of the parties and is expected to receive two more fines for lockdown-breaking parties. Apart from Jonson, his wife Carrie and finance minister Rishi Sunak have also been fined for breaking lockdown laws on June 19, 2020, celebrating the prime minister’s 56th birthday. Also read | UK PM Boris Johnson agrees after Rishi Sunak requested review of his own financial declarations It is claimed that out of 12 parties that took place in 10 Downing Street, Johnson attended six of them. Watch | Boris Johnson 'poured drinks' at Downing Street party, more trouble in sight for UK PM (With inputs from agencies)

UK PM Boris Johnson instigated lockdown party in Downing Street: Report

The Metropolitan police has fined British PM Boris Johnson and Chancellor of Exchequer Rishi Sunak guilty of breaking lockdown rules. There are growing demands for their resignation. Molly Gambhir tells you why.

Gravitas: Boris Johnson, Rishi Sunak "broke the law"

UK Prime Minister Boris Jonhson is likely to receive three more fines for lockdown-breaching parties, local media reports have stated.

Johnson is believed to have attended six of the 12 lockdown parties, which are under scrutiny, and has already been fined for one – his birthday party in the Cabinet Room on 19 June 2020 which was organised by his wife Carrie.

According to the Daily Telegraph, the embattled prime minister would be punished for allegedly attending a leaving party for his former director of communications, Lee Cain, even as the police investigation is pending for two more events.

The November 13 event “is considered to be the most serious breach of the Coronavirus regulations among the events that the prime minister attended," an unnamed source close to the investigation told the newspaper.

The latest report comes in the wake of cabinet minister David Wolfson resigning from the office on Wednesday after Johnson and finance minister Rishi Sunak were handed fines for attending parties in 2020 when the nation was under lockdown.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-pm-johnson-to-face-the-music-over-reports-of-holding-booze-party-during-covid-lockdown-443805">UK PM Johnson to face the music over reports of holding booze party during Covid lockdown</a>

Wolfson said he was resigning not only because of the prime minister’s “own conduct” but also “the official response to what took place”, reported the Guardian.

He said the behaviour stood in stark contrast to many in society who “complied with the rules at great personal cost, and others were fined or prosecuted for similar, and sometimes apparently more trivial, offences”.

Meanwhile, amid growing calls for his resignation, the prime minister had refused to step down from the office and instead offered an apology.

Also read |&nbsp;<a href="https://www.wionews.com/world/new-video-over-christmas-party-during-lockdown-in-2020-adds-to-uk-pm-boris-johnsons-woes-435120">New video over Christmas party during lockdown in 2020 adds to UK PM Boris Johnson’s woes</a>

“I understand the anger that many feel that I, myself, fell short when it came to observing the very rules which the government I lead had introduced to protect the public. And I accept in all sincerity that people had the right to expect better. And now I feel an even greater sense of obligation to deliver on the priorities of the British people,” the premier said on Tuesday.

Watch |&nbsp;Partygate: Opposition calls for UK PM Boris Johnson's resignation

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/partygate-opposition-calls-for-uk-pm-boris-johnsons-resignation-470992/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

UK Prime Minister Boris Jonhson is likely to receive three more fines for lockdown-breaching parties, local media reports have stated. Johnson is believed to have attended six of the 12 lockdown parties, which are under scrutiny, and has already been fined for one – his birthday party in the Cabinet Room on 19 June 2020 which was organised by his wife Carrie.

UK Prime Minister Boris Jonhson is likely to receive three more fines for lockdown-breaching parties, local media reports have stated. Johnson is believed to have attended six of the 12 lockdown parties, which are under scrutiny, and has already been fined for one – his birthday party in the Cabinet Room on 19 June 2020 which was organised by his wife Carrie. According to the Daily Telegraph, the embattled prime minister would be punished for allegedly attending a leaving party for his former director of communications, Lee Cain, even as the police investigation is pending for two more events. The November 13 event “is considered to be the most serious breach of the Coronavirus regulations among the events that the prime minister attended," an unnamed source close to the investigation told the newspaper. The latest report comes in the wake of cabinet minister David Wolfson resigning from the office on Wednesday after Johnson and finance minister Rishi Sunak were handed fines for attending parties in 2020 when the nation was under lockdown. Also read | UK PM Johnson to face the music over reports of holding booze party during Covid lockdown Wolfson said he was resigning not only because of the prime minister’s “own conduct” but also “the official response to what took place”, reported the Guardian. He said the behaviour stood in stark contrast to many in society who “complied with the rules at great personal cost, and others were fined or prosecuted for similar, and sometimes apparently more trivial, offences”. Meanwhile, amid growing calls for his resignation, the prime minister had refused to step down from the office and instead offered an apology. Also read | New video over Christmas party during lockdown in 2020 adds to UK PM Boris Johnson’s woes “I understand the anger that many feel that I, myself, fell short when it came to observing the very rules which the government I lead had introduced to protect the public. And I accept in all sincerity that people had the right to expect better. And now I feel an even greater sense of obligation to deliver on the priorities of the British people,” the premier said on Tuesday. Watch | Partygate: Opposition calls for UK PM Boris Johnson's resignation (With inputs from agencies)

UK PM Johnson to receive three more fines for lockdown-breaching parties: Report

British Prime Minister Boris Johnson and Finance Minister Rishi Sunak were both fined for breaking lockdown rules. This is what the opposition party and citizens think...

The Prime Minister who broke the law?

In the wake of accusations levelled against Rishi Sunak over the alleged Russian link, Indian IT firm behemoth Infosys has announced to move its business out of the Russian market.

There has been growing pressure on UK’s Finance Minister Rishi Sunak over Infosys, the company co-founded by his father-in-law, not moving out of Russia following the Ukrainian war.

He has also been facing pressure over his wife Akshata Murty, the daughter of Infosys’ co-founder, Narayan Murthy, reportedly holding 0.9 per cent shares of the firm.

It has been alleged that she did not pay tax on earnings from outside Britain, news agency Reuters reported.

On Wednesday, the company announced that it was "transitioning" out of the Russian market.

During a media briefing, Infosys chief executive and managing director Salil Parekh said, “Given what is going on in the region, we have started to transition all of our work from our centres in Russia to our centres outside Russia."

"We have no work with any Russian client today and we have no plans for any work with any Russian client going ahead," he added.

Parekh said the company was "very concerned" about the situation in Ukraine and had committed $1 million in humanitarian aid.

Infosys has been facing heat to cease operations after many IT firms suspended their operations. It had been maintaining "a small team... based out of Russia that services some of our global clients" until now.

<a href="https://www.wionews.com/world/ukraine-russia-war-rishi-sunaks-wife-akshata-murthy-under-scanner-over-infosys-shares-467642">Also read |&nbsp;Ukraine-Russia war: Rishi Sunak's wife Akshata Murthy under scanner over Infosys shares</a>

Notably, during an interview to Sky News, he was whether his family was “potentially benefiting” from Russian President Vladimir Putin’s regime, to which Sunak replied, “I don’t think that’s the case, and as I said the operations of all companies are up to them.

“We’ve put in place significant sanctions and all the companies we are responsible for are following those as they rightly should, sending a very strong message to Putin’s aggression," he had replied.

Watch |&nbsp;Gravitas: Rishi Sunak grilled over alleged Russia link

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-rishi-sunak-grilled-over-alleged-russia-link-465573/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

In the wake of accusations levelled against Rishi Sunak over the alleged Russian link, Indian IT firm behemoth Infosys has announced to move its business out of the Russian market.

In the wake of accusations levelled against Rishi Sunak over the alleged Russian link, Indian IT firm behemoth Infosys has announced to move its business out of the Russian market. There has been growing pressure on UK’s Finance Minister Rishi Sunak over Infosys, the company co-founded by his father-in-law, not moving out of Russia following the Ukrainian war. He has also been facing pressure over his wife Akshata Murty, the daughter of Infosys’ co-founder, Narayan Murthy, reportedly holding 0.9 per cent shares of the firm. It has been alleged that she did not pay tax on earnings from outside Britain, news agency Reuters reported. On Wednesday, the company announced that it was "transitioning" out of the Russian market. During a media briefing, Infosys chief executive and managing director Salil Parekh said, “Given what is going on in the region, we have started to transition all of our work from our centres in Russia to our centres outside Russia." "We have no work with any Russian client today and we have no plans for any work with any Russian client going ahead," he added. Parekh said the company was "very concerned" about the situation in Ukraine and had committed $1 million in humanitarian aid. Infosys has been facing heat to cease operations after many IT firms suspended their operations. It had been maintaining "a small team... based out of Russia that services some of our global clients" until now. Also read | Ukraine-Russia war: Rishi Sunak's wife Akshata Murthy under scanner over Infosys shares Notably, during an interview to Sky News, he was whether his family was “potentially benefiting” from Russian President Vladimir Putin’s regime, to which Sunak replied, “I don’t think that’s the case, and as I said the operations of all companies are up to them. “We’ve put in place significant sanctions and all the companies we are responsible for are following those as they rightly should, sending a very strong message to Putin’s aggression," he had replied. Watch | Gravitas: Rishi Sunak grilled over alleged Russia link (With inputs from agencies)

Amidst row surrounding UK FM Rishi Sunak & wife Akshata, India’s Infosys exits Russia

The British PM and chancellor have been fined for breaking lockdown rules during the covid-19 pandemic. This has been the first time that Johnson and Sunak have been fines for breaking 'their own' law.

Boris Johnson offers apology for breaking covid-19 law

British Prime Minister Boris Johnson and finance minister Rishi Sunak have been fined over the 'partygate' scandal.

A Downing Street spokeswoman said on Tuesday, "The prime minister and chancellor of the exchequer have today received notification that the Metropolitan Police intend to issue them with fixed penalty notices."&nbsp;

"We have no further details, but we will update you again when we do."

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12 gatherings were hosted at Johnson's Downing Street office and the Cabinet Office during a tier III lockdown in London during which people were confined to their homes.

The booze parties were dubbed "Partygate" in the daily headlines and had sparked outrage. Bereaved families of victims of the coronavirus pandemic had called on Johnson to resign.

"Boris Johnson and Rishi Sunak have broken the law and repeatedly lied to the British public," Keir Starmer, the leader of the opposition Labour Party tweeted.

"They must both resign. The Conservatives are totally unfit to govern. Britain deserves better."

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Boris Johnson and Rishi Sunak have broken the law and repeatedly lied to the British public. 
 
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The Conservatives are totally unfit to govern. Britain deserves better.
— Keir Starmer (@Keir_Starmer) <a href="https://twitter.com/Keir_Starmer/status/1513863475759566853?ref_src=twsrc%5Etfw">April 12, 2022</a></blockquote>
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Meanwhile, the Metropolitan Police said, "The investigation into allegations of breaches of COVID-19 regulations in Whitehall and Downing Street continues to progress."&nbsp;

"We are making every effort to progress this investigation at speed, this includes continuing to assess significant amounts of investigative material from which further referrals may be made."

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-pm-boris-johnson-agrees-after-rishi-sunak-requested-review-of-his-own-financial-declarations-470363" hreflang="en">UK PM Boris Johnson agrees after Rishi Sunak requested review of his own financial declarations</a>

Matt Fowler, co-founder of Covid-19 Bereaved Families for Justice told news agency AFP, "It's now indisputable that whilst bereaved families were unable to be at their loved ones' sides in their last moments, or stood at their funerals alone, the people responsible for protecting us in Downing Street were partying and rule-breaking en masse."&nbsp;

"It's plain as day that there was a culture of boozing and rule breaching at the highest level of government, whilst the British public was making unimaginable sacrifices to protect their loved ones and communities."

Sunak had previously faced criticism after it was revealed that he only gave up a US "green card" after he became finance minister in 2020.

(With inputs from agencies)

British Prime Minister Boris Johnson and finance minister Rishi Sunak have been fined over the 'partygate' scandal. A Downing Street spokeswoman said on Tuesday, "The prime minister and chancellor of the exchequer have today received notification that the Metropolitan Police intend to issue them with fixed penalty notices.

British Prime Minister Boris Johnson and finance minister Rishi Sunak have been fined over the 'partygate' scandal. A Downing Street spokeswoman said on Tuesday, "The prime minister and chancellor of the exchequer have today received notification that the Metropolitan Police intend to issue them with fixed penalty notices." "We have no further details, but we will update you again when we do." 12 gatherings were hosted at Johnson's Downing Street office and the Cabinet Office during a tier III lockdown in London during which people were confined to their homes. The booze parties were dubbed "Partygate" in the daily headlines and had sparked outrage. Bereaved families of victims of the coronavirus pandemic had called on Johnson to resign. "Boris Johnson and Rishi Sunak have broken the law and repeatedly lied to the British public," Keir Starmer, the leader of the opposition Labour Party tweeted. "They must both resign. The Conservatives are totally unfit to govern. Britain deserves better." Boris Johnson and Rishi Sunak have broken the law and repeatedly lied to the British public. They must both resign. The Conservatives are totally unfit to govern. Britain deserves better. — Keir Starmer (@Keir_Starmer) April 12, 2022 × Meanwhile, the Metropolitan Police said, "The investigation into allegations of breaches of COVID-19 regulations in Whitehall and Downing Street continues to progress." "We are making every effort to progress this investigation at speed, this includes continuing to assess significant amounts of investigative material from which further referrals may be made." Also read | UK PM Boris Johnson agrees after Rishi Sunak requested review of his own financial declarations Matt Fowler, co-founder of Covid-19 Bereaved Families for Justice told news agency AFP, "It's now indisputable that whilst bereaved families were unable to be at their loved ones' sides in their last moments, or stood at their funerals alone, the people responsible for protecting us in Downing Street were partying and rule-breaking en masse." "It's plain as day that there was a culture of boozing and rule breaching at the highest level of government, whilst the British public was making unimaginable sacrifices to protect their loved ones and communities." Sunak had previously faced criticism after it was revealed that he only gave up a US "green card" after he became finance minister in 2020. (With inputs from agencies)

'Partygate' scandal: British PM Boris Johnson and finance minister Rishi Sunak fined

The UK Prime Minister Boris Johnson agreed after the country's Finance Minister Rishi Sunak asked him to probe into his own affairs and questions over transparency over his family's financial affairs.

The UK Prime Minister Boris Johnson agreed after the country's Finance Minister Rishi Sunak asked him to probe into his own affairs and questions over transparency over his family's financial affairs. Sunak is facing criticism over his wife's "non-dom" tax status, which let her escape UK taxes on income earned abroad. Sunak's wife Akshata Murthy, daughter of Indian billionaire NR Narayana Murthy, is apparently able to save millions of pounds in tax on dividends, which are collected from her family's IT business. Amid rising backlash, Sunak wrote a letter to UK PM Johnson and requested that the government's adviser on ministerial standards, Christopher Geidt, assess his declarations of interest since he first became a minister in 2018. The contents of the letter were disclosed late on Sunday. Meanwhile, a spokeswoman for Johnson said on Monday (April 11) that the PM has agreed to his request. "The prime minister has agreed to the request from the chancellor for Lord Geidt to undertake this work," the spokeswoman said as quoted by the news agency Reuters, adding that the PM had full confidence in Sunak. "The prime minister is confident that all the appropriate declarations were followed," the spoked woman added. What is non-domicile status? The country of domicile means the country where a person permanently resides in. If we talk about British law, those with non-domiciled status are not liable to pay taxes on income earned abroad. A person's domicile is usually the country which their father considered his permanent home when the person was born, although this can change if the person plans to permanently live in Britain. WATCH | Tax arrangements of UK Chancellor Rishi Sunak's family under scrutiny ×

UK PM Boris Johnson agrees after Rishi Sunak requested review of his own financial declarations

Britain's Finance Minister Rishi Sunak is facing a lot of criticism over his family's financial arrangements. Rishi Sunak has now asked PM Boris Johnson for a review of his declarations of interest he is urged to determine whether he stuck to the rules on ministerial declarations.

UK finance minister Rishi Sunak under scanner over wife’s tax returns

Tax arrangements of UK Chancellor Rishi Sunak's family under scrutiny

Top members of the Conservative Party have dashed Chancellor of the Exchequer Rishi Sunak's hopes of becoming British prime minister as per a report published in 'The Observer'.

His popularity has plummeted in recent weeks after he accused critics of mounting a "smear" campaign against his wealthy Indian wife Akshata Murthy.

She is the daughter of Indian billionaire N. R. Narayana Murthy and was condemned for shielding the overseas income from her family's company Infosys against UK taxes.&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-rishi-sunak-grilled-over-alleged-russia-link-465573/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Murthy owns about 0.9 per cent of the company. Last year, this entitled her to a dividend payment worth 11.6 million pounds ($15.12 million).

Sunak also came under the most sustained pressure since he became finance minister in 2020 due to his decision to increase payroll taxes at a time when surging inflation leaves Britons facing the biggest cost-of-living squeeze since records began in 1956.

“The worry is that this is symptomatic of a party in terminal decline and that we are in a death spiral,” a former Tory minister told the Observer.

<a href="https://www.wionews.com/world/british-finance-minister-rishi-sunaks-wife-agrees-to-pay-more-tax-on-foreign-income-469592">Also read |&nbsp;British finance minister Rishi Sunak's wife agrees to pay more tax on foreign income</a>

“He (Sunak) has shown colossal naivety and the way he has arranged his affairs does not suggest he is even committed to the UK, but that he is keeping open the option of a career in finance in the United States.”

Sunak has confirmed media reports that he only gave up a "green card" for the United States&nbsp;after he became Britain's finance minister.

His&nbsp;approval ratings have dropped to a new low of -15, which is even lesser than Prime Minister Boris Johnson's as per the latest opinion poll for the Observer.

<a href="https://www.wionews.com/photos/from-rishi-sunak-to-priti-patel-who-could-replace-uk-pm-boris-johnson-448996">Also see |&nbsp;From Rishi Sunak to Priti Patel: Who could replace UK PM Boris Johnson?</a>

Meanwhile, the Sunday Times newspaper reported that Sunak considered whether he should resign this week after a storm of criticism over his wife's tax status.

"He was considering whether he could withstand his family taking this any more," the newspaper quoted an unidentified source as saying.

“There’s going to be a full Cabinet Office and HM Treasury investigation into who had that information and if anyone has requested that information. Divulging the tax status of a private individual is a criminal offence.”

“The timing is terrible. I think his problem is that taxes have gone up a lot in his period as chancellor, which is not popular in the party or country. And we have a cost-of-living crisis. None of this looks good,” said another third senior figure in the party.

(With inputs from agencies)

Top members of the Conservative Party have dashed Chancellor of the Exchequer Rishi Sunak's hopes of becoming British prime minister as per a report published in 'The Observer'.

Top members of the Conservative Party have dashed Chancellor of the Exchequer Rishi Sunak's hopes of becoming British prime minister as per a report published in 'The Observer'. His popularity has plummeted in recent weeks after he accused critics of mounting a "smear" campaign against his wealthy Indian wife Akshata Murthy. She is the daughter of Indian billionaire N. R. Narayana Murthy and was condemned for shielding the overseas income from her family's company Infosys against UK taxes. Murthy owns about 0.9 per cent of the company. Last year, this entitled her to a dividend payment worth 11.6 million pounds ($15.12 million). Sunak also came under the most sustained pressure since he became finance minister in 2020 due to his decision to increase payroll taxes at a time when surging inflation leaves Britons facing the biggest cost-of-living squeeze since records began in 1956. “The worry is that this is symptomatic of a party in terminal decline and that we are in a death spiral,” a former Tory minister told the Observer. Also read | British finance minister Rishi Sunak's wife agrees to pay more tax on foreign income “He (Sunak) has shown colossal naivety and the way he has arranged his affairs does not suggest he is even committed to the UK, but that he is keeping open the option of a career in finance in the United States.” Sunak has confirmed media reports that he only gave up a "green card" for the United States after he became Britain's finance minister. His approval ratings have dropped to a new low of -15, which is even lesser than Prime Minister Boris Johnson's as per the latest opinion poll for the Observer. Also see | From Rishi Sunak to Priti Patel: Who could replace UK PM Boris Johnson? Meanwhile, the Sunday Times newspaper reported that Sunak considered whether he should resign this week after a storm of criticism over his wife's tax status. "He was considering whether he could withstand his family taking this any more," the newspaper quoted an unidentified source as saying. “There’s going to be a full Cabinet Office and HM Treasury investigation into who had that information and if anyone has requested that information. Divulging the tax status of a private individual is a criminal offence.” “The timing is terrible. I think his problem is that taxes have gone up a lot in his period as chancellor, which is not popular in the party or country. And we have a cost-of-living crisis. None of this looks good,” said another third senior figure in the party. (With inputs from agencies)

Top members of Conservative Party dash Rishi Sunak's hopes of becoming British prime minister: Report

UK Finance Minister Rishi Sunak is now under pressure to reveal details of his private investments four days after his wife, Akshata Murthy was non-domiciled in Britain for tax purposes

UK Chancellor Rishi Sunak faces quiz on blind investment holdings

An internal inquiry has been launched into how the tax affairs of Akshata Murty, daughter of Infosys co-founder Narayana Murthy, were leaked to a newspaper, according to UK media reports on Sunday.

The Whitehall investigation within UK government quarters will look into how the information about the non-domicile status of the wife of Chancellor Rishi Sunak was passed on to 'The Independent' newspaper, which first published the story earlier this week.

According to The Sunday Times', Sunak's team believes an Opposition Labour Party supporting government official dubbed "red throat" is responsible for the leak.

Also read |&nbsp;<a href="https://www.wionews.com/world/top-members-of-conservative-party-dash-rishi-sunaks-hopes-of-becoming-british-prime-minister-469883">Top members of Conservative Party dash Rishi Sunak's hopes of becoming British prime minister: Report</a>

There's going to be a full Cabinet Office and HM Treasury investigation into who had that information and if anyone has requested that information. Divulging the tax status of a private individual is a criminal offence,? the paper quoted an unnamed senior government official as saying.

The revelation that the Chancellor's wife, who is an Indian national, was "non-domiciled" in the UK for tax purposes meant she was not legally bound to pay taxes on her overseas earnings.

This led to allegations of hypocrisy from the Opposition benches, pointing to recent tax rises imposed by the Indian-origin finance minister. The Labour Party accused his family of potentially saving millions as a result of Murty's tax arrangement.

On Friday, Akshata announced that she would pay tax in the UK on all her income in order to avoid the issue being a continued distraction&nbsp;for her husband.

Watch |&nbsp;Rishi Sunak's wife Akshata Murty claims non-domicile status

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/rishi-sunaks-wife-akshata-murty-claims-non-domicile-status-469158/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

My decision to pay UK tax on all my worldwide income will not change the fact that India remains the country of my birth, citizenship, parents' home and place of domicile. But I love the UK too, Murty said in a Twitter statement on Saturday.

It comes as a new opinion poll by Opinium shows Sunak's approval rating dropped by three points to 28 per cent since late March and his disapproval rating has risen by eight points to 43 per cent.

This reflects the damage to his prospects as a future leader of the Conservative Party and a key candidate tipped to succeed Boris Johnson as Prime Minister.

Meanwhile,The Sun' reports that Johnson gave his finance minister and neighbour at 11 Downing Street a pep talk over the weekend and convinced him against resigning over the tax storm.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-finance-minister-under-new-attack-despite-wifes-tax-u-turn-469704">UK finance minister under new attack despite wife's tax U-turn</a>

Sunak's team told the newspaper that the prime minister has been super supportive of the Cabinet minister.

He was considering whether he could withstand his family taking this any more, one of them was quoted as saying.

Within his own Tory party, many are now questioning Sunak's judgment and a Cabinet minister who admires him was quoted as saying: This might well make him walk away.

An internal inquiry has been launched into how the tax affairs of Akshata Murty, daughter of Infosys co-founder Narayana Murthy, were leaked to a newspaper, according to UK media reports on Sunday.

An internal inquiry has been launched into how the tax affairs of Akshata Murty, daughter of Infosys co-founder Narayana Murthy, were leaked to a newspaper, according to UK media reports on Sunday. The Whitehall investigation within UK government quarters will look into how the information about the non-domicile status of the wife of Chancellor Rishi Sunak was passed on to 'The Independent' newspaper, which first published the story earlier this week. According to The Sunday Times', Sunak's team believes an Opposition Labour Party supporting government official dubbed "red throat" is responsible for the leak. Also read | Top members of Conservative Party dash Rishi Sunak's hopes of becoming British prime minister: Report There's going to be a full Cabinet Office and HM Treasury investigation into who had that information and if anyone has requested that information. Divulging the tax status of a private individual is a criminal offence,? the paper quoted an unnamed senior government official as saying. The revelation that the Chancellor's wife, who is an Indian national, was "non-domiciled" in the UK for tax purposes meant she was not legally bound to pay taxes on her overseas earnings. This led to allegations of hypocrisy from the Opposition benches, pointing to recent tax rises imposed by the Indian-origin finance minister. The Labour Party accused his family of potentially saving millions as a result of Murty's tax arrangement. On Friday, Akshata announced that she would pay tax in the UK on all her income in order to avoid the issue being a continued distraction for her husband. Watch | Rishi Sunak's wife Akshata Murty claims non-domicile status My decision to pay UK tax on all my worldwide income will not change the fact that India remains the country of my birth, citizenship, parents' home and place of domicile. But I love the UK too, Murty said in a Twitter statement on Saturday. It comes as a new opinion poll by Opinium shows Sunak's approval rating dropped by three points to 28 per cent since late March and his disapproval rating has risen by eight points to 43 per cent. This reflects the damage to his prospects as a future leader of the Conservative Party and a key candidate tipped to succeed Boris Johnson as Prime Minister. Meanwhile,The Sun' reports that Johnson gave his finance minister and neighbour at 11 Downing Street a pep talk over the weekend and convinced him against resigning over the tax storm. Also read | UK finance minister under new attack despite wife's tax U-turn Sunak's team told the newspaper that the prime minister has been super supportive of the Cabinet minister. He was considering whether he could withstand his family taking this any more, one of them was quoted as saying. Within his own Tory party, many are now questioning Sunak's judgment and a Cabinet minister who admires him was quoted as saying: This might well make him walk away.

UK inquiry launched into Akshata Murty's tax affairs leak

British finance minister Rishi Sunak's wife, Akshata Murthy, has agreed to pay more tax on foreign income.

"I understand and appreciate the British sense of fairness and I do not wish my tax status to be a distraction for my husband or to affect my family," she said.

"This means I will now pay UK tax on an arising basis on all my worldwide income, including dividends and capital gains, wherever in the world that income arises".

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-rishi-sunak-grilled-over-alleged-russia-link-465573/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Murty stressed that she was making the change "because I want to, not because the rules require me to", adding that the new arrangements will begin "immediately".

Sunak's wife Akshata Murthy, daughter of Indian billionaire NR Narayana Murthy, was apparently able to save millions of pounds in tax on dividends, which are collected from her family's IT business.&nbsp;

Last year, she earned a dividend payment worth 11.6 million pounds ($15.1 million) as she owns about 0.9 per cent of Indian IT giant Infosys.&nbsp;

<a href="https://www.wionews.com/world/uks-rishi-sunak-uses-will-smith-chris-rock-oscar-slap-in-remarks-on-wifes-infosys-russia-link-467432">Also read |&nbsp;UK's Rishi Sunak uses Will Smith- Chris Rock Oscar slap in remarks on wife's Infosys-Russia link</a>

Since 2015, she has received 54.5 million pounds ($71 million) in dividends from the family company as per an estimate by 'The Guardian' newspaper.

It claimed that her status allowed her to avoid paying 20 million pounds of tax to the British exchequer.

Sunak has accused critics of mounting a "smear" campaign against his wealthy Indian wife. He told Friday's edition of The Sun newspaper that "to smear my wife to get at me is awful".

His popularity has plummeted in recent weeks after a surge in consumer prices. The public anger over Murthy's tax status has been heightened by her husband's decision to increase payroll taxes.

Rejecting criticism against Sunak, Prime Minister Boris Johnson said Rishi is doing an absolutely outstanding job."&nbsp;

Britons are currently facing the biggest cost-of-living squeeze since records began in 1956.

(With inputs from agencies)

British finance minister Rishi Sunak's wife, Akshata Murthy, has agreed to pay more tax on foreign income. "I understand and appreciate the British sense of fairness and I do not wish my tax status to be a distraction for my husband or to affect my family," she said.

British finance minister Rishi Sunak's wife, Akshata Murthy, has agreed to pay more tax on foreign income. "I understand and appreciate the British sense of fairness and I do not wish my tax status to be a distraction for my husband or to affect my family," she said. "This means I will now pay UK tax on an arising basis on all my worldwide income, including dividends and capital gains, wherever in the world that income arises". Murty stressed that she was making the change "because I want to, not because the rules require me to", adding that the new arrangements will begin "immediately". Sunak's wife Akshata Murthy, daughter of Indian billionaire NR Narayana Murthy, was apparently able to save millions of pounds in tax on dividends, which are collected from her family's IT business. Last year, she earned a dividend payment worth 11.6 million pounds ($15.1 million) as she owns about 0.9 per cent of Indian IT giant Infosys. Also read | UK's Rishi Sunak uses Will Smith- Chris Rock Oscar slap in remarks on wife's Infosys-Russia link Since 2015, she has received 54.5 million pounds ($71 million) in dividends from the family company as per an estimate by 'The Guardian' newspaper. It claimed that her status allowed her to avoid paying 20 million pounds of tax to the British exchequer. Sunak has accused critics of mounting a "smear" campaign against his wealthy Indian wife. He told Friday's edition of The Sun newspaper that "to smear my wife to get at me is awful". His popularity has plummeted in recent weeks after a surge in consumer prices. The public anger over Murthy's tax status has been heightened by her husband's decision to increase payroll taxes. Rejecting criticism against Sunak, Prime Minister Boris Johnson said Rishi is doing an absolutely outstanding job." Britons are currently facing the biggest cost-of-living squeeze since records began in 1956. (With inputs from agencies)

British finance minister Rishi Sunak's wife agrees to pay more tax on foreign income

Britain's embattled&nbsp;finance&nbsp;minister&nbsp;Rishi Sunak stood accused Saturday of political hypocrisy as&nbsp;new&nbsp;questions emerged over offshore&nbsp;tax&nbsp;havens reportedly held by his Indian&nbsp;wife.

Sunak was also criticised for a lack of transparency, after he admitted to holding a "Green Card" for US permanent residents until last year.

Sunak's wealthy&nbsp;wife&nbsp;Akshata Murty said she would start paying&nbsp;UK&nbsp;tax&nbsp;on "all worldwide income", in a bid to defuse a controversy that has further imperilled his waning political fortunes.

Also read |&nbsp;<a href="https://www.wionews.com/world/british-finance-minister-rishi-sunaks-wife-agrees-to-pay-more-tax-on-foreign-income-469592">British finance minister Rishi Sunak's wife agrees to pay more tax on foreign income</a>

But Labour frontbench MP Louise Haigh told BBC radio that Sunak had "come out on a number of occasions to try and muddy the waters" around his family's&nbsp;tax&nbsp;affairs.

She conceded that the "non-domicile" status enjoyed by Murty -- shielding the overseas income from her family's company Infosys against&nbsp;UK&nbsp;taxes -- was legal.&nbsp;

But Haigh queried "whether it was right that the chancellor of the exchequer, whilst piling on 15 separate&nbsp;tax&nbsp;rises to the British public, was benefiting from a&nbsp;tax&nbsp;scheme that allowed his household to pay significantly less to the tune of potentially tens of millions of pounds."

The Independent newspaper reported that Sunak was listed as the beneficiary of trusts set up in the British Virgin Islands and Cayman Islands to help manage his&nbsp;wife's&nbsp;tax&nbsp;and business affairs.

Sunak was listed in 2020, after he became chancellor and after a prior stint as chief secretary to the Treasury, the newspaper said.

"No-one in Akshata's family is aware of this alleged trust," a spokeswoman close to the Sunak family said in response.

Watch |&nbsp;Gravitas: Rishi Sunak grilled over alleged Russia link

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-rishi-sunak-grilled-over-alleged-russia-link-465573/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

As chancellor, Sunak oversaw a huge programme of government spending during the coronavirus pandemic, but is now tightening the belt just as Britons face the worst cost-of-living crisis in generations.

Once a leading contender to succeed Prime&nbsp;Minister&nbsp;Boris Johnson, Sunak has seen his popularity plummet in recent weeks as a result, and has accused critics of mounting a "smear" campaign against his&nbsp;wife.

Allies of the&nbsp;finance&nbsp;minister&nbsp;have told newspapers that Johnson's office is waging a political hit job.

They said the prime&nbsp;minister&nbsp;believed Sunak had not backed him strongly enough during an ongoing scandal into Downing Street lockdown parties.

Johnson on Friday denied knowledge of any briefing operation against Sunak, and told reporters that his chancellor was doing an "absolutely outstanding job".

The White House meanwhile declined to comment about Sunak's Green Card, which the&nbsp;minister&nbsp;said he only gave up ahead of his first visit to the United States as chancellor in October last year.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-finance-minister-rishi-sunak-faces-fire-over-wife-akshata-murthys-non-domicile-tax-status-469148">UK Finance Minister Rishi Sunak faces fire over wife Akshata Murthy's non-domicile tax status</a>

Under&nbsp;US law, possession of the card meant that Sunak intended to live in America and pay US taxes,&nbsp;despite&nbsp;serving as Britain's second-most powerful politician.

Sunak and Murty met as students in the United States and they married in 2009. She is the daughter of Indian billionaire N. R. Narayana Murthy, co-founder of the IT giant Infosys.

Britain's embattled finance minister Rishi Sunak stood accused Saturday of political hypocrisy as new questions emerged over offshore tax havens reportedly held by his Indian wife.

Britain's embattled finance minister Rishi Sunak stood accused Saturday of political hypocrisy as new questions emerged over offshore tax havens reportedly held by his Indian wife. Sunak was also criticised for a lack of transparency, after he admitted to holding a "Green Card" for US permanent residents until last year. Sunak's wealthy wife Akshata Murty said she would start paying UK tax on "all worldwide income", in a bid to defuse a controversy that has further imperilled his waning political fortunes. Also read | British finance minister Rishi Sunak's wife agrees to pay more tax on foreign income But Labour frontbench MP Louise Haigh told BBC radio that Sunak had "come out on a number of occasions to try and muddy the waters" around his family's tax affairs. She conceded that the "non-domicile" status enjoyed by Murty -- shielding the overseas income from her family's company Infosys against UK taxes -- was legal. But Haigh queried "whether it was right that the chancellor of the exchequer, whilst piling on 15 separate tax rises to the British public, was benefiting from a tax scheme that allowed his household to pay significantly less to the tune of potentially tens of millions of pounds." The Independent newspaper reported that Sunak was listed as the beneficiary of trusts set up in the British Virgin Islands and Cayman Islands to help manage his wife's tax and business affairs. Sunak was listed in 2020, after he became chancellor and after a prior stint as chief secretary to the Treasury, the newspaper said. "No-one in Akshata's family is aware of this alleged trust," a spokeswoman close to the Sunak family said in response. Watch | Gravitas: Rishi Sunak grilled over alleged Russia link As chancellor, Sunak oversaw a huge programme of government spending during the coronavirus pandemic, but is now tightening the belt just as Britons face the worst cost-of-living crisis in generations. Once a leading contender to succeed Prime Minister Boris Johnson, Sunak has seen his popularity plummet in recent weeks as a result, and has accused critics of mounting a "smear" campaign against his wife. Allies of the finance minister have told newspapers that Johnson's office is waging a political hit job. They said the prime minister believed Sunak had not backed him strongly enough during an ongoing scandal into Downing Street lockdown parties. Johnson on Friday denied knowledge of any briefing operation against Sunak, and told reporters that his chancellor was doing an "absolutely outstanding job". The White House meanwhile declined to comment about Sunak's Green Card, which the minister said he only gave up ahead of his first visit to the United States as chancellor in October last year. Also read | UK Finance Minister Rishi Sunak faces fire over wife Akshata Murthy's non-domicile tax status Under US law, possession of the card meant that Sunak intended to live in America and pay US taxes, despite serving as Britain's second-most powerful politician. Sunak and Murty met as students in the United States and they married in 2009. She is the daughter of Indian billionaire N. R. Narayana Murthy, co-founder of the IT giant Infosys.

UK finance minister under new attack despite wife's tax U-turn

British finance minister Rishi Sunak is facing calls to answer and "come clean" after reports emerged that his multi-millionaire wife claims non-domicile status, which let her escape UK taxes on income earned abroad.

British finance minister Rishi Sunak is facing calls to answer and "come clean" after reports emerged that his multi-millionaire wife claims non-domicile status, which let her escape UK taxes on income earned abroad. Sunak's wife Akshata Murthy, daughter of Indian billionaire NR Narayana Murthy, is apparently able to save millions of pounds in tax on dividends, which are collected from her family's IT business. Several politicians in the UK have reacted and asked Sunak to answer after a report on Ms Murthy's tax status was published by The Independent newspaper on Thursday. ALSO READ | Muslim prayer app, others banned by Google after finding spyware linked to US national security contractor The Labour leader Keir Starmer said Sunak had "very serious questions to answer" about his family's finances. He said, "If it now transpires that his wife has used schemes to reduce her tax, while he's been increasing taxes on working people, that's breathtaking hypocrisy." Tulip Siddiq, a lawmaker and Treasury spokeswoman in the opposition Labour Party, said Sunak should say whether he had benefited from his wife's tax status. Meanwhile, a spokeswoman for Murty said: "Akshata Murty is a citizen of India, the country of her birth and parents’ home. India does not allow its citizens to hold the citizenship of another country simultaneously." "So, according to British law, Ms Murty is treated as non-domiciled for UK tax purposes. She has always and will continue to pay UK taxes on all her UK income," the statement added. ALSO READ | FBI disrupts Russian hackers, takes away control of routers and firewall appliances What is non-domicile status? In simple meaning, the country of domicile means the country where a person permanently resides in. If we talk about British law, those with non-domiciled status are not liable to pay taxes on income earned abroad. A person's domicile is usually the country which their father considered his permanent home when the person was born, although this can change if the person plans to permanently live in Britain. In Akshata's case, she is legally entitled to claim the status, but it raises a political issue as she is ultimately declaring that the UK is not her permanent home. She will be treated as UK-domiciled for tax purposes, and liable to be levied on foreign income, once she has lived in the UK for 15 years, in six years. WATCH | 'Transgender women should not compete in female events,' Boris Johnson triggers another controversy × (With inputs from agencies)

UK Finance Minister Rishi Sunak faces fire over wife Akshata Murthy's non-domicile tax status

Britain pledged on Monday to make the country a crypto-asset hub, paving the path for stablecoin, backed by national currencies, to become a widely accepted payment method.

"It's my ambition to make the UK a global hub for crypto-asset technology, and the measures we've outlined today will help to ensure firms can invest, innovate and scale up in this country," said finance minister Rishi Sunak.

"We want to see the businesses of tomorrow -- and the jobs they create -- here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term."

Also read |&nbsp;<a href="https://www.wionews.com/technology/at-new-yorks-first-nft-atm-buying-digital-art-is-as-easy-as-buying-candy-458000">At New York's first 'NFT ATM', buying digital art is as easy as buying candy</a>

Sunak has also commissioned the Royal Mint, Britain's official coin producer, to create a non-fungible token (NFT).

"The government has today announced moves that will see stablecoins recognised as a valid form of payment as part of wider plans to make Britain a global hub for crypto-asset technology and investment," said a Treasury statement.

Stablecoins will be regulated as part of a package of measures aimed at keeping the UK finance sector on the "cutting edge" of technology.

"Appropriate regulation... could provide a more efficient means of payment and widen customer choice," in the sector the Treasury noted.

Also read |&nbsp;<a href="https://www.wionews.com/technology/after-cryptocurrencies-money-laundering-via-nfts-is-next-big-worry-450303">After cryptocurrencies, money laundering via NFTs is next big worry</a>

Stablecoins do not experience the price swings that cryptocurrencies like Bitcoin have seen since they are backed by one or more national currencies with a nearly&nbsp;fixed rate of exchange.

The Treasury is also looking into methods to improve&nbsp;&nbsp;"the competitiveness of the UK tax system to encourage further development" of the market.

The thriving cryptocurrency industry, as well as its expanding economic significance, is being keenly monitored around the world.

Watch |&nbsp;Gravitas Plus: Bitcoin, Cryptocurrency &amp; Blockchain- What's driving the craze?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-plus-bitcoin-cryptocurrency-blockchain-whats-driving-the-craze-380193/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The United States has also started work on developing a digital dollar, joining more than a hundred other countries that are experimenting with or have already launched pilot projects with their own central bank digital currency.

Regulators, on the other hand, are not that&nbsp;excited about the sector.

Virtual currencies are the "new front line" for criminal schemes, according to Bank of England governor Andrew Bailey.

Last month, Christine Lagarde, the head of the European Central Bank, expressed worry that crypto units were being used as a way to dodge sanctions against Russia over the conflict in Ukraine.

(With inputs from agencies)

Britain pledged on Monday to make the country a crypto-asset hub, paving the path for stablecoin, backed by national currencies, to become a widely accepted payment method.

Britain pledged on Monday to make the country a crypto-asset hub, paving the path for stablecoin, backed by national currencies, to become a widely accepted payment method. "It's my ambition to make the UK a global hub for crypto-asset technology, and the measures we've outlined today will help to ensure firms can invest, innovate and scale up in this country," said finance minister Rishi Sunak. "We want to see the businesses of tomorrow -- and the jobs they create -- here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term." Also read | At New York's first 'NFT ATM', buying digital art is as easy as buying candy Sunak has also commissioned the Royal Mint, Britain's official coin producer, to create a non-fungible token (NFT). "The government has today announced moves that will see stablecoins recognised as a valid form of payment as part of wider plans to make Britain a global hub for crypto-asset technology and investment," said a Treasury statement. Stablecoins will be regulated as part of a package of measures aimed at keeping the UK finance sector on the "cutting edge" of technology. "Appropriate regulation... could provide a more efficient means of payment and widen customer choice," in the sector the Treasury noted. Also read | After cryptocurrencies, money laundering via NFTs is next big worry Stablecoins do not experience the price swings that cryptocurrencies like Bitcoin have seen since they are backed by one or more national currencies with a nearly fixed rate of exchange. The Treasury is also looking into methods to improve "the competitiveness of the UK tax system to encourage further development" of the market. The thriving cryptocurrency industry, as well as its expanding economic significance, is being keenly monitored around the world. Watch | Gravitas Plus: Bitcoin, Cryptocurrency & Blockchain- What's driving the craze? The United States has also started work on developing a digital dollar, joining more than a hundred other countries that are experimenting with or have already launched pilot projects with their own central bank digital currency. Regulators, on the other hand, are not that excited about the sector. Virtual currencies are the "new front line" for criminal schemes, according to Bank of England governor Andrew Bailey. Last month, Christine Lagarde, the head of the European Central Bank, expressed worry that crypto units were being used as a way to dodge sanctions against Russia over the conflict in Ukraine. (With inputs from agencies)

United Kingdom wants to be a crypto-assets hub; to mint its own NFT

Rishi Sunak, the Chancellor of the Exchequer of the United Kingdom, compared himself to Will Smith over criticism of his wife’s financial links to Russia. Sunak said that he understood what it felt like to have your wife 'attacked'.

UK: Rishi Sunak compares himself to Will Smith over wife criticism

On Thursday, Rishi Sunak, the Chancellor of the Exchequer of the United Kingdom, stated that it was unpleasant to see people criticising him by focusing on his wife, Akshata Murthy, the daughter of Infosys founder Narayana Murthy.

Sunak mentioned Will Smith punching comedian Chris Rock at the Oscars ceremony this week after the latter made a joke about his wife on the BBC's Newscast.&nbsp;

As furious condemnation rises over his wife's apparent financial ties to Russia amid its invasion of Ukraine, he stated, "At least I didn't get up and slap anybody."&nbsp;

"Both Will Smith and I have had our wives attacked," he said.

"You know, I think it’s totally fine for people to take shots at me. It’s fair game... It’s very upsetting and, I think, wrong for people to try and come at my wife," he said.

Will Smith stepped up on stage at the 94th Academy Awards and smacked comedian Chris Rock for making a joke about his wife Jada Pinkett Smith's precisely cropped hair, which is due to a medical condition called alopecia.

Watch | Gravitas: Rishi Sunak grilled over alleged Russia link

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In punishment for Moscow's invasion of Ukraine, the UK imposed sanctions on Russia, raising tariffs on a wide range of commodities from vodka to steel, and restricting the export of luxury items.

Several people's assets have also been blocked by the authorities.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/slapgate-aftermath-will-smith-bows-down-chris-rock-in-profit-oscars-academy-digs-in-466709/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Reforms to so-called unexplained wealth orders have also been implemented, safeguarding agencies from high legal fees that have previously stifled prosecutions.

<a href="https://www.wionews.com/opinions-blogs/will-smith-should-apologise-to-all-for-spoiling-the-oscars-with-his-toxic-masculinity-466686">Will Smith owes an apology to all of us for spoiling Oscars 2022</a>

On the other hand, India, a long-time ally of Russia, on the other hand, has not slapped any sanctions on the country.&nbsp;

(With inputs from agencies)

On Thursday, Rishi Sunak, the Chancellor of the Exchequer of the United Kingdom, stated that it was unpleasant to see people criticising him by focusing on his wife, Akshata Murthy, the daughter of Infosys founder Narayana Murthy.

On Thursday, Rishi Sunak, the Chancellor of the Exchequer of the United Kingdom, stated that it was unpleasant to see people criticising him by focusing on his wife, Akshata Murthy, the daughter of Infosys founder Narayana Murthy. Sunak mentioned Will Smith punching comedian Chris Rock at the Oscars ceremony this week after the latter made a joke about his wife on the BBC's Newscast. As furious condemnation rises over his wife's apparent financial ties to Russia amid its invasion of Ukraine, he stated, "At least I didn't get up and slap anybody." "Both Will Smith and I have had our wives attacked," he said. "You know, I think it’s totally fine for people to take shots at me. It’s fair game... It’s very upsetting and, I think, wrong for people to try and come at my wife," he said. Will Smith stepped up on stage at the 94th Academy Awards and smacked comedian Chris Rock for making a joke about his wife Jada Pinkett Smith's precisely cropped hair, which is due to a medical condition called alopecia. Watch | Gravitas: Rishi Sunak grilled over alleged Russia link In punishment for Moscow's invasion of Ukraine, the UK imposed sanctions on Russia, raising tariffs on a wide range of commodities from vodka to steel, and restricting the export of luxury items. Several people's assets have also been blocked by the authorities. Reforms to so-called unexplained wealth orders have also been implemented, safeguarding agencies from high legal fees that have previously stifled prosecutions. Will Smith owes an apology to all of us for spoiling Oscars 2022 On the other hand, India, a long-time ally of Russia, on the other hand, has not slapped any sanctions on the country. (With inputs from agencies)

UK's Rishi Sunak uses Will Smith- Chris Rock Oscar slap in remarks on wife's Infosys-Russia link

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