Doubts cast over 31 October fiscal statement after Truss resignation October 20, 2022 There are growing doubts over whether the fiscal statement will be delivered on 31 October following Liz Truss’s resignation as prime minister today after just 44 days in office, City A.M. understands. Truss’s exit has triggered a second Tory leadership race this year that is expected to yield a new prime minister on 28 October, [...]
Chaos continues: Number 10 says fracking motion WAS vote of confidence and rebels face ‘disciplinary action’ October 20, 2022 Liz Truss sent a late-night memo to Tory MPs telling them Wednesday evening’s motion on fracking was confidence vote after all – and rebels “ can expect proportionate disciplinary action.” Number 10 sent the note just after 1.30am after confusion and anger dominated the vote in Commons last night, amid accusations of physical assaults and [...]
Truss and Kwarteng did not brief BoE on mini-budget, dep governor Cunliffe says October 19, 2022 Liz Truss or former chancellor Kwasi Kwarteng did not tell the Bank of England of their plans to slash taxes £45bn in last month’s botched mini-budget, one of the central bank’s executives said today. Sir Jon Cunliffe, the Bank’s deputy governor of financial stability, told the treasury select committee today the government did not brief [...]
Bank of England to launch record rate rise to step up fight against 40-year high inflation October 19, 2022 The Bank of England will have to hike interest rates by a record whole percentage point at its meeting on 3 November, City economists are betting today after inflation returned to a 40 year high of 10.1 per cent last month. Prices are still rising sharply despite the Bank already lifting borrowing costs seven times [...]
Foreign secretary: PM Liz Truss made mistakes but has also learnt lessons October 19, 2022 Foreign Secretary James Cleverly has come out fighting for Liz Truss, saying she has “learnt lessons” and had the “humility to make changes.” Speaking on Sky News this morning, he batted down talk of a new prime minister amid speculation backbenchers are plotting behind the scenes. “What I’m far from convinced by is that going [...]
Hunt mini-budget overhaul right for now but investment relief needed, Thatcherites urge October 19, 2022 New chancellor Jeremy Hunt’s decision to junk pretty much all of prime minister Liz Truss’s botched mini-budget has damaged the UK’s tax competitiveness, a new report out today says. Britain has dropped to 33rd out of the 38 nations part of the Organisation for Economic Cooperation and Development (OECD) as a result of Hunt’s tax [...]
Truss mini-budget sparked five worst days on UK debt market on record, Bank of England says October 18, 2022 Prime minister Liz Truss’s botched mini-budget triggered the five most volatile days on the UK debt market since records began 22 years ago, the Bank of England said today. Financial markets were rocked by Truss and her former chancellor Kwasi Kwarteng launching £45bn worth of unfunded tax cuts and raising borrowing to fund a two-year [...]
UK borrowing costs fall below US, Italian and Greek equivalents after Hunt mini-budget reversal October 18, 2022 UK borrowing costs have dropped below their European and transatlantic counterparts after new chancellor Jeremy Hunt tore up prime minister Liz Truss’s tax cutting mini-budget. Since Truss and her former chancellor Kwasi Kwarteng decided to launch £45bn of unfunded tax cuts in a bid to boost economic growth, gilt yields have shot higher. Rates on [...]
Verdict on Liz Truss in world media outright brutal as PM turns into global laughing stock October 18, 2022 Developments in the UK have been closely followed by media across Europe and the rest of the world, and the verdict from most outlets is outright brutal. The Colombian newspaper El Colombiano, carrying a story with the headline “Liz Truss the Brief”, wrote that “Liz Truss, who’s been the British PM for barely six weeks, [...]
Liz Truss: I will lead Tories to next election October 18, 2022 Prime minister Liz Truss insisted she will lead the Tories into the next election, during a tense interview on the BBC last night. The embattled PM apologised for mistakes saying her tenure “hasn’t been perfect,” but she had “fixed” errors. This comes amid reports of Conservative plotting to replace her, following yesterday’s swathe of U-turns [...]