Truss defends mini-budget as ‘the right plan’ in bruising local radio interviews September 29, 2022 Prime Minister Liz Truss said she was willing to take “controversial” steps to spur growth today as she refused to reverse her economic plans that have rocked financial markets this week.
Truss and Kwarteng face Tory backlash as they refuse to back down over tax plan September 28, 2022 Kwasi Kwarteng and Liz Truss are facing open rebellion from parts of the Tory backbenches as MPs call for the pair to make a dramatic U-turn on their tax plan. Some Conservative MPs are already anonymously briefing to media outlets that the chancellor should be sacked, while one, Simon Hoare, broke cover to say the [...]
Labour’s more corporate 2022 conference shows it’s closer to power September 28, 2022 An increasing sense of triumphalism descended on the Labour party conference the longer it went on. While the government’s mini-budget rattled financial markets, and the Tory party descended into factional warfare again, Labour leader Sir Keir Starmer delivered an impressive conference speech that electrified the party faithful. Every Labour staffer and activist I spoke to in [...]
France pulls out of Channel migrant deal over Truss ‘friend or foe’ comments September 28, 2022 France has reportedly pulled out of a deal to try and stop Channel migrant crossings, after comments made by Liz Truss on Emmanuel Macron. Truss said during the Tory leadership campaign that the “jury’s out” over whether the French President was “a friend or foe”. French government sources told the Daily Mail that the comments [...]
City minister says government not at fault for markets turmoil September 28, 2022 City minister Andrew Griffith has said the past week’s financial markets turmoil is not the government’s fault as a Tory backlash against the Prime Minister builds. Griffith told Sky news that “every major economy is dealing” with market volatility, after the Bank of England made a stunning decision today to start buying up UK gilts [...]
Kwarteng tells bank execs he is ‘working closely’ with BoE to calm markets September 28, 2022 Kwasi Kwarteng has told a group of investment bank executives that he is “working closely” with the Bank of England to calm markets. The chancellor and City minister Andrew Griffith said during a roundtable that the government has a “clear commitment to fiscal discipline” and outlined coming post-Brexit changes to financial services regulations, according to [...]
Bank of England chief economist warns of ‘significant’ response to market turmoil September 27, 2022 The Bank of England’s chief economist today rushed to calm the City by promising a “significant” response to the UK market turmoil. Huw Pill said it is hard “not to conclude” the Bank must hike interest rates steeply at its next meeting on 3 November after markets were rocked by chancellor Kwasi Kwarteng’s tax cuts and [...]
Labour suspends MP Rupa Huq over alleged racism against Kwasi Kwarteng September 27, 2022 Labour has suspended MP Rupa Huq for making allegedly racist comments against chancellor Kwasi Kwarteng. Huq told a Labour conference event that the chancellor is “superficially” a black man and that “if you hear him on Today programme, you wouldn’t know he’s black”. Tory party chair Jake Berry said he had “serious concerns” about her [...]
Starmer pledges new publicly owned energy firm as he says ‘this is a Labour moment’ September 27, 2022 Sir Keir Starmer has pledged to create a new publicly owned energy generation company if Labour wins the next election as he declares this is a “Labour moment” like 1997 and 1964. Starmer said the new company would be called Great British Energy and that it would take “advantage of the opportunities in clean British [...]
Kwarteng tells City bosses that ‘we are committed to fiscal discipline’ September 27, 2022 Kwasi Kwarteng has told a group of City bosses today that the government is committed to “fiscal discipline” as the chancellor tries to calm markets and reassure the Square Mile. Kwarteng told them that “we are confident in our long-term strategy to drive economic growth through tax cuts and supply side reform”, and that he [...]
