Britain’s economic meltdown must be settled by a firm grip and real growth September 30, 2022 To say it’s been a dramatic week in financial markets would be an understatement. The reaction to the government’s so-called “mini-budget” has seen the value of sterling crash and has led to criticism from the IMF and the Federal Reserve and an unprecedented intervention from the Bank of England who have been forced to buy [...]
UK borrowing costs surge and FTSE tanks after Truss and Kwarteng back mini-budget September 29, 2022 UK borrowing costs fired higher and the country’s largest listed companies tanked today after prime minister Liz Truss and chancellor Kwasi Kwarteng doubled down on their tax cutting and borrowing plans. London’s FTSE 100, home to the UK’s top companies, shed 1.77 two per cent. The mid-cap FTSE 250 index nose dived more than three [...]
Banks and housebuilders bear brunt of market chaos September 29, 2022 Wild swings in UK debt markets and concern over borrowers’ capacity to pay costlier mortgages have whacked London-listed housebuilders and banks this week. Britain’s biggest property developers have been among the hardest hit listed companies during this week’s market sell-off. FTSE 100-listed construction firms Taylor Wimpey and Barratt Developments have shed more than 20 per [...]
Truss refuses to commit to more tax cuts in apparent row-back on Kwarteng comments September 29, 2022 Liz Truss has refused to commit to more tax cuts in an apparent row back of earlier comments from Kwasi Kwarteng. Truss today told BBC London that it was important to be “fiscally responsible” and to “bring debt down over time”, after being asked if she would bring in more tax cuts. Truss and Kwarteng’s [...]
The Financial Services and Markets Bill – second reading September 29, 2022 Lord Chris Holmes of Richmond explains the government's 335-page Financial Services Bill and what it means for crypto assets.
Matt Hancock to deliver keynote speech at Crypto AM Summit and Awards 2022 September 29, 2022 Crypto champion MP Matt Hancock MP will be delivering a keynote address at the Crypto AM Summit and Awards in November.
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.
Bitcoin and Ethereum rebound after yesterday’s cool down September 29, 2022 Bitcoin is changing hands just north of $19,000, up more than two per cent over a day, while Ethereum is trading for around $1,300.
Chief sec to the Treasury: ‘I’m not going to apologise’ for mini-budget – but ‘no one’s perfect’ September 29, 2022 The chief secretary to the Treasury has said he’s “not going to apologise” for the mini-budget, as he hits back at the International Monetary Fund’s criticism this morning. Chris Philp said he “respectfully disagrees” with the IMF, which said the tax cuts would create more inequality in Britain, while speaking on Sky News this morning. [...]
Ex Bank of England governor Mark Carney: Government ‘undermining’ financial institutions September 29, 2022 Sir Mark Carney, the former Bank of England Governor, has said the government’s mini-budget tax cuts are “working at some cross-purposes” with monetary policy. The economic accused Liz Truss and Kwasi Kwarteng of “undercutting” financial institutions, after last week’s mini-budget sent markets into turmoil, and the pound plummeting. Speaking to the BBC, his comments came [...]