It’s done: Liz Truss resigns as UK Prime Minister October 20, 2022 Liz Truss has announced her resignation as UK Prime Minister and will become this country’s shortest-ever serving leader. It comes after a sensational collapse of confidence in her premiership from within the Tory party, after her mini-Budget tanked financial markets, she sacked two senior cabinet ministers and she U-turned on her entire economic platform. Truss [...]
Explainer-in-brief: Triple locked and loaded, the fight over pensions October 20, 2022 Among the plethora of recent U-turns, Liz Truss might have just backed herself into another corner she’ll have to reverse ferret on: the pensions triple lock. In the Commons yesterday, Liz Truss said it was a manifesto promise they were committed to keeping. We’ve heard that before. It was in stark contrast to Jeremy Hunt, [...]
Government puts bank windfall tax on table to help plug fiscal hole October 19, 2022 The government has put a windfall tax on the UK’s largest banks on the table, sending their shares plummeting today. London-listed Lloyds Bank, which is Britain’s biggest mortgage lender, plunged to the bottom of the FTSE 100 index today, shedding 4.11 per cent. Previously state-owned NatWest trailed closely behind on the biggest losers’ table, dropping [...]
Suella Braverman sacked as home secretary over security breach October 19, 2022 Suella Braverman has become the second senior cabinet minister to be sacked from Liz Truss’ government in less than a week, with Grant Shapps appointed as her replacement. Braverman was asked to resign as home secretary this afternoon, first reported by The Guardian, after she sent an official Home Office document to a backbench MP [...]
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 has killed off Trussonomics but his next steps vary from bad to worse October 19, 2022 This week, new chancellor Jeremy Hunt delivered a damning eulogy of Trussonomics right in front of its creator.
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 [...]
The UK created the World Wide Web, now it can lead the race for an ‘internet for money’ October 18, 2022 The development of CBDCs represents an opportunity for the UK to re-establish itself as the financial centre of the world, says Paul Sisnett.
Uncertainty over timing of UK announcement of Big Bang 2.0 financial services reforms October 17, 2022 There is now uncertainty over when the UK will unveil its post-Brexit changes to EU financial services regulations amid the current government turmoil. The Treasury said last month that former chancellor Kwasi Kwarteng would announce the long-awaited reforms, which will include changing the EU’s Solvency II directive on insurance firms, in October. This target may [...]
Mordaunt says Truss is ‘not under a desk’ as PM avoids parliament scrutiny October 17, 2022 A senior cabinet minister has been forced to say that Liz Truss is “not under a desk”, after refusing to face questions in the House of Commons. Leader of the House of Commons Penny Mordaunt answered an Urgent Question in parliament today from Labour leader Sir Keir Starmer, instead of the Prime Minister. Starmer said [...]