Hunt to make statement on fiscal plan TODAY in bid to calm markets October 17, 2022 Jeremy Hunt will make an announcement today in Parliament about the government’s so-called Medium-Term Fiscal Plan. The chancellor’s statement is a bid to calm the markets, bringing forward the details of the now much-derided mini-budget, outlined by his predecessor. Hunt will issue his plans later today and also speak in the House of Commons this afternoon. [...]
Truss and Kwarteng were ‘gamblers in a casino’ with UK economy, says Labour October 15, 2022 Prime minister Liz Truss and former chancellor Kwasi Kwarteng “behaved like two gamblers in a casino” over the UK economy, shadow chancellor Rachel Reeves has said today. Kwarteng was yesterday ousted by the new prime minister, making him the second shortest-running chancellor in the UK’s history. Succeeding Kwarteng is Jeremy Hunt, who this morning [...]
Analysis: Truss can’t buck the markets October 14, 2022 Around eight minutes is how long prime minister Liz Truss today allocated to explain why she sacked her chancellor for implementing her tax cuts and signed off her second mini budget U-turn. She clarified neither. She answered four questions and committed to her “mission” to boost growth in the UK at a Downing Street press [...]
Liz Truss U-turns on mini budget plans to reverse corporation tax hike October 14, 2022 Liz Truss signed off another U-turn today, rolling back on plans to reverse corporation tax rising to 25 per cent from 19 per cent. The move marks a second embarrassing climb down from the government’s tax cutting mini budget, which was characterised by Truss and former chancellor Kwasi Kwarteng as their blueprint for growth. Financial [...]
Liz Truss appoints Jeremy Hunt as chancellor after Kwarteng sacking October 14, 2022 Jeremy Hunt has been appointed as the new chancellor after prime minister Liz Truss sacked Kwasi Kwarteng today following weeks of market turmoil triggered by last month’s mini budget. Hunt is the fourth chancellor this year. According to bookmaker Betfair, Truss is now odds on to step down as prime minister. Kwarteng wrote to Liz [...]
UK borrowing costs tank as mini budget U-turn rumours gather pace October 14, 2022 UK borrowing costs fell sharply today driven by chancellor Kwasi Kwarteng and prime minister Liz Truss reportedly set to U-turn on more parts of their mini budget. The chancellor has today cut short his trip to the International Monetary Fund’s Washington meetings to hold emergency talks with Truss in London. Rumours of a second U-turn [...]
Kwarteng returns from US early for crisis talks with Truss amid speculation of U-turn and a Tory coup October 14, 2022 Kwasi Kwarteng is to cut short his visit to the United States, to hold crunch talks with the Prime Minister before an expected mini-budget U-turn. The embattled finance chief left the International Monetary Fund gathering and headed home overnight, following a fiery briefing with journalists. This comes as The Times reported that a group of [...]
Bank of England warns of ‘severe risks’ to market stability and financial crisis debt levels October 12, 2022 The Bank of England’s emergency £65bn bond buying scheme – that its chief Andrew Bailey last night confirmed will end on Friday – has been fighting “severe risks” to UK financial stability, the central bank said today. Turmoil in UK gilt markets since the government’s mini budget threatened to trigger “an excessive and sudden tightening [...]
Exclusive: Ex Tory chair Baroness Warsi says PM Liz Truss should call a General Election October 12, 2022 A former chair of the Conservative Party has said Prime Minister Liz Truss should call a General Election. Speaking exclusively to City A.M., Baroness Sayeeda Warsi said prime minister Liz Truss either “had to just carry on with the 2019 manifesto – or go to the electorate” upon entering Number 10. “Because neither of those [...]
Bank of England steps up bond market support again to tame ‘risk to financial stability’ October 11, 2022 The Bank of England today stepped up its emergency bond buying scheme to tackle “a material risk to UK financial stability”. It is the second time in as many days the Bank has ramped up support for the UK bond market, underscoring the scale of volatility it is grappling with. The monetary authority led by [...]