- Labour Party conference latest: Britons no longer have to choose between 'heart versus head' when voting Labour, says Angela Rayner The Telegraph
- Angela Rayner urges Labour to celebrate its achievements instead of talking ‘endlessly’ about its failures – UK politics live The Guardian
- Live: Angela Rayner speaks at Labour party conference in Liverpool The Independent
- View Full coverage on Google News
Liz Truss has been accused of "inept madness" by one of her own MPs as Conservatives round on her over market turmoil in the wake of Kwasi Kwarteng's 'mini-Budget' last week.
The Bank of England was forced to intervene on Wednesday morning in an attempt to avert a pension crisis.
Simon Hoare, the Tory chairman of the Northern Ireland select committee who was a supporter of Rishi Sunak's campaign, wrote on Twitter: "In the words of Norman Lamont on Black Wednesday: 'Today has been a very difficult day'.
"These are not circumstances beyond the control of the Government or the Treasury. They were authored there. This inept madness cannot go on."
Robert Largan, the MP for High Peak, voiced his "serious reservations" about some of Ms Truss and Mr Kwarteng's measures, adding: "I do not believe that cutting the 45p Top Tax Rate is the right decision when the Government's fiscal room for manoeuvre is so limited.
"In my view, this is a mistake. This is a deeply worrying time. Elected officials need to be honest about the choices we face and Government needs to take a pragmatic, fiscally responsible approach on the short-term support needed for people & long-term strategic thinking to ensure our energy security."
That's all for today...
As deputy leader Angela Rayner brought Labour's party conference to a close on Wednesday lunchtime, the spotlight could hardly have moved away from Merseyside any quicker.
On another day when the markets were making headlines for all the wrong reasons, with the Bank of England forced to stage a dramatic intervention, Tory disquiet privately expressed in the past few days became public in the form of sharply-worded tweets from backbenchers.
Liz Truss and Kwasi Kwarteng have now been quiet for several days, a silence some would argue cannot feasibly hold ahead of the Conservatives' own party conference, which begins this weekend.
Ms Truss will hope she can help to weather the current financial storm as her Government goes for growth. How she reacts to the growing political storm, however, may prove just as important.
Analysis: A major test for Truss
With Labour's party conference at an end, the mood in Liverpool in the past few days has been characterised by optimism about the future.
Shadow cabinet ministers appeared relaxed and it was clear Sir Keir Starmer has made a significant amount of progress in both winning over the Tory faithful and developing a more detailed policy platform, complete with indications as to how this would be funded.
But as the Conservatives gather in Birmingham from Sunday for their own annual conference, it represents a major test for Liz Truss. Already, some of her backbench MPs are publicly questioning her 'mini-Budget'. She has been in office for less than four weeks.
Ms Truss commands the confidence of a majority of the membership, but more than four in 10 Tory members voted for Rishi Sunak, who also topped the pecking order during the MP rounds of the leadership election.
With 'Trussonomics' being called into question by her own party, the Prime Minister may have a narrower window than she would have hoped to get her internal critics back on side in the face of spiralling market turmoil.
Jeremy Warner: Thatcher knew that sterling parity with dollar would be a point of no return
Devaluation matters. Don’t believe anyone who tells you that it doesn’t, writes Jeremy Warner. Sometimes quickly, sometimes slowly, the UK has been steadily devaluing ever since the First World War, which marked the end of the “classical” gold standard era of currency supremacy for the pound.
Each episode of it has been deeply symbolic of economic and geopolitical decline. On the eve of the First World War, a pound bought you $4.87; after the 10 distinct episodes or acts of devaluation that have occurred since, the pound is today worth scarcely more than a dollar, a devastatingly brutal verdict on a century of falling competitiveness and economic importance.
In nearly all cases, each devaluation has played some sort of a role in the subsequent fall of the government that presided over it. The judgment of voters has almost invariably been as harsh as that of the markets, with a weak currency widely thought indicative not just of a weak economy, but a weak and failing government.
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