- Pound - live: Tories ‘submit no-confidence letters in Liz Truss’ as sterling falls The Independent
- Liz Truss: Tory MPs sending no-confidence letters over fears she will ‘crash the economy’, says ex-minister The Independent
- Liz Truss defends tax cuts as 'helping ordinary people' The Times
- The Observer view on Liz Truss’s disastrous ‘fiscal event’ The Guardian
- UK Financial Markets Rebuke Liz Truss and Her Mini-Budget Bloomberg
- View Full coverage on Google News
Interest rates could be hiked “by as much as needed” to control inflation, the Bank of England warned.
Its announcement came after the pound plunged to an unprecedented low of $1.03 this morning.
The markets have panicked over new chancellor Kwasi Kwarteng’s mini-budget on Friday, in which he announced controversial tax cuts worth £45 billion – including the axing of the 45p tax.
Minutes after markets closed, the Bank’s governor Andrew Bailey said he’s ready to increase interest rates in a bid to rein in inflation.
It comes after the Treasury said that Mr Kwarteng’s currently-uncosted tax giveaway will be detailed in his medium-term fiscal plan on 23 November.
At the same time, the Office for Budget Responsibility will publish its updated forecast for the rest of the calendar year before the spring Budget, the Treasury added.
Meanwhile, a former Tory minister claimed that letters of no confidence in Liz Truss being have begun stacking up – just weeks after she became prime minister.
The MP told Sky News that the PM and Treasury ministers were “playing A-level economics with people’s lives”.
Interest rates could be hiked “by as much as needed” to control inflation, the Bank of England warned.
Its announcement came after the pound plunged to an unprecedented low of $1.03 this morning.
The markets have panicked over new chancellor Kwasi Kwarteng’s mini-budget on Friday, in which he announced controversial tax cuts worth £45 billion – including the axing of the 45p tax.
Minutes after markets closed, the Bank’s governor Andrew Bailey said he’s ready to increase interest rates in a bid to rein in inflation.
It comes after the Treasury said that Mr Kwarteng’s currently-uncosted tax giveaway will be detailed in his medium-term fiscal plan on 23 November.
At the same time, the Office for Budget Responsibility will publish its updated forecast for the rest of the calendar year before the spring Budget, the Treasury added.
Meanwhile, a former Tory minister claimed that letters of no confidence in Liz Truss being have begun stacking up – just weeks after she became prime minister.
The MP told Sky News that the PM and Treasury ministers were “playing A-level economics with people’s lives”.
Labour pledges new ‘wealth fund’ to give taxpayers stake in green British industries
A Labour government would give taxpayers a stake in British industry with the creation of a national wealth fund that would invest billions of pounds in green businesses over the next decade, the party says.
The money created would be ploughed back into local areas, Rachel Reeves will pledge in a speech to the Labour conference in Liverpool.
As well as providing skilled jobs, she promised “wealth that will flow back into your community and onto your high street. Wealth that the British people will own a stake in”. Labour also accused the Conservatives of letting good jobs go overseas during its 12 years in power.
My colleague Kate Devlin reports:
Labour pledges new ‘wealth fund’ to give taxpayers stake in green British industries
Party also accuses Conservatives of letting good jobs go overseas
The mini-Budget is a constitutional gamble, too
The economic risks of the chancellor’s tax cuts are evident but they also leave the Scottish government with a dilemma, writes my colleague Alastair Jamieson.
The mini-Budget is a constitutional gamble, too
The economic risks of the chancellor’s tax cuts are evident but they also leave the Scottish government with a dilemma, writes Alastair Jamieson
‘Shocking’: Labour condemns Liz Truss paying chief of staff through lobbying firm
Liz Truss is paying a lobbying company for the services of her chief of staff, the government has admitted, triggering Labour condemnation.
In an unprecedented arrangement for such a senior aide, Mark Fullbrook receives his salary as a contractor through the firm, Fullbrook Strategies, he set up in April – rather than as an employee.
Previous holders of the key No 10 role have been treated like any other special adviser by being appointed on a temporary civil service contract and paid a salary that is made public.
Angela Rayner, Labour’s deputy leader, called the admission “shocking”, saying it “raises serious questions about the new prime minister’s judgement”.
Read more in this report from our deputy political editor Rob Merrick:
‘Shocking’: Labour condemns Liz Truss paying chief of staff through lobbying firm
Mark Fullbrook was already in spotlight over FBI interview in connection with alleged corruption in Puerto Rico
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