- Liz Truss news – live: Bank of England steps up intervention amid ‘risk to stability’ The Independent
- Therese Coffey says Britons should 'be assured' by UK's finances - as Bank of England makes second intervention in two days Sky News
- Politics class: Truss finally admits defeat on tax benefit for the wealth Financial Times
- Liz Truss news– live: PM told to reverse tax cuts or face ‘savage’ £60bn austerity hit The Independent
- View Full coverage on Google News
Chancellor Kwasi Kwarteng has been accused of being in “a dangerous state of denial” after the Bank of England was forced to step up its emergency intervention to prevent a market dysfunction posing a “material risk to UK financial stability”.
It came as experts warned that Liz Truss and Mr Kwarteng will be forced to impose a “savage” £60bn austerity hit unless they reverse more of their tax cuts.
Labour’s shadow chancellor Rachel Reeves urged Mr Kwarteng to “put aside his pride, do the right thing for our country, end this trickle-down nonsense and reverse the budget”.
She said: “The chancellor is in a dangerous state of denial but the cost of these mistakes are all too real for everyone else. Borrowing costs up, growth down, mortgage payments set to increase by £500 a month.
“Now they scrabble around looking for cuts, hitting the most vulnerable and hitting our public services.”
Pressure mounts on Truss and Kwarteng over economic plans
Top Tories have piled pressure on Liz Truss and Kwasi Kwarteng over benefits and their economic plans, which also came under fresh fire from the International Monetary Fund (IMF).
As parliament returned on Tuesday, the chancellor was warned the government’s economic credibility would be further shredded if he tries to push through the policies without the support of Conservative MPs.
At the despatch box, Mr Kwarteng was cautioned by senior Tory Mel Stride to reach out to members across the Commons to be “absolutely certain” he can get the measures approved or “unsettle the markets”.
He was also told by former Cabinet minister Julian Smith that the government must not balance forthcoming tax cuts “on the back of the poorest people in our country”.
The grave warnings during a session of Treasury questions demonstrated the continuing deep rifts in the Tory party triggered by Mr Kwarteng’s mini-budget and the government’s refusal to rule out giving benefits claimants a real-terms cut to their incomes.
A decision on whether benefits will rise in line with inflation or earnings will be announced by Mr Kwarteng during his medium-term fiscal plan on October 31, it has been confirmed.
The financial strategy will set out how the government plans to get debt falling as a proportion of national income in the wake of the £43 billion mini-budget tax giveaway and the commitment to cap energy bills for the next two years.
‘No decisions made’ on scrapping plans to ban no-fault evictions
The government has not ruled out scrapping long-awaited reforms to protect private renters from so-called ‘no-fault’ evictions - a manifesto pledge.
Downing Street said that no decisions have been made on whether to pause a promised ban on section 21 notices, which allow landlords to evict a tenant without having to give a reason.
It comes amid reports the government could move to shelve the 2019 manifesto commitment.
The prime minister’s official spokesman said on Tuesday that the government would ensure that renters’ rights are protected.
The spokesman said “no decisions have been taken on any further policies” but the Department for Levelling Up, Housing and Communities (DLUHC) was looking at the issue.
Asked specifically whether Liz Truss thought it was right to scrap no-fault evictions, he added: “No decisions have been made. This is something the Secretary of State is considering in terms of how to improve the rental market.
“Clearly, ensuring a fair deal for renters will always remain a priority for this government.”
Eddie Izzard launches campaign to become Labour MP
Eddie Izzard has launched a campaign to be elected as the Labour MP for a Sheffield constituency.
The comedian, 60, announced her intention to join the race to become the party’s candidate for Sheffield Central on Tuesday.
It comes after the constituency’s incumbent Labour MP Paul Blomfield announced in February that he was standing down at the next general election.
Izzard has many connections to Sheffield as the city where she studied accounting, launched her creative career, ran through the city as part of her 43 marathons for Sport Relief and campaigned against the closure of the Leadmill music venue.
In a message on her campaign website, Izzard wrote that she wanted to “support the city that has supported me” as well as “take the fight to the Tories and get Keir Starmer into No 10”.
“When I’m faced with a challenge, I work my hardest to deliver,” she wrote.
“This next challenge is the most important of my life and I need your help.”
Izzard added that Sheffield was “being held back” after 12 years of the Conservatives in power.
“A Labour government will embolden Sheffield to achieve its true potential and I believe I am the right person to build on Paul Blomfield’s tireless work for this city,” she said.
Justice secretary signals policy reforms on transgender prisoners
Transgender prisoners with male genitalia should no longer be held in women’s jails, according to the Justice Secretary.
The reforms to policies on where to house inmates will also apply to transgender women who have been convicted of a sex offence, Brandon Lewis said.
It comes after he told delegates at the Conservative Party conference last week: “It cannot be right that transgender prisoners, when convicted of serious sexual offences or those who have not had reassignment surgery, are housed in a general women’s estate.
“This will end - we have a duty of care to all those behind bars. One case of a sex attack or an inappropriate relationship formed with a female prisoner by a transgender inmate is one too many and we’ve had too many in recent years.”
Last month Sussex Police were forced to apologise after Home Secretary Suella Braverman accused it of “playing identity politics and denying biology” around sexual offences committed by a transgender woman years before transitioning.
The force initially insisted it would not “tolerate any hateful comments” about gender identity “regardless of crimes committed”, but later said its response was “inconsistent with our usual style of engagement” and had been deleted.
Senior Tory MP warns chancellor over tax-cutting plans
Senior Tory MP Mel Stride has issued his latest warning to the chancellor over his tax-cutting economic plans.
The chairman of the Treasury Select Committee told the BBC Radio 4’s PM programme that there was “no doubt that the markets I think need further settling and reassurance”.
He urged Kwasi Kwarteng to resist “any sort of temptation to try and run with the Treasury’s own growth figures and rather dismiss the (Office of Budget Responsibility) in any way”.
“That is the kind of circle he has got to square and that is going to be extremely difficult.”
Mr Stride indicated that it would be better for Mr Kwarteng to reverse course completely rather than to push on with his economic plan, if he can’t make the sums work.
“Rowing back on tax cuts as a possibility has to be on the table, because if you can’t make the rest of the equation work then the alternative is to go out with something that the markets are just not going to buy and that will be a very difficult place.”
Foreign office minister says government will work with Iran to improve human rights
Responding to Labour, foreign office minister Gillian Keegan said the UK government would continue to work with the Iranian regime to improve its record on human rights.
Ms Keegan told the Commons the UK government was “very concerned by Iran’s record on human rights” and raised it “at all levels, at all times” where appropriate.
She added: “We will continue to take action with the international community to press Iran to improve its poor record, including through the Human Rights Council in Geneva and the UN General Assembly in New York, but of course their record has been of serious concern for a long time to the UK and we will continue to work with the Iranian Government and others at all levels.”
The minister also condemned the persecution of BBC journalists in Iran and their families, adding it was “very important they continue their work”.
Boris Johnson sets up limited company for post-PM work
Boris Johnson has set up a new private company to support his work as a former prime minister while using up to £115,000 a year in public funding he is entitled to.
The Office of Boris Johnson Ltd was incorporated with Companies House on Monday – and will function solely as a private office to support him as a former PM, according to a source.
Boris Johnson sets up company for post-PM work
Ex-Tory leader entitled to £115,000 a year in public funding for office
Health secretary unable to say if government’s anti-smoking plan will be scrapped
The health secretary Therese Coffey has refused to rule out scrapping the governments’ anti-smoking plan and declined to say whether she agrees with it.
Our policy correspondent Jon Stone has the details:
Health secretary unable to say if government’s anti-smoking plan will be scrapped
Therese Coffey refuses to say whether she agrees with 2030 smoke free plan or not
Expert reacts to fresh Bank of England emergency measures
A senior market analyst at IG Group has said that the Bank of England’s new emergency move to quell the volatility in markets could be a positive for the pension industry.
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