Ministers told to make savings as Tory anger over markets chaos grows

Mr Philp’s letter will insist that departments find savings where possible and live within existing budgets. The aim is to reduce the level of government borrowing needed in a bid to calm the markets. Whitehall budgets were already under pressure because of high inflation, but the new instruction from the Treasury will make things worse. … Read more

Liz Truss must hold her nerve as the world tips into a calamitous recession

For the past 25 years, and especially since the financial crisis, the global economy has taken a disastrous wrong turn for which we are about to pay a hideous price. In one of the gravest intellectual errors since communism, many of the world’s cleverest people thought they had discovered the secret to perpetual prosperity. Forget … Read more

London politics LIVE: Kwasi Kwarteng facing Tory backlash as Bank of England steps in to stabilise markets

C hancellor Kwasi Kwarteng faced a growing revolt on Wednesday as a senior Tory MP slammed the “inept madness” in his mini-Budget which sent the pound plunging. After an emergency intervention by the Bank of England to protect Britain’s financial stability, Simon Hoare MP tweeted: “In the words of Norman Lamont on Black Wednesday: “today … Read more

There is no sterling crisis, except in the minds of idiots

It seems any stick will do to beat up on the Government’s new fiscal package. Seeing that there is no logic in attacking fiscal solvency, because the Chancellor has explicitly committed himself to it, the mob of critics have fastened on the fall in sterling as the “canary in the coal mine” that denounces the … Read more

Labour MP suspended after calling Kwasi Kwarteng ‘superficially’ black

L abour MP Rupa Huq has been suspended by the Labour party after she described Kwasi Kwarteng as “superficially” black. In audio published online, Ms Huq can be heard discussing the Chancellor’s private school background, before adding that “you wouldn’t know he is black” when listening to him on the radio. The comments from the … Read more

The Labour Party is dangerously underestimating Liz Truss’s Tories

There’s a new groupthink gripping British politics. Namely that the Conservative Party has officially lost its mind. Labour, the centre-Left commentariat, a host of establishment economists and a great many Tory MPs are united in horror over the Government’s gamble on “casino” Trussonomics. The story goes that “tax cuts for the rich” are as economically … Read more

Liz Truss’ honeymoon canceled as pound plummets and UK borrowing costs soar – POLITICO

Press play to listen to this article LIVERPOOL, England — As an inexperienced leader taking charge of a country in crisis, Liz Truss knew she needed to hit the ground running this month. But three weeks into her fledgling premiership, the new U.K. prime minister finds herself scrambling to stay ahead of events as last … Read more

Labour urges investigation into ‘leak’ of Kwasi Kwarteng’s mini-Budget after hedge funds shorted the Pound

B ritain’s City regulator was urged on Monday by Labour to investigate whether leaks of the mini-Budget allowed hedge fund managers to make huge profits by shorting the Pound. Shadow City minister Tulip Siddiq called for the probe by the Financial Conduct Authority amid reports that some hedge fund bosses had made “small fortunes” by … Read more

What the falling pound means for your wallet

Further price rises in the UK could occur for future launches, should the dollar maintain or increase its strength. Prices that companies have to pay for essential ingredients will also climb, pushing higher costs on to consumers. Paul Davies, chief executive officer at Carlsberg Marston’s Brewing Company, suggested the fall of the pound may cause … Read more

Keir Starmer accused of lacking the ‘fight’ to reverse Tory tax plans

Sir Keir also faces a backlash from MPs on the Labour Left at this year’s party conference, which began on Sunday in Liverpool. Richard Burgon, who sat in Jeremy Corbyn’s shadow cabinet, said: “We must never take any voters for granted. When people are standing up to the policies of this government, we must stand … Read more