Calls for Truss to ‘come out of hiding’ as Bank fights turmoil caused by budget

Liz Truss was accused of hiding away while her tax giveaway mini-Budget caused economic turmoil, with the Bank of England forced to intervene to prevent a crisis in the UK’s major pension funds. The Bank embarked on an estimated £65bn buy-up of bonds amid what a Treasury source described to The Independent as “serious concerns … Read more

UK economy is ‘strong’ and heading for ‘radical change’

She is also expected to say that the UK-US trading relationship must act as a counter to protectionism and authoritarian regimes. “The UK-US economic partnership is the clearest possible example of why free trade and free markets are not just integral to our growth but to the freedoms we share,” she is expected to say. … Read more

Nazanin Zaghari-Ratcliffe cuts her hair in protest over death of Mahsa Amini | Nazanin Zaghari-Ratcliffe

Nazanin Zaghari-Ratcliffe has filmed herself cutting her hair in solidarity with protesters in Iran after the death of Mahsa Amini. The past 11 days have seen significant unrest in the Middle Eastern country after the death in custody of Amini, who had been arrested on 13 September for refusing to wear a hijab. In line … Read more

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

Bank of England in £65bn scramble to avert financial crisis | Bank of England

The Bank of England has been forced into emergency action to halt a run on Britain’s pension funds after the impact of Kwasi Kwarteng’s ill-received mini budget prompted fears of a 2008-style financial crisis. Threadneedle Street said the fallout from a dramatic rise in government borrowing costs since the chancellor’s statement had left it with … 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

Tory MPs tell Truss: sack Kwarteng or face mutiny | Conservatives

Liz Truss is facing growing pressure from jittery Conservative MPs to sack Kwasi Kwarteng or face a mutiny after the Bank of England’s emergency intervention to address the turmoil in the financial markets. The move prompted comparisons to 1992’s Black Wednesday, when the UK was ignominiously ejected from the European exchange rate mechanism. Tory MPs … Read more