Rishi Sunak battles Bank of England to save the City of London

Rishi Sunak battles Bank of England to save the City of London

Yet ministers, and critics, insist that the introduction of an “intervention power” is essential to ensure that post-Brexit regulatory reform can be pushed through amid frustration that the pace of change has been glacial since the 2016 referendum. Some even regard it as the only way the Government can save Brexit reform in the Square … Read more

Recession looms over the UK and numbers out on Friday could be the start of it

Recession looms over the UK and numbers out on Friday could be the start of it

A fter the Bank of England’s bleak warning of the longest recession in modern times, the UK finds out this week if the downturn has started to arrive. Economic data for the third quarter — due out on Friday — is expected to show that the value of all the goods and services produced between … Read more

The Tory party must put an end to this fiscal soap opera before people are seriously hurt

The Tory party must put an end to this fiscal soap opera before people are seriously hurt

Since Liz Truss will neither retreat nor produce a credible macroeconomic policy, there must now be a circuit-breaker. The Conservative Party must restore order. It is one thing to trash 10 years of Conservatism, as Tory rebel Robert Halfon told the Prime Minister on Wednesday night, it is another to trash the country. If the … Read more

Bank of England forced to intervene again after mini-Budget chaos

Bank of England forced to intervene again after mini-Budget chaos

It announced at 7am that it would widen the scope of its daily gilt purchase operations to include the buying of index-linked gilts. An index-linked gilt is a Government bond with the interest rate on it linked to inflation. It said: “These additional operations will act as a further backstop to restore orderly market conditions … Read more

FTSE 100 Live: BoE doubles down on bonds, Treasury moves tax plan date

FTSE 100 Live: BoE doubles down on bonds, Treasury moves tax plan date

1665406387 Government names James Bowler as new top Treasury official James Bowler has been named as the new top official at the Treasury as the series of announcements out of Whitehall continues. Bowler will become Permanent Secretary in Chancellor Kwasi Kwarteng’s department, moving over from the same role at the Department for International Trade. It … Read more

U.K. Prime Minister Defends Tax Cuts as Market Turmoil Continues

U.K. Prime Minister Defends Tax Cuts as Market Turmoil Continues

LONDON—Prime Minister Liz Truss looked to reassure the British public and rattled investors that her plan to cut taxes wouldn’t lead to prolonged financial instability, arguing in a series of interviews on Thursday that the country had been buffeted by global shocks rather than her government’s reforms and that her policies would result in faster … Read more

The Iron Lady had strategy – Kwarteng, stupidity

The Iron Lady had strategy – Kwarteng, stupidity

Tim Congdon, the noted economist who worked with Thatcher and sat on the Treasury panel of “wise men” that advised the Conservative government on economic policy between 1993 and 1997, believes the not-so-mini-Budget was “the exact opposite” of the 1981 Budget “in both content and form”. He argues that borrowing in order to cut taxes, … Read more

Bank of England warns of ‘significant’ rate rises as Kwasi Kwarteng says his plan will work

Bank of England warns of ‘significant’ rate rises as Kwasi Kwarteng says his plan will work

T he Bank of England has signalled it is ready to ramp up interest rates to shore up the pound as Chancellor Kwasi Kwarteng insisted he was “confident” his tax-cutting strategy will deliver the promised economic growth. After a day of turmoil in the markets on Monday which saw sterling slump to a record low … Read more

Pound hit record low against dollar, impact of weakening currency on common folks | Latest | WION – WION

Pound hit record low against dollar, impact of weakening currency on common folks | Latest | WION – WION

Pound hit record low against dollar, impact of weakening currency on common folks | Latest | WION  WION British pound stabilizes, but turmoil still roils U.K. economy  TribLIVE ‘Won’t hesitate to raise interest rates after pound’s fall’, says Bank of England | Inflation | WION  WION The UK’s Gilt Selloff Is a Test Case for Currencies Caught in … Read more