Chancellor Kwasi Kwarteng is to accelerate the publication of his plan to cut Britain’s debt in an attempt to reassure markets after he was forced to make a humbling U-turn on a key part of his “mini-Budget”. Kwarteng is expected to publish his medium-term fiscal plan, accompanied by official forecasts, later this month after previously
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Liz Truss, prime minister, has admitted that mistakes were made in the controversial “mini” Budget that sparked market turmoil last week, as she braced herself for a fraught Conservative conference in Birmingham. Truss said she would not retreat on her plan to deliver £45bn of unfunded tax cuts, insisting it would help deliver growth, but
Prime minister Liz Truss has conceded that her government’s £45bn “mini” Budget had caused short-term “disruption”, but insisted that she had an “iron grip on the national finances” and would deliver economic growth. Truss argued that the existing economic status quo in the UK “was not working”, adding that the country had for too long
The UK watchdogs responsible for the £1.5tn corner of the pensions sector that came close to imploding this week are holding daily talks with asset managers to stave off a fresh crisis when the Bank of England’s emergency bond buying ends. The £65bn plan, which ends on October 14, was launched on Wednesday to safeguard
Liz Truss is under mounting pressure to change course on her tax and borrowing plans after a new opinion poll gave Labour a historic lead over the Conservatives. The prime minister was rocked by a YouGov poll which found that Labour had a 33-point lead over the Tories, the biggest gap since the 1990s. The
The Bank of England took emergency action on Wednesday to avoid a meltdown in the UK pensions sector, unleashing a £65bn bond-buying programme to stem a crisis in government debt markets. The central bank warned of a “material risk to UK financial stability” from turmoil in the gilts market, which was sparked by chancellor Kwasi
Borrowing costs in Britain are projected to nearly triple to 6.25 per cent by May, after the Bank of England’s chief economist warned that the government’s new debt-laden economic plan required a “significant monetary response”. Huw Pill’s intervention came as Kwasi Kwarteng, chancellor, prepared to reassure markets that he would control debt in a new
Some of the UK’s biggest mortgage lenders, including Virgin Money and Skipton Building Society, have stopped offering new home loans in response to the market volatility triggered by the government’s mini-Budget. Halifax, part of Lloyds Banking Group, the biggest mortgage lender in the UK, is also withdrawing a range of new home loans, it told
Western capitals are making contingency plans should Vladimir Putin take steps towards acting on his threats of nuclear attacks against Ukraine and are sending private warnings to the Kremlin about possible consequences, according to western officials. The Russian president’s nuclear warnings are “a matter that we have to take deadly seriously,” White House national security
Investors have warned UK chancellor Kwasi Kwarteng that the bonanza of tax cuts and spending measures he announced on Friday risk undermining their confidence in the country. On Friday the chancellor heralded a “new era” for the UK economy, in which he plans to boost growth by delivering the biggest tax reduction since 1972 at
Sterling tumbled against the dollar to below $1.09, hitting its lowest point since 1985, after UK chancellor Kwasi Kwarteng on Friday unveiled a £45bn debt-financed tax-cutting package that sparked a historic increase in borrowing costs. Kwarteng’s political and economic gamble includes the biggest set of tax cuts for 50 years, with the end of the
The Bank of England raised interest rates by 0.5 percentage points on Thursday, holding out the prospect of a further big increase in November, as central banks across the world seek to bring inflation under control. The rise, to 2.25 per cent, the UK’s highest level since 2008, came as central banks around the world
Adobe Inc. ADBE reported earnings results for its third quarter and issued Q4 sales guidance below estimates. The company also announced it will acquire Figma for approximately $20 billion in cash and stock. Adobe shares dipped 16.8% to close at $309.13 on Thursday, and fell another 2.1% in pre-market trading today. These two analysts made
Researchers pored through a years worth of Benzinga Analyst Ratings data, looking for signals. Data specialists at investment dashboard provider Toggle.ai uncovered that the analyst insights Benzinga Pro subscribers and Benzinga readers regularly receive can successfully be used as trading indicators to outperform the stock market. "In the same way Benzinga originates news for its
can’t think of good surface pun today, ask again later — Microsoft plans October 12 event to address its very out-of-date Surface lineup There’s not a single Surface model with a current-gen processor in it. Andrew Cunningham – Sep 22, 2022 3:45 pm UTC Enlarge / Microsoft’s event teaser image is a colorful riff on
iCamera — iPhone 14 and 14 Pro review: A picture is worth a thousand dollars These updates are iterative as ever, but the cameras and Dynamic Island shine. Samuel Axon – Sep 21, 2022 5:35 pm UTC reader comments 186 with 111 posters participating, including story author Share this story Share on Facebook Share on
The crypto advocacy group is granted the status of "the friend of the court." 4776 Total views 38 Total shares Listen to article 0:00 News A United States crypto advocacy group, the Chamber of Digital Commerce (CDC), has been granted approval from the Court of Southern District of New York to participate as an amicus
When it comes to planetary rings, Saturn is the undisputed poster child. But now a new contender enters the, er, ring — courtesy of a stunning new image taken by the James Webb Space Telescope (JWST). In the new picture, released today (Sept. 21) by the European Space Agency (ESA), our solar system’s eighth planet
Vladimir Putin has ordered the mobilisation of army reservists to support Moscow’s ailing campaign in Ukraine and warned that he would use Russia’s nuclear arsenal if its “territorial integrity” was “threatened”, declaring: “This is not a bluff.” The warning, which sparked immediate alarm in Washington and elsewhere, came as Putin claimed the west wanted to
Nato has accused Moscow of escalating its war on Ukraine after Kremlin allies in occupied territories announced referendums to join Russia and the country’s parliament approved legislation that clears the way for military mobilisation. Four Moscow-controlled regions in Ukraine will hold votes this week, a step that the Kremlin has resisted to date and which