Britain’s new Chancellor of the Exchequer Jeremy Hunt has warned his Conservative colleagues against trying to oust Prime Minister Liz Truss from office. Truss became prime minister on Sept. 5. But her position has been weakened after her “mini-budget,” which included £45 billion of unfunded tax cuts, spooked the financial markets, causing the pound to…
UK Conservative MPs Warned Against Trying to Oust Truss as Prime Minister
UK’s New Chancellor Jeremy Hunt Signals Tax Rises and Spending Cuts
The UK’s Treasury department will make some “very difficult decisions ahead,” new Chancellor of the Exchequer Jeremy Hunt said on Saturday as he alluded to tax rises and spending cuts. In this first interview as the chancellor following the dramatic sacking of his predecessor Kwasi Kwarteng, Hunt said he would demonstrate the government’s fiscal credibility…
Liz Truss Performs U-Turn on Corporation Tax and Promises to Lead UK ‘Through the Storm’
Prime Minister Liz Truss has scrapped a key part of the mini-budget Kwasi Kwarteng produced last month—reversing the cut to corporation tax—and has defended her decision to replace him as Chancellor of the Exchequer with Jeremy Hunt. She said she had decided to keep corporation tax at 25 percent, rather than cut it to 19 percent…
Liz Truss Sacks Kwasi Kwarteng Hours After He Arrives From US
Prime Minister Liz Truss has fired the Chancellor of the Exchequer Kwasi Kwarteng and is thought to be about to scrap large parts of the mini-budget he produced last month after the City of London reacted badly to the announcement of massive tax cuts. Kwarteng was ordered to fly home overnight from International Monetary Fund…
UK Needs £60 Billion Public Spending Cuts, IFS Says
The UK government will need to cut at least £60 billion ($66.7 billion) in spending to keep debt in control, according to think tank the Institute for Fiscal Studies (IFS). It comes after the government announced an uncosted £65 billion ($72 billion) energy support package and £45 billion ($50 billion) worth of tax cuts along…
UK Chancellor Brings Forward Debt-Cutting Plan to Oct. 31
The UK government’s plan to reduce debt will be published on Oct. 31, more than three weeks before it was originally due, Chancellor of the Exchequer Kwasi Kwarteng said on Monday. In a letter to Parliament’s Treasury Committee Chair Mel Stride, Kwarteng said he had decided to move up the date from Nov. 23 to Oct….
Cutting Taxes ‘Right Thing to Do Morally and Economically’: UK Prime Minister
UK Prime Minister Liz Truss has defended her tax-cutting plan as “morally and economically” right but sought to allay concerns over rising government borrowing by pledging to be “fiscally responsible.” Addressing the Conservative Party conference in Birmingham on Wednesday, Truss promised to steer the country through the “tempest” and “get Britain moving.” It comes after…
Pound Recovers to Levels Before Mini-Budget Announcement
Sterling continued to rally on Tuesday after bouncing back to levels before the UK Chancellor Kwasi Kwarteng’s mini-budget announcement. It was last trading at $1.1363, more than 10 percent up since the mini-budget. The dollar slid against a basket of major currencies, as the euro and the pound made upward headway and Treasury yields slipped in light…
Chinese Firm Blocked From Accessing Key Information About UK’s Power Grid
October 3, 2022
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The UK government has blocked a Chinese firm from accessing sensitive information about Britain’s power grid, as concerns grow about Beijing’s involvement in critical infrastructure in the West. Redrock Investment Limited, a subsidiary of China’s state-owned State Development & Investment Corporation (SDIC), is set to obtain a 35 percent stake in Electricity North West (ENW),…
Truss, Kwarteng Defend Mini Budget, Promise ‘Credible’ Fiscal Plan
The UK’s Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng appear to be undeterred by criticisms of the government’s mini-budget amid market turmoil and calls to reverse some of the tax cuts. Truss on Friday insisted the government had been right to subsidise energy bills and cut taxes, while Kwarteng said he will be…
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