Britain’s weakened Liz Truss fights for credibility

British Prime Minister Liz Truss had hoped she would reign Conservative PartyHer annual conference would be her crowning glory, but instead she was forced into a humiliating turnaround that left her and her team fighting for credibility. After being employed for less than a month, Truss’s decision Monday to scrap Britain’s highest income tax rate … Read more

Kwasi Kwarteng doubles government growth plan despite increasing Tory uprising

Kwasi Kwarteng will redouble his plan for unfunded tax cuts, despite economic chaos and a growing Tory insurgency. The chancellor will say at the Conservative conference in Birmingham that the government must “stay on track”. And he will say, “I am convinced that our plan is the right one.” Kwarteng’s comments threaten to further fuel … Read more

Nadine Dorries accuses Liz Truss of ‘throwing Kwasi Kwarteng under a bus’

Nadine Dorries has accused Liz Truss of “throwing your chancellor under a bus” after she appeared to blame Kwasi Kwarteng for arguing over tax cuts for the rich. She also revealed that the controversial decision – which contributed to the turmoil that hit the UK economy in the wake of Kwarteng’s mini-budget – was taken … Read more

Less than a month into orbit, Liz Truss is already fighting to convince her MPs she wants to be prime minister

A party conference less than a month after he becomes prime minister should, in theory, be something to look forward to for any new Conservative leader. But for Liz Truss, the next few days in Birmingham will be endured rather than enjoyed. The Tories gather for their annual meeting with an economy in chaos and … Read more

A guide to the confusing language describing the collapse of the UK’s financial markets

The language of the economy and financial system can be confusing to those not immersed in the world of pensions, gilts and bear markets. But a lot has happened as the Conservative Party’s mini-budget scared the markets, triggering a pound collapse and a rise in the UK’s borrowing costs. Here is an explanation of some … Read more

Liz Truss got more than she bargained for in this brutal round of local radio interviews

Liz Truss was taken apart by local reporters on Thursday as she tried to explain where she had been for the past week. The prime minister, who did not take office until September 6, appeared to disappear from the public eye after her chancellor Kwasi Kwarteng revealed his ‘mini’ budget, which included £45 billion in … Read more

Government suggests benefits won’t rise with inflation after all

The government has indicated that it could reverse former Chancellor Rishi Sunak’s promise to increase benefits in line with inflation. Finance Minister Chris Philp told ITV’s Peston that ministers have not yet decided whether the upgrade will take place in the fall under Kwasi Kwarteng as chancellor. The government’s plans to cut taxes in favor … Read more

Tony Blair Institute says Kwasi Kwarteng’s plan ‘seems to fail’

Kwasi Kwarteng’s plan to boost growth “seems to fail”, the Tony Blair Institute said. The chancellor’s mini-budget will “stack” a higher interest rate on the debt, but will add less than 0.1 percent to annual GDP growth by 2027, their scathing assessment found. The TBI also warned that the impact of Kwarteng’s tax cut package … Read more

Is the government responsible for the turmoil in the market? No, says minister sent to strike for Truss and Kwarteng

A finance minister has denied that the government’s mini-budget has caused an economic collapse when a senior government leader finally spoke publicly about the market turmoil. While Prime Minister Liz Truss and Chancellor Kwasi Kwarteng have been silent in recent days about the tumbling pound and interest rates, Financial Secretary Andrew Griffith was introduced to … Read more

International Monetary Fund criticizes Britain’s economic plan amid turmoil. This is why it matters

The International Monetary Fund has made a stunning intervention in the state of the UK economy after the Tory mini-budget sparked financial turmoil. In the group’In the first public response to Britain’s growing crisis, the IMF said on Tuesday it would urge the UK to “reconsider” a massive £45 billion tax cut funded by government … Read more