Jamie Oliver says he has ‘no faith’ in Liz Truss to tackle children’s health
Prime minister Liz Truss will be facing MPs today for the first time since chancellor Kwasi Kwarteng’s £43bn mini-budget tax giveaway unleashed chaos in the financial markets.
Tories have returned to Westminster in a restive mood following the break for the party conferences, with their ratings tanking in opinion polls and economists questioning whether Mr Kwarteng’s plans are sustainable.
There was further turmoil yesterday after the Bank of England announced that its emergency support operation to protect pension funds would end this week.
Speaking in Washington, BoE governor Andrew Bailey said there could be no further support beyond Friday and it was up to the funds concerned to rebalance their holdings.
“My message to the funds involved – you’ve got three days left now. You have got to get this done,” he said.
His comments triggered the pound to fall back again against the dollar, to its lowest rate since 29 September.
Meanwhile, the International Monetary Fund (IMF) also criticised the mini-budget yet again, saying the chancellor’s tax cuts would boost growth in the short-term, but it would “complicate the fight” against soaring prices.
Pound tumbles after BoE warning
The pound has fallen again after the Bank of England governor warned that its emergency support package for the markets would end on Friday.
Earlier the Bank intervened for the second time in as many days to prevent “fire sales” of pension fund assets, amid the continuing market turmoil in the wake of chancellor Kwasi Kwarteng’s mini-budget.
But speaking later in Washington, governor Andrew Bailey warned there could be no further extension beyond the end of the week.
“My message to the (pension) funds involved – you’ve got three days left now. You have got to get this done.
“Part of the essence of a financial stability intervention is that it is clearly temporary.”
Pound plunges as Bank of England warns emergency support will end on Friday
Sterling fell more than a cent against the dollar to its lowest rate since 29 September
Stuti Mishra12 October 2022 05:25
Truss to face MPs first time since mini-budget
Prime minister Liz Truss will be facing MPs today for the first time since chancellor Kwasi Kwarteng’s £43bn mini-budget tax giveaway unleashed chaos in the financial markets.
Tories have returned to Westminster in a restive mood following the break for the party conferences, with their ratings tanking in opinion polls and economists questioning whether Mr Kwarteng’s plans are sustainable.
There was further turmoil yesterday after the Bank of England announced that its emergency support operation to protect pension funds would end this week.
Liz Truss to face MPs after mini-budget wreaks financial chaos
Governor Andrew Bailey sparked more market turmoil after he said Bank of England support will end on Friday.
Stuti Mishra12 October 2022 05:21
Good morning! Welcome to The Independent’s liveblog on all the latest that’s happening in UK politics on 12 October. Stay tuned!
Stuti Mishra12 October 2022 04:52
Kaynak: briturkish.com