Tories to rebel against Liz Truss if pound falls below the dollar

“This Budget will live or die not on what the electorate think, not on what Opposition politicians think, not even what Conservative politicians think,” they said. “It is the global markets’ response to what looks like very risky behaviour from our Government.” They added: “The Bank of England is being backed into a corner. “If … Read more

Armed Forces to grow thanks to £52bn spending boost

Mr Wallace continued: “Without the change, we were heading to below 2 per cent. But on current forecast, that’s roughly a defence budget of £100 billion in 2029-30. We’re currently on £48 billion. So that’s the difference. In eight years, that’s a huge amount. “What we have to work through is how we get there. … Read more

Even Russia’s friends are getting upset over its war – POLITICO

NEW YORK — By the time Russian Foreign Minister Sergey Lavrov took the stage at the United Nations General Assembly this week, he and his country had already lost much of the audience. Throughout the annual gathering, world leader after world leader had expressed deep discomfort if not outright condemnation over Russia’s war in Ukraine. … Read more

Scottish fund managers and US bankers to flock to London as Kwarteng fires up the City

Meanwhile the tax disparity has sparked consternation in Scotland about the effect on Edinburgh, the major financial centre north of the border. Benny Higgins, a Scottish banker and former business adviser to Nicola Sturgeon, said: “A 1p gap may be seen by me and my peers as tolerable and understandable, but a 6p gap would … Read more

Liz Truss plans to cut taxes further in the new year

Those familiar with discussions say the Treasury believes lifting the lifetime allowance on pension pots could encourage doctors, police officers and highly paid nurses to remain in work. Under the current system, savers are forced into paying 55 per cent tax on pension pots valued at more than £1 million, prompting many to retire instead in … Read more

Chancellor says mini budget ‘is not a gamble’ as pound plunges

C hancellor Kwasi Kwarteng has rejected the suggestion his mini-budget is “a gamble” as reaction on the markets saw the pound drop to a new 37 year low against the dollar. The pound plummeted after Chancellor Kwasi Kwarteng announced the biggest raft of tax cuts for half a century in a bid to raise falling … Read more

Kwasi Kwarteng announces tax cuts worth £45bn

Simon Clarke, the Levelling Up Secretary, is on the morning media round for the Government as he sets the scene ahead of Kwasi Kwarteng’s “mini-Budget”.  Mr Clarke was told during an interview on Sky News that the Institute for Fiscal Studies think tank had described Liz Truss’s strategy for achieving economic growth as “a gamble … Read more

White House jokes about suspending ‘special relationship’ label after Liz Truss visit

It was a phrase coined by Sir Winston Churchill and has been used by successive British prime ministers over the intervening decades to describe the UK’s strong bond with America. But after a suggestion that Liz Truss is not overly keen on the term, the White House has offered to suspend use of the “special … Read more

Angela Rayner reveals contents of note passed in Commons on day of Queen Elizabeth II’s death

Describing the moment she first realised the monarch’s death was imminent, she said: “I read between the lines on that, because you don’t get a note saying the Queen is unwell if she’s got a bit of a cough or a cold.” Ms Rayner said “the gravity” of the situation was underlined by the fact … Read more

PayPal’s censorship marks a vicious new phase in the war on free speech

The Labour Party conference opens in Liverpool this weekend and the main attraction will, as always, be the stalls run by volunteers. The passionate, committed and usually humorous activists are always there, selling “never kissed a Tory” T-shirts and Corbyn memorabilia. There will be communist sympathisers, Venezuela apologists and backers of all kinds of lost … Read more