Prime Minister Liz Truss has ruled out a General Election and said she is not planning public spending cuts to balance the books. She made the comments at Prime Minister's Questions (PMQs) in the House of Commons this afternoon (October 12).
In his mini-budget just over two weeks ago, Chancellor Kwasi Kwarteng set out a raft of tax cutting plans to be funded by Government borrowing. Following his announcement, the value of the pound, the cost of mortgages, and pension funds have all been affected.
The Bank of England intervened with an emergency bond-buying intervention aimed at stabilising the economy - a scheme which will end on Friday. Meanwhile, the UK economy unexpectedly shrank by 0.3% in August, the Office for National Statistics said today - raising new concerns about a possible recession.
