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The Latest Breaking News from Andrew Bailey

Is the Bank of England on a “collision course” with Rishi Sunak?

City Comment: The Bank is politically independent, but not independent of politics

Evening Standard

Sunak dismantles remainder of Truss legacy on first full day in office

Prime minister abandons fracking and refuses to guarantee pensions triple lock or defence spending rise

The Guardian - UK

Sunak tears up Truss’s economic vision and refuses to back pensions triple lock

The new Prime Minister also reimposed the fracking ban controversially scrapped by his predecessor.

The Independent UK

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Chancellor Jeremy Hunt delays Autumn Budget statement until next month

CHANCELLOR Jeremy Hunt has delayed the Autumn Statement until next month following the appointment of Rishi Sunak as Prime Minister.

The National (Scotland)

Chancellor Jeremy Hunt's Halloween budget delayed to November

It will be published as an autumn statement

Wales Online

Hunt delays Halloween budget to November 17

The Chancellor said it was ‘prudent’ to put back the statement to take account of the latest economic forecasts.

The Independent UK

A moral way the Bank can ease our financial pain

City Voices: How to raise tens of billions to shore up our finances

Evening Standard

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The Guardian view on Liz Truss’s U-turn: a fading premiership won’t be missed

Editorial: After a budget reversal, the prime minister is sticking with her party – the trouble is, it’s not sticking with her

The Guardian - UK

London politics latest LIVE: Jeremy Hunt in Commons to explain scrapping of disastrous ‘growth plan’

Jeremy Hunt is speaking to the House of Commons after Penny Mordaunt fielded an Urgent Question on the sacking of Kwasi Kwarteng

Evening Standard

New UK finance minister Hunt reverses Truss's economic plan in dramatic U-turn

Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's economic plan and scaled back her vast energy support scheme on Monday, making a historic policy U-turn to try to stem a dramatic loss of investor confidence.

Reuters

UK to be plunged into recession until summer 2023, economists warn

Britain’s economy is expected to shrink around 0.2 per cent each quarter from October through to June next year

The Independent UK

The Guardian view on central bankers: don’t put them in charge of the crisis

Editorial: The UN is right to warn that governments risk a worldwide recession precipitated by excessive rate rises

The Guardian - UK

UK’s Liz Truss struggles to save premiership after tax U-turns

Truss is under pressure after making U-turns on two major policies, as new Chancellor Hunt makes a new budget plan.

Al Jazeera

Jeremy Hunt welcomed by Tories as he tears up Liz Truss’s fiscal plan

There’s relief among Conservative MPs as the new chancellor seeks to bring stability back to government

The Guardian - UK

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Evening Standard

London politics latest LIVE: Third MP calls for Truss to go saying she ‘undermined Britain’s economic credibility’

Jamie Wallis, the MP for Bridgend and Porthcaw, said Ms Truss ‘no longer holds the confidence of the country’

Evening Standard

Jeremy Hunt warns of ‘difficult decisions’ ahead amid reports of delay to basic rate tax cut

The Chancellor is reportedly considering delaying the 1p cut to the basic rate of income tax by a year

Manchester Evening News

Bank of England governor warns of further interest rates rise amid mortgage crisis

The governor also revealed that he has met with new chancellor Jeremy Hunt

The Guardian - UK

Mini-budget will likely mean higher interest rates, warns Bank of England governor

Andrew Bailey says UK borrowers can expect to feel impact of Truss government’s tax and spending decisions

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news in one place.

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Evening Standard

Interest rate rises could be higher than expected next month, warns Andrew Bailey

Bank of England Governor says ‘inflationary pressures’ could prompt stronger response than bank had previously thought

The Independent UK

Bank of England warns next interest rate hike could be higher than expected

‘Stronger response’ needed to tackle inflation, says Andrew Bailey

The Guardian - UK

Kwasi Kwarteng: how ex-chancellor’s fate was sealed by IMF orthodoxy he fought against

Former occupant of No 11 Downing Street finally sacked after financial institution chief’s remarks in Washington

The Independent UK

Pound falls after Liz Truss U-turn, as IFS warns ‘piecemeal’ changes won’t cut it

Sterling dips and cost of government borrowing rises despite PM’s bid to reassure markets

Tribune News Service

Truss dumps UK corporation tax freeze plan after firing ally

Liz Truss scrapped her plan to freeze corporation tax next year in another dramatic U-turn, hours after she fired her ally Kwasi Kwarteng and replaced him with Jeremy Hunt as UK Chancellor of the Exchequer.

Tribune News Service

Hunt replaces Kwarteng as Liz Truss plans humiliating U-turn

U.K. Prime Minister Liz Truss fired Chancellor of the Exchequer Kwasi Kwarteng and replaced him with former Foreign Secretary Jeremy Hunt as she prepared to make a humiliating U-turn on parts of her economic plan.

The Guardian - UK

Friday briefing: How to understand gilts, yields and the Bank of England’s action to aid the economy

In today’s newsletter: Today the UK central bank is due to end its rare, urgent bond-buying to help stabilise the economy – but why, and what does it mean for you?

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