One Nation Tory MPs at center of rebellion against ‘insane’ scrapping of 45p tax rate

One Nation Tory MPs at center of rebellion against ‘insane’ scrapping of 45p tax rate

Several Tory backbenchers told The Telegraph that the Government had been helped by the fact that MPs are not currently in Westminster, meaning “plotting is kept to a minimum”, and by uncertainty about the legislative timetable for the tax cuts. However, the party has been shaken by a string of polls showing Labor with a … Read more

There is no doubt this was an expensive intervention, but doing nothing was not an option

Cast your mind back just four weeks ago. We had daily warnings of extreme energy prices to come. Corner shops to factories predicting carnage. Business groups fear mass unemployment. Entire livelihoods were on the line. Make no mistake, this was a very real prospect for our country. No government with any conscience would ever let … Read more

Gas price plunge predicted to slash cost of energy bailout by half

Plunging gas prices will mean that Kwasi Kwarteng’s massive support package for energy bills costs £30bn instead of £60bn, according to new forecasts that predict he will balance the books within three years. The blow to the public finances from the Chancellor’s mini-Budget could be far smaller than feared as Treasury costings on tax cuts … Read more

I promise to bring spending under control

There was a boost for pound sterling on Friday after the Office of National Statistics revised its growth figures up, suggesting that the UK economy was not currently in a recession. Pound sterling ended the week at more than $1.11 against the dollar, up from its record low of $1.04 on Monday and amounting to … Read more

Trusonomics is already slaying the demons of stagflation. We need more of it

Volatility has stalked the UK markets this past week since the mini-Budget, much to the delight of the many opponents of the Truss-Kwarteng revolution. It is revealing how these critics have reveled in what they saw as the discomfiture of not just the new Government but also of the UK economy in general – as … Read more

BBC veteran David Dimbleby criticizes tax cuts with rare on-air expletive

V veteran broadcaster David Dimbleby made a rare outspoken remark while on air as he discussed the UK’s economic turmoil of recent days with the BBC. The former Question Time host said the “massive change” announced by the Government at a time when members of the public were being forced to make tough decisions was … Read more

London politics LIVE: Poll gives Labor 33-point lead over Tories as Kwasi Kwarteng, Liz Truss face mini-budget pressure

A new poll has given Labor a 33 point lead over the Tories as Kwasi Kwarteng and Liz Truss come under renewed pressure over their controversial economic plan. The lead – thought to be the largest any political party has enjoyed since the late 1990s – comes as the Chancellor doubled down on his mini-budget, … Read more

Benefits hit as Liz Truss tries to stem the mini-Budget bleeding

Ms Truss repeatedly defended last Friday’s announcements during her local media round, telling BBC Radio Norfolk: “This is the right plan that we have seen.” She pointed to turmoil on financial markets across the world and gave no indication that any element of the mini-Budget would be reversed despite the financial fallout. On Thursday night, … Read more

Liz Truss is embarked on a course of sheer madness, taking the Bank of England with her

The Bank of England’s emergency purchase of gilts buys a reprieve of thirteen days at enormous institutional risk. The rescue was a last resort to avert a doom loop in the pension system and the £1 trillion mortgage market. It solves nothing in itself. The Bank has been put in the invidious position of having … Read more

UK Prime Minister Defends Tax Cuts as Market Turmoil Continues

LONDON—Prime Minister Liz Truss looked to reassure the British public and rattled investors that her plan to cut taxes wouldn’t lead to prolonged financial instability, arguing in a series of interviews on Thursday that the country had been buffeted by global shocks rather than her government’s reforms and that her policies would result in faster … Read more