This article was supposed to be a considered look at whether or not this mini-budget will generate the growth it was promising. It was supposed to be about whether it made sense to borrow so much money to finance tax cuts and whether this economic gamble (for a gamble it is) will actually work out.
The chancellor has denied suggestions he is gambling with the economy as his raft of tax cuts were met with a hostile reception – and sent the pound plummeting to a 37-year low. The Institute of Fiscal Studies (IFS) said he was “betting the house” by putting government debt on an “unsustainable rising path”. Only
Here are the key points from Chancellor Kwasi Kwarteng’s mini-budget statement to MPs: • The basic rate of income tax will be cut to 19p in the pound from April 2023. Will mean 31 million people will be better off by an average of £170 per year. • The 45% higher rate of income tax
Kwasi Kwarteng will promise a “new era for Britain” with a major package of measures to “turn the vicious cycle of stagnation into a virtuous cycle of growth”. The chancellor is set to announce tens of billions of pounds both of increased spending and of tax cuts when he delivers his mini-budget at around 9.30am
The interest rate has been raised to 2.25% – the highest level since the 2008 financial crisis. The Bank of England’s half a point hike followed a three-way split in the voting. Financial markets had widely expected the Bank to follow the US Federal Reserve last night with a 0.75 percentage points rise but economists
The mother of an unarmed black man who was killed by a police officer in south London has again called for justice after being shown the bodycam footage of his shooting. Chris Kaba, 24, was killed on 5 September after a police chase in Streatham Hill. His Audi was hemmed in by two police cars
Wholesale energy costs for businesses will be slashed by up to half their expected price through the winter months, the government has announced. Firms across the UK will see government-funded cuts to their energy bills in line with the reductions that have already been announced for homes. The level of discount will depend on what
Liz Truss has said she is prepared to be unpopular with her tax policy as she believes it will ultimately benefit the British economy. Talking to Sky News’ political editor Beth Rigby in New York, the prime minister defended any tax changes her government will make at the end of the week and said she
King Charles has flown to Scotland the day after the Queen’s funeral service. He left Aberdeen airport on Tuesday afternoon after flying in from RAF Northolt in west London. Pictures show the King in the back of an Audi leaving the Scottish airport. He and Queen Consort Camilla are believed to have flown to Scotland
The Queen’s coffin has begun its final journey following her state funeral as the nation fell silent to honour Britain’s longest reigning monarch. The King led members of the grieving Royal Family in a procession to Westminster Abbey, where world leaders were among the congregation at the hour-long service. A card in the flowers on
The Queen has been buried beside her husband, Prince Philip, after a state funeral and a poignant chapel service – as the nation bid a final farewell to Britain’s longest reigning monarch. Elizabeth II was laid to rest at the King George VI Memorial Chapel, part of St George’s Chapel, in the grounds of Windsor
The King has issued a message of thanks to the nation as it prepares to say a “last farewell” to Queen Elizabeth. On the eve of the late monarch’s funeral, King Charles offered his gratitude to “all those countless people” who had offered “support and comfort” following his mother’s death. He said in a written
The Duke of York has paid tribute to the Queen, saying: ”Mummy, your love for a son, your compassion, your care, your confidence I will treasure forever.” The statement by Prince Andrew read: “Dear Mummy, Mother, Your Majesty, three in one. Your Majesty, it has been an honour and privilege to serve you. “Mother –
Princesses Eugenie and Beatrice have paid tribute to the Queen, describing her as their “beloved Grannie” who was a “loving hand on our backs leading us through this world”. In a statement on Saturday, they said: “We, like many, thought you’d be here forever. And we all miss you terribly. “You were our matriarch, our
King Charles III and the Prince of Wales have been chatting to people queuing to see the Queen’s coffin as they wait to pay their final respects as she lies in state. The king and his eldest son took the impromptu walkabout, shaking hands and sharing words of condolence, as they took a brief pause
A man has been detained by police after a witness said he “ran up to the Queen’s coffin” in Westminster Hall. Witness Tracey Holland told Sky News: “Some person decided they were going to push my [seven-year-old niece] out the way, run up to the coffin, lift up the standard and try to do I
King Charles and the Queen Consort have arrived in Wales for their first visit since the death of the Queen. The couple attended a remembrance service for the Queen at Llandaff Cathedral in Cardiff before the King meets members of the public and the First Minister of Wales Mark Drakeford. As they arrived in the
The new Prince of Wales has spoken about the ordeal of taking part in yesterday’s procession, in which he walked behind the Queen’s coffin, telling a member of the public that it “brought back a few memories”. Prince William, who famously walked behind his mother Diana’s coffin in 1997, said the walk yesterday was “challenging”.
It was 3.30pm when Leigh, Thony and James arrived at the back of the queue at Millennium Bridge to see the Queen lie in state. None of them identified as royalists but had different reasons to come. We’d never met but would spend the next six hours getting to know each other very well. As
The Queen is lying in state in Westminster Hall. Her Majesty’s coffin will remain in place for hundreds of thousands of people to pay their respects until 6.30am on Monday. Follow updates ahead of the Queen’s funeral here. Pay your own personal tribute here. Read more about the Queen’s reign here.