UK's Truss fires finance minister as economic plan in tatters

The chancellor of the exchequer was dismissed in person by Truss after he rushed back early from international meetings in Washington, and she was due later to hold her first Downing Street news conference.

But the central bank was adamant it would end its bond-buying spree on Friday, and market analysts said only a bigger climbdown by Truss following Kwarteng’s disastrous budget announcement last month would avert fresh panic. Speaking in Washington on Thursday, Kwarteng had insisted that his job was safe. “I’m not going anywhere,” he said.

That programme now lies in tatters, and Truss’s judgement is in question more than ever, after Sunak’s warnings were entirely vindicated: higher borrowing to pay for tax cuts served only to terrify the markets and drive up borrowing costs for millions of Britons.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Kwarteng sacked as UK finance minister: BBC, Sky News | Fin24UK finance minister Kwasi Kwarteng has been sacked, the BBC and Sky News reported on Friday quoting unnamed sources, as Prime Minister Liz Truss tries to save her beleaguered premiership. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »

Belgian PM warns of blackouts if energy prices capped - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Belgian Prime Minister Alexander De Croo warned a cap on electricity prices called for by the opposition could lead to power being sold in other markets and blackouts in Belgium.
Source: SABCNews - 🏆 37. / 51 Read more »