The government has been defending its mini-budget, following days of turmoil on the markets, a fall in the value of the pound and rises in the cost of UK government borrowing and mortgage rates.
Mr Rees-Mogg said: "It's much more to do with interest rates... than it is to do with a minor part of fiscal policy."It is true that interest rates have been rising around the world as central banks, including the Bank of England , tried to control inflation, made worse by Russia's invasion of Ukraine and the energy price shock which followed.
But Mr Kwarteng went further, announcing he would cut the basic rate of income tax a year earlier than expected and get rid of the top rate altogether. He subsequently reversed his decision to scrap the top rate.The package of tax cuts announced in the mini-budget totalled £45bn and were unfunded in that the government did not set out what savings it might make.
On Monday 26 September, the pound fell to record lows against the dollar in early trading in Asia. There was also a sharp rise in the cost of long-term government borrowing. Long-term gilt yields had gone up 0.5 percentage points by the end of the day, according to the BoE.
Such a incompetent PM.
The media hysteria certainly helped… I didn’t notice a minute by minute commentary as the £ recovered…
Why is the government so inept. Can't we call for an election? I have no confidence in any of the leadership. Let's hope the competition have someone competent. We need intelligent leadership by a charismatic person to create a strong UK 🇬🇧
World said yes... When Ind said choose Ummat and left Allah... And follow us... Muhammad and etc... Why not... They (Rosulullah and Nabi Allah) should explain... Malaikat always choose Allah from first time... Nothing else...
Yes. Of course it did. Every major economist, international body and serious commentator has said it did. The rest is just Tory skin saving.
Are you on glue?...
Is the Gov’t so stupid or does it think the people stupid? The mini budget is the worst disaster possible in this time of major crisis on many fronts. U Turn or most definitely lose the next election. IMF, World Bank, Fitch Moody, City are clear - stupid mini budget by UK Gov’t.
Probably, your a news channel, why not do some old fashioned investigative journalism. Find out and report it to the world.
Yes
Had a bit of trouble in Tesco but no!!
You bet it did!😠
Only the CorruptTories will tell you they didn’t.
The media caused the market turmoil
If it didn’t what did?
No the left wing media (inlcluding BBC) narrative did. She had announced tax cuts a long time ago. These are 'Conservative' policies. 100% behind Liz trussliz Conservatives
You're making it sound that there is still some doubt around this. A better headline would be 'How the mini-budget caused market turmoil'
Do bears 💩 in the woods?
Yes.
Is KamaKwasi a slow walker ?
The Governor of the BOE is guilty of being useless ...
No MSM 24hrs news channels did that Pumping out rubbish 24hrs a day
If you are in the Tory Cabinet, then, no. If you a a member of the rest of the world, then, yes.
So after the car crash of their mini budget this group of bottom feeder Tories resort to the usual 'blaming others as a distraction ' nothing new there ' not telling the truth' hmmmmm, what was the point of ousting one bad leader for another, fed up.
Did the founding of the BBC really cause the BBC to be founded. Let's investigate
Stupid Question
Is the Pope Catholic.?
Does a bear shit in the woods?
Pope. Catholic? Why are you doing this?
Pope. Catholic. Woods. Bears.
BBC needs the guts to tell the truth this balance business is crap Robin Day would have roasted these incompetence alive wake-up BBC and become relevant before people switch off!
Well if it didn’t it’s one hell of a coincidence!
Come on….you are not answering your own question! Nothing new in this article, a bit of lip service
Interesting question! As currencies all over the world have fallen against the dollar and inflation far worse than ours all over the world, either Looney Liz is far more significant than we think or unlikely! I think the later!
It was one of a number of factors as can be seen from the data. Multiple peaks and troughs, many not coinciding with the mini budget. It was poorly announced though to an already twitchy market. US taking more decisive action than the BoE a big factor too.
Considering that the Markets collapsed with hours of the Budget speech........ 🤔
Yes
Obviously, to the minute.
Fk yes
Yes
Yes
Yes
Why are you framing it like this?
What a disgraceful article. It’s nothing more than thinly veiled Tory propaganda. There is no doubt about the primary cause of the UK economic meltdown but this article does it’s very best to disguise and obfuscate the facts whilst pretending to be even handed. Awful reporting.
The BBC needs to realise, every time they attempt to peddle an alternative narrative, they lose their credibility even more. 🙄
Spoiler: yes.
Do fat dogs fart?
It certainly turned the jitters into panic for fund managers. Not something you would expect a Tory government to cause.
Does pasta bake contain pasta?
More Labour propaganda from the Beeb! State funded media, Russian style! DefundtheBBC
I swear the beeb has become overrun with clueless wokeys…
Are you serious?
Does the sun rise in the east?
The important phrase in the article was : the straw which broke the camels back. The mini budget was a piece of straw, so yes it was a catalyst but frankly it was going to happen within the next few weeks either way
Kakva nakaza
Ask yourself why the FED, IMF and other global institutions attacked this budget, it goes against the global agenda and now you all believe that an entirely predicted and known budget caused this turmoil. Stop being sheep. The pension funds were in trouble and banks knew this.
Just because Jacob Rees-Mogg denies it, a question is posed which everyone else already knows the answer to.
Yes.
Well at least Truss' hedge fund campaign financiers made lots of money shorting the pound and it only cost us £65 billion and our pensions still aren't safe!
Obviously
yes. Next question
No it was the moronic sanctions on energy
Bring back Boris!!
Every expert: yes, clearly Jacob Rees Mogg: no, not if you hold the graphs upside down BBC: it’s unclear who is right
The pound sunk to its lowest for decades, markets dropped, IMF warnings? I think those are good indicators!
Still is...
No the BBCBreakfast SkyNews did by scaremongering and editing the truth.
Yes. Next pointless question?
No
BBC - despite what Rees-Moggs seems to have convinced you - impartiality does not mean you have to REJECT REALITY! Jesus Christ - its clear to anyone with eyes what has happened and that its the Tories mini-budget to blame. You are completely losing your dwindling credibility.
Of cuz, what else?
Putins war is the answer. Now what is the question 🙄👉🤡
YES!!!
Struggling for time? Here's a summary.
Who told you to frame it like this? ‘How the mini-budget caused market turmoil’ should be the headline if you were anything of a reputable news service anymore. integrity fell on its teeth in 2016 and hasn’t got back up yet. Truss Kwarteng MiniBudget Torychaos
Yes
The crisis didn’t happen before the budget but did afterwards. Coincidence?
Hmmm let me think real hard ..🤦🏽♀️
Do bears shit in the woods ?
Maggie Thatcher wanna be.
no the Russian sanctions did
Hmmm... Let's think about that.
....and does this ever happen ?
Is grass green
Of course it did. Only a fool would think otherwise - & there are two in the gvmt (Rees-Mogg & Kwarteng) who wear that hat perfectly! Dismissing the advice of the IMF, OBR and all respected sources is a staggering display of arrogance that will lose the Cons the next GE!
Do you need potatoes to make potato salad?
Yes.
Yes.. Stop peddling their lies
Yes. The leader of the government of the UK came out and said 'we are going to keep screwing anyone who isn't super rich' and even a child could see that is unsustainable, and so the economy promptly collapsed.
Yes...!!!