Author: News Desk

PM’s move to replace chancellor and commit to raising corporation tax fails to placate markets or Tory MPs Liz Truss is desperately clinging to her premiership after she sacked her chancellor and ripped up the mini-budget but failed to calm the financial markets or furious Conservative MPs. In a humiliating reversal, the prime minister backed down on plans to scrap an £18bn rise in corporation tax and replaced Kwasi Kwarteng as chancellor with Jeremy Hunt. Continue reading… ​PM’s move to replace chancellor and commit to raising corporation tax fails to placate markets or Tory MPsLiz Truss is desperately clinging to…

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Sterling fell, FTSE 100 lost its gains and bond yields rose after PM’s press conference failed to announce new direction Three weeks of chaos that cost more than Kwarteng’s jobJeremy Hunt appointed chancellor after sacking KwartengPM to raise corporation tax in another humiliating U-turn Liz Truss has failed to quell the turmoil in financial markets as investors attempted to assess the fallout from Kwasi Kwarteng’s sacking. Sterling fell 1.3% to $1.1188 on a rollercoaster day for the currency. The pound dropped sharply after Kwarteng’s exit from the cabinet was confirmed before recovering some lost ground as Jeremy Hunt was named…

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