Author: News Desk

Economic confidence in UK seriously undermined by Kwarteng and Truss’s ‘guerrilla tactics’, Commons committee hears Today’s political news – live updates Senior economists have dismissed Liz Truss’s chances of reaching 2.5% economic growth in the next few years, as they said her government’s “guerrilla tactics” in last month’s mini-budget played a major role in spooking markets. Speaking to the Commons Treasury committee, the economists said the 2.5% growth target was “almost impossible”. The committee has launched its own investigation into the mini-budget in the absence of a formal forecast from the Office for Budget Responsibility. Continue reading… ​Economic confidence in…

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The Guardian – Power giants to face windfall tax after all as Truss delivers U-turn Summary of the front page Power companies generating electricity from renewable and nuclear sources are to have their revenues capped in England and Wales, The Guardian reports. The paper calls it “another screeching U-turn” adding, PM Liz Truss has previously rejected calls to cap huge profits made by firms. But the Department of Business, Energy and Industrial Strategy argues that the measure differs from a windfall tax as it applies to excess revenues – not all profits. Today’s top stories Like this article? Leave a…

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Statement counters claims the institution was considering an extension The Bank of England has insisted it is ending its emergency bond-buying programme on Friday as planned, countering claims it was considering an extension, and expects pension funds to raise extra cash in time protect against future shocks. A £65bn intervention by the Bank has failed to quell turmoil on the bond markets, with the value at which government debt trades continuing to fall. Continue reading… ​Statement counters claims the institution was considering an extensionThe Bank of England has insisted it is ending its emergency bond-buying programme on Friday as planned,…

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