A timeline of what happens after UK Prime Minister Liz Truss resigns

A timeline of what happens after UK Prime Minister Liz Truss resigns

Stepping down after just 45 days in office, Truss becomes Britain’s shortest-serving prime minister in history and the third Conservative leader to be ousted in as many years Dan Kitwood | Getty Images News | Getty Images LONDON – British Prime Minister Liz Truss resigned on Thursday after just 44 days in office, firing the … Read more

Britain’s political scene is in chaos – here’s what you need to know

Britain’s political scene is in chaos – here’s what you need to know

The political chaos in Britain continues, including a high-profile resignation and questions over how long Liz Truss will be in office. House of Commons – PA Images / Contributor / Getty Images LONDON – An extraordinary day in British politics threw embattled Prime Minister Liz Truss into even deeper turmoil. In a day of rapid … Read more

UK Prime Minister Liz Truss’ ‘needy economy’ is dead after u-turns

UK Prime Minister Liz Truss’ ‘needy economy’ is dead after u-turns

British Prime Minister Liz Truss holds a press conference in the Downing Street Briefing Room in central London on October 14, 2022. Daniel Leal | Afp | Getty Images LONDON – Just six weeks into British Prime Minister Liz Truss’s tenure, the political future of yet another Conservative leader appears to be in jeopardy. Truss … Read more

The British Chancellor of the Exchequer briefly interrupts an IMF trip as pressure for a u-turn increases

The British Chancellor of the Exchequer briefly interrupts an IMF trip as pressure for a u-turn increases

Kwarteng on Monday sought to allay lingering concerns by bringing forward the date of his plan to balance the government’s finances to October 31. Ian Forsyth | Getty Images News | Getty Images LONDON – British Chancellor of the Exchequer Kwasi Kwarteng cut short his visit to the International Monetary Fund this week as he … Read more

UK Markets Rally as Investors Bet Government Will Roll Back Tax Plans

UK Markets Rally as Investors Bet Government Will Roll Back Tax Plans

LONDON – British financial markets rose on Thursday as investors bet the government would reverse course on its latest tax cut plans as Prime Minister Liz Truss grapples with a growing backlash from both investors and lawmakers from her own Conservative Party. Subscribe to newsletter Markets A pre-market primer packed with news, trends and ideas. … Read more

Bank of England further extends bond market rescue

Bank of England further extends bond market rescue

Asset managers have called on the BOE to target inflation-linked government bonds. Photo: John Keeble/Getty Images LONDON – The Bank of England extended its bailout of the bond market on Tuesday as it warned that the threat of a fire sale in some British government debt posed a risk to the country’s financial stability. The … Read more

Bank of England further extends bond market rescue

Bank of England further extends bond market rescue

The central bank said a dysfunctional government bond market threatens financial stability. Photo: John Keeble/Getty Images The Bank of England added inflation-linked government bonds to its bond-buying program after a new attempt to expand support for pension funds failed to reassure worried investors. The central bank said on Tuesday it would buy up to 5 … Read more

JPMorgan CEO says UK government deserves the benefit of the doubt

JPMorgan CEO says UK government deserves the benefit of the doubt

Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. says the new British government should be “given the benefit of the doubt.” Al Drago | Bloomberg | Getty Images Jamie Dimon, chief executive of JPMorgan Chase, said new governments “always have problems” and that British Prime Minister Liz Truss should be “given the benefit … Read more

The Bank of England offers additional support to pension funds in the midst of a crisis

The Bank of England offers additional support to pension funds in the midst of a crisis

LONDON – The Bank of England on Monday offered to buy more long-term British government bonds and said it would provide continued support to pension funds that have been at the heart of the UK bond market crisis. On September 28, the Bank of England launched a series of auctions in which it offered to … Read more

The UK government is abandoning plans to cut income tax for top earners

The UK government is abandoning plans to cut income tax for top earners

LONDON – British Chancellor of the Exchequer Kwasi Kwarteng on Monday scrapped a plan to cut the top income tax rate of 45%, scrapping a key economic policy after turmoil in the country’s financial markets, an intervention by the Bank of England and the threat of a major rebellion by Conservative Party lawmakers . The … Read more