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    Liz Truss says she is ‘absolutely determined’ to see through her plans.

    Asked why she believes she should remain as PM, Truss says she is “absolutely determined” to see through what she promised when she became leader.

    She says her priority is to deliver the economic stability the country needs.

    That’s why I had to take the difficult decisions I’ve taken today. The mission remains the same. We do need to raise our country’s economic growth levels. We do need to deliver for people across the country. We’re committed to delivering on the energy price guarantee which people are already seeing in their bills. But ultimately, we also need to make sure that we have economic stability, and I have to act in the national interest.

    The Conservative MP Steve Brine, who supported Rishi Sunak in the Tory leadership contest, told Radio’s PM that, following the appointment of Jeremy Hunt as chancellor, “you should see Liz Truss as chairman and Jeremy as chief executive”.

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    UPDATE: Brine said:

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    n

    At the end of the day, everybody – detractor or otherwise – should want this government to succeed.

    n

    And I know about Jeremy that he won’t be licking his lips at the prospect of becoming chancellor at this time. But this is a moment to be there for the country, and in my experience it’s always been country first, and he will see that as his job right now.

    n

    You should see Liz Truss as the chairman and Jeremy Hunt as the chief executive. And I think he’ll be a very effective chief executive and like a new football manager coming in, at the end of the day the supporters are happy when the team is winning.

    n

    “,”elementId”:”2dc658c3-30f2-4455-b148-ed345a6ca3a4″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665766177000,”blockCreatedOnDisplay”:”12.49 EDT”,”blockLastUpdated”:1665769099000,”blockLastUpdatedDisplay”:”13.38 EDT”,”blockFirstPublished”:1665766474000,”blockFirstPublishedDisplay”:”12.54 EDT”,”blockFirstPublishedDisplayNoTimezone”:”12.54″,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634991fa8f085fc6682b3520″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Keir Starmer has told the Guardian that Britain needs a general election, regardless of whether or not Liz Truss stays or goes. Asked whether there should be a general election, he told my colleague Rowena Mason:

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    n

    Yes … We are in the absurd situation where we are on the third, fourth prime minister in six years and within weeks we have a got a prime minister who has the worst reputational ratings of any prime minister pretty well in history. Their party is completely exhausted, and clapped out. It has got no ideas, it can’t face the future and it has left the UK in a defensive crouch where we are not facing the challenges of the future because we haven’t got a government that could lead us to the future. For the good of the country we need a general election.

    n

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    The full story is here.

    “,”elementId”:”1de4f7d4-00e8-4670-a325-99fbd36131c0″,”_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/politics/2022/oct/14/keir-starmer-uk-election-now-liz-truss-stays-goes-labour”,”text”:”Keir Starmer: UK needs election now whether Liz Truss stays or goes”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”58700921-7da3-4480-ad80-416a6eb8caa3″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665765882000,”blockCreatedOnDisplay”:”12.44 EDT”,”blockLastUpdated”:1665766074000,”blockLastUpdatedDisplay”:”12.47 EDT”,”blockFirstPublished”:1665766074000,”blockFirstPublishedDisplay”:”12.47 EDT”,”blockFirstPublishedDisplayNoTimezone”:”12.47″,”title”:”Starmer says Britain needs general election now”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”6349888a8f08c0284e6d3921″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The main focus during Liz Truss’s press conference was on her confirmation that she will go ahead with the rise in corporation tax announced by Boris Johnson when he was prime minister, and on her overall tone and manner.

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    But in her opening speech she also confirmed that public spending will be cut. She said:

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    n

    Our public sector will become more efficient to deliver world-class services for the British people.

    n

    And spending will grow less rapidly than previously planned.

    n

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    This qualifies as another U-turn. Yesterday, when Keir Starmer asked her during PMQs whether she was going to stick to what she said during the Tory leadership contest about “not planning public spending reductions”, she replied: “Absolutely.”

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    Downing Street never did explain quite what this meant. Government spending plans were set in the spending review of 2021 and under those plans spending was due to rise faster than inflation – but only faster than the measure of inflation used for public spending, not necessarily the CPI measure. Since then inflation has gone up (on both measures), meaning the rises are less generous than they seemed a year ago.

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    Truss was implying, not just that spending would not be increased to compensate for higher inflation, but that there would be cuts relative to what had been promised. This is from Paul Johnson from the Institute for Fiscal Studies.

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    n”,”url”:”https://twitter.com/PJTheEconomist/status/1580916515406508032″,”id”:”1580916515406508032″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”82b73d51-dac2-457f-9095-caf231936a14″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665763467000,”blockCreatedOnDisplay”:”12.04 EDT”,”blockLastUpdated”:1665765496000,”blockLastUpdatedDisplay”:”12.38 EDT”,”blockFirstPublished”:1665764440000,”blockFirstPublishedDisplay”:”12.20 EDT”,”blockFirstPublishedDisplayNoTimezone”:”12.20″,”title”:”Truss says public spending to grow ‘less rapidly than previously planned'”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634982d58f085fc6682b33f8″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Downing Street has announced a swathe of new political peerages. Thirteen new Conservative peers have been appointed, eight Labour ones, one from the DUP, and four who are non-affiliated, or who will sit as crossbenchers. The list was drawn up while Boris Johnson was prime minister, but this is a routine political honours list, not his resignation honours list.

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    As PA Media reports, Sir Nicholas Soames, the former Tory MP and grandson of Winston Churchill, and Tom Watson, the former deputy Labour leader, are on the list. Others receiving peerages include former Tory MPs Sir Hugo Swire, Stewart Jackson, Angie Bray and Graham Evans, general secretary of the Trades Union Congress of the UK Frances O’Grady and former Northern Ireland first minister Arlene Foster.

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    Paul Dacre, the editor-in-chief of DMG Media which publishes the Daily Mail and Metro newspapers, was not on the list despite previously being tipped to become a Tory peer.

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    Three Conservative MPs close to Boris Johnson have also been given knighthoods. They are: John Whittingdale, the former culture secretary who once employed Johnson’s wife Carrie as a special adviser; Jake Berry, the Conservative party chair who was one of the first MPs to campaign for him to become party leader: and James Duddridge, the international trade minister who used to be Johnson’s parliamentary private secetary.

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    Philip Hammond, who was chancellor under Theresa May, said the Conservative party under Liz Truss had “thrown away years and years of painstaking work to build and maintain a party of fiscal discpline and competence in government”. The arguments the Tories normally used against Labour on the economy would now look “extremely limp”, he said, in an interview on the World at One.

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    n”,”url”:”https://twitter.com/BBCWorldatOne/status/1580921697770778624″,”id”:”1580921697770778624″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”48c5bd5e-e8bd-4927-9c57-7873fac2d2ec”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665760354000,”blockCreatedOnDisplay”:”11.12 EDT”,”blockLastUpdated”:1665767307000,”blockLastUpdatedDisplay”:”13.08 EDT”,”blockFirstPublished”:1665760621000,”blockFirstPublishedDisplay”:”11.17 EDT”,”blockFirstPublishedDisplayNoTimezone”:”11.17″,”title”:”Philip Hammond says Tories under Truss have ‘thrown away’ reputation for ‘fiscal discipline and competence'”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634975cf8f085fc6682b331e”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Despite the climbdown on corporation tax, which the markets were expecting, Liz Truss failed to give the reassurances the public and investors were looking for.

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    The FTSE 100 index has now pared gains and is only 42 points ahead at 6,891, a 0.6% gain. The pound has dropped 1.2% to $1.1191.

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    Government bonds were rallying before the press conference, pushing yields sharply lower, but the yield on the 30-year gilt has since ticked up 5 basis points to 4.6%.

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    The rise in corporation tax from 19p to 25p next April, originally announced by the then chancellor Rishi Sunak in March, and which Truss said during the leadership contest would not go ahead … will now go ahead.

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    For more market reaction to the PM’s latest U-turn announcement, please follow my colleague Julia Kollewe’s business live blog.

    “,”elementId”:”d34f1e90-39bc-41ee-aca4-a3190772a1b8″,”_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/live/2022/oct/14/kwasi-kwarteng-returns-early-imf-markets-price-more-u-turns-business-live”,”text”:”Pound selloff intensifies, government bond, FTSE rally fades after Liz Truss press conference – business live”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”bb03139d-8b25-48b6-85be-f566629a28db”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665758671000,”blockCreatedOnDisplay”:”10.44 EDT”,”blockLastUpdated”:1665761819000,”blockLastUpdatedDisplay”:”11.36 EDT”,”blockFirstPublished”:1665758752000,”blockFirstPublishedDisplay”:”10.45 EDT”,”blockFirstPublishedDisplayNoTimezone”:”10.45″,”title”:”Government bond, FTSE rally fades, sterling slides after Truss’s press conference”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”6349686d8f0868dbfd2deeb7″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Was that it? By the time Liz Truss stood up to start her press conference (although a briefing where only four questions were allowed barely counts), we already knew that she was about to abandon the key thrust of her mini-budget, and that her chancellor had been sacked. The big question was whether Truss would be able to survive herself. Her performance will have done little or nothing to persuade her MPs, or anyone else, that she will, or even that she should.

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    Truss said that the corporation tax rise planned by Rishi Sunak, that she campaigned to abandon during the Tory leadership campaign, would go ahead anyway. She said this was in response to the fact that her mini-budget “went further and faster than markets were expecting”. (Until today she has implied that global factors, not the mini-budget, were mainly to blame for the recent market turmoil.) But then she tried to explain that she was being consistent with the mission she set out during the leadership contest (boosting growth), even though it is obvious that her strategy has gone up in flames. And – crucially – she failed to explain why, if the chancellor had to go, she should not quit too.

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    In so far as she did have an answer to this, it was that she is “absolutely determined to see through what I have promised, to deliver a higher growth, more prosperous United Kingdom, to see us through the storm we face”.

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    Her problem was not just that this line does not explain why she should stay on in No 10 when they are plenty of other people who share her commitment to growth who have a lot more credibility as leaders likely to deliver it. Her whole manner during the press conference advertised a lack of confidence and authority.

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    She started with a personal plea about how she knew what it was like growing up “somewhere that isn’t feeling the benefits of growth”. This was a reference to the time she spent in Paisley as a child, but she had a middle class upbringing and spent her teenage years living in one of the nicest parts of Leeds. This implied sob story sounded phoney.

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    Then she only took four questions. Normally politicians who feel the need to persuade the press, or the public at large, are well advised to keep taking questions at a press conference like this until they run out. Not only did Truss fail to do that, she also deliberately started with questions from the two papers most likely to be favourable, the Daily Telegraph and the Sun. Only then did she take questions from the BBC and ITV, who normally get priority at the events.

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    If Truss was hoping for soft questions first, it didn’t work. But the hardest question was probably the final one, from ITV’s Robert Peston. He asked if she would apologise to her party. She wouldn’t.

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    The lack of contrition matters because, if Truss is going to survive, she is going to need to secure the goodwill of Tory MPs. With this sort of responsibility-dodging and blame avoidance, she won’t get it.

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    Truss is asked if she will apologise to her own Conservative party after being accused by the former Tory chancellor, Philip Hammond, of totally trashing the party’s election-winning reputation for economic competence.

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    She dodges the question, repeating that she is determined to deliver on what she set out and that she made the right decisions “in the national interest” today.

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    UPDATE: In response to the question, from ITV’s Robert Peston, Truss said:

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    n

    I am determined to deliver on what I set out when I campaigned to be party leader.

    n

    We need to have a high growth economy but we have to recognise that we are facing very difficult issues as a country.

    n

    And it was right in the national interest that I made the decisions I’ve made today to restore that economic stability so we can deliver, first of all helping people through this winter next winter, with their energy bills, but also making sure that our country is on the long term footing for sustainable economic growth.

    n

    “,”elementId”:”ace659ec-50ab-4f0c-b18b-457c404de8a6″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665755625000,”blockCreatedOnDisplay”:”09.53 EDT”,”blockLastUpdated”:1665763272000,”blockLastUpdatedDisplay”:”12.01 EDT”,”blockFirstPublished”:1665755627000,”blockFirstPublishedDisplay”:”09.53 EDT”,”blockFirstPublishedDisplayNoTimezone”:”09.53″,”title”:”Truss declines to apologise to Conservative party for what has happened”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634968338f085fc6682b324d”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Asked why she believes she should remain as PM, Truss says she is “absolutely determined” to see through what she promised when she became leader.

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    She says her priority is to deliver the economic stability the country needs.

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    n

    That’s why I had to take the difficult decisions I’ve taken today. The mission remains the same. We do need to raise our country’s economic growth levels. We do need to deliver for people across the country. We’re committed to delivering on the energy price guarantee which people are already seeing in their bills. But ultimately, we also need to make sure that we have economic stability, and I have to act in the national interest.

    n

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    Truss says she was “incredibly sorry” to lose Kwasi Kwarteng as chancellor, describing him as a “great friend” who “shares my vision to set this country on the path to growth’.

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    She confirms that she has asked Jeremy Hunt to replace him as the new chancellor of the exchequer.

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    Hunt is “one of the most experienced and widely respected government ministers and parliamentarians”, she says.

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    n

    He shares my convictions and ambitions for our country. He will deliver the medium-term fiscal plan at the end of this month. He will see through the support we are providing to help families and businesses, including our energy price guarantee.

    n

    “,”elementId”:”54bccb76-8a91-4ca8-b0e1-beeda781311e”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665754934000,”blockCreatedOnDisplay”:”09.42 EDT”,”blockLastUpdated”:1665754996000,”blockLastUpdatedDisplay”:”09.43 EDT”,”blockFirstPublished”:1665754949000,”blockFirstPublishedDisplay”:”09.42 EDT”,”blockFirstPublishedDisplayNoTimezone”:”09.42″,”title”:”Truss ‘incredibly sorry’ to lose Kwasi Kwarteng”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634965848f085fc6682b321c”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The prime minister, Liz Truss, is now speaking at the press conference in Downing Street.

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    Truss has bowed to intense pressure from Conservative MPs and the markets by scrapping her signature corporation tax cut from the government’s mini-budget.

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    She says it is clear that parts of her government’s mini-budget “went further and faster than markets were expected”. She says:

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    n

    So the way we are delivering our mission right now has to change. We need to act now to reassure the markets of our fiscal discipline.

    n

    I have therefore decided to keep the increase in corporation tax that was planned by the previous government.

    n

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    The prime minister, Liz Truss, is expected to speak at a press conference from the Downing Street briefing room in the next few minutes.

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    Downing Street has confirmed reports that Chris Philp is out as chief secretary to the Treasury, and has been replaced by Ed Argar.

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    Chris Philp has been appointed Paymaster General, Downing Street said.

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    No 10 has confirmed that Jeremy Hunt has been appointed Britain’s new Chancellor of the Exchequer.

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    The former foreign secretary and Tory leadership contender will be the fourth chancellor this year.

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    Here’s the letter from Liz Truss to her former chancellor Kwasi Kwarteng in full:

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    The bottom of the letter suggests that the letter to Kwarteng was written by Kwarteng himself:

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    No 10 has confirmed that Jeremy Hunt will replace Kwasi Kwarteng as chancellor, the Guardian’s Pippa Crerar writes.

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    n”,”url”:”https://twitter.com/PippaCrerar/status/1580899600608931841″,”id”:”1580899600608931841″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”b0333114-da42-4278-88ea-2bfbd3e98d2f”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    She has also confirmed that Chris Philp is out as chief secretary to the Treasury.

    “,”elementId”:”0dbdbc56-4def-4697-8f28-4c82341d406c”,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/PippaCrerar/status/1580900632558723074″,”id”:”1580900632558723074″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”cdde4f43-e06e-489b-a30b-84120f366c28″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665750877000,”blockCreatedOnDisplay”:”08.34 EDT”,”blockLastUpdated”:1665751154000,”blockLastUpdatedDisplay”:”08.39 EDT”,”blockFirstPublished”:1665750897000,”blockFirstPublishedDisplay”:”08.34 EDT”,”blockFirstPublishedDisplayNoTimezone”:”08.34″,”title”:”Jeremy Hunt appointed new chancellor”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634950688f085fc6682b3106″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwasi Kwarteng has confirmed he was asked “to stand aside” as chancellor.

    “,”elementId”:”9e359055-2469-48e7-9364-418a02abe0e5″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    In a letter to the prime minister, Kwarteng writes:

    “,”elementId”:”7be489b2-93f6-4705-8a3e-8ac265c2a019″,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    You have asked me to stand aside as your Chancellor. I have accepted.

    n

    When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.

    n

    As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation – that must still change if this country is to succeed.

    n

    “,”elementId”:”4bd7a919-2024-4ac2-bc9a-f45db4f47de3″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/KwasiKwarteng/status/1580892129630777346″,”id”:”1580892129630777346″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”f2f31904-9681-4c40-afd9-8785afba8c53″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwarteng continues:

    “,”elementId”:”6584fb23-7e1a-477a-a0e9-f58609040afe”,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    The economic environment has changed rapidly since we set out the growth plan on 23 September. In response, together with the Bank of England and excellent officials at the Treasury we have responded to those events, and I commend my officials for their dedication.

    n

    It is important now as we move forward to emphasise your government’s commitment to fiscal discipline. The medium-term fiscal plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches.

    n

    We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to serve as your first chancellor.

    n

    Your success is this country’s success and I wish you well.

    n

    “,”elementId”:”eb38c1e7-c99e-4fd6-9820-36e3c77bfd2f”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665749096000,”blockCreatedOnDisplay”:”08.04 EDT”,”blockLastUpdated”:1665749649000,”blockLastUpdatedDisplay”:”08.14 EDT”,”blockFirstPublished”:1665749137000,”blockFirstPublishedDisplay”:”08.05 EDT”,”blockFirstPublishedDisplayNoTimezone”:”08.05″,”title”:”Kwasi Kwarteng confirms he was sacked”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”63494c488f0868dbfd2ded43″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwasi Kwarteng has been sacked after his disastrous mini-budget caused market turmoil, a bailout of pension funds and rising mortgage rates, Downing Street has confirmed.

    “,”elementId”:”60965f99-a20c-4110-a09f-8df7362a0598″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/PippaCrerar/status/1580887814354259968″,”id”:”1580887814354259968″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”9228ba13-50a9-4e4a-a79b-c43d52e2021d”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwarteng is leaving the position after just six weeks in the job, despite Liz Truss, the prime minister, having also signed off an array of unfunded tax cuts in the mini-budget last month.

    “,”elementId”:”8a57ab47-fbc1-4866-b9a1-5f6276a32e63″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    He had returned early from the International Monetary Fund meeting in the US to discuss further U-turns in the budget, after a move to drop the 45p tax rate failed to calm the economic situation.

    “,”elementId”:”bbe87fbd-0c13-4c85-8e16-e3c01c112d63″,”_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/politics/2022/oct/14/liz-truss-press-conference-u-turn-corporation-tax-kwasi-kwarteng”,”text”:”Liz Truss sacks Kwasi Kwarteng ahead of corporation tax U-turn”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”ae1d79d4-711b-4866-a26c-b34d3589842f”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665748040000,”blockCreatedOnDisplay”:”07.47 EDT”,”blockLastUpdated”:1665748521000,”blockLastUpdatedDisplay”:”07.55 EDT”,”blockFirstPublished”:1665748059000,”blockFirstPublishedDisplay”:”07.47 EDT”,”blockFirstPublishedDisplayNoTimezone”:”07.47″,”title”:”Kwasi Kwarteng sacked after six weeks as chancellor”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634949f98f085fc6682b30ad”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwasi Kwarteng has been sacked as chancellor, two sources have told Sky News.

    “,”elementId”:”c4e4bd7e-016b-44f2-be87-63884be64a6e”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665747449000,”blockCreatedOnDisplay”:”07.37 EDT”,”blockLastUpdated”:1665747517000,”blockLastUpdatedDisplay”:”07.38 EDT”,”blockFirstPublished”:1665747518000,”blockFirstPublishedDisplay”:”07.38 EDT”,”blockFirstPublishedDisplayNoTimezone”:”07.38″,”title”:”Kwasi Kwarteng sacked as chancellor – Sky News”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634949608f0868dbfd2ded19″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The leader of the Lib Dems, Ed Davey, has called for a general election amid the turmoil.

    “,”elementId”:”6e03af32-ea6e-4bce-8917-48a9552ee474″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/EdwardJDavey/status/1580880283691552768″,”id”:”1580880283691552768″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”5377bfd3-0485-4c13-b895-42e382668ccf”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665747296000,”blockCreatedOnDisplay”:”07.34 EDT”,”blockLastUpdated”:1665747698000,”blockLastUpdatedDisplay”:”07.41 EDT”,”blockFirstPublished”:1665747337000,”blockFirstPublishedDisplay”:”07.35 EDT”,”blockFirstPublishedDisplayNoTimezone”:”07.35″,”title”:”Lib Dems call for general election”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”6349476c8f085fc6682b3057″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwasi Kwarteng will be sacked as chancellor as Liz Truss tries to restore her political authority ahead of a U-turn on parts of her disastrous mini-budget later on Friday, according to sources.

    “,”elementId”:”28f8b6a3-b9f9-4f3d-8646-6e1343664c70″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    A Downing Street source confirmed to the Guardian the prime minister intended to get Kwarteng to “carry the can” over her climbdown as she sought to calm the markets and the nerves of jittery Tory MPs.

    “,”elementId”:”25644cf6-af85-4daf-8d64-390bb9b20460″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Truss is meeting Kwarteng, previously her closest political ally and co-architect of her plan for growth, for crisis talks in Downing Street after he dashed back overnight from an International Monetary Fund (IMF) meeting in Washington.

    “,”elementId”:”f123040a-2ddb-4c3e-bc89-489714d78af4″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Whitehall insiders told the Guardian the pair held different views on how far the government should go in reversing key elements of its plan to steady the markets and placate anxious Conservative MPs.

    “,”elementId”:”a86a8f93-1180-403e-9cac-44354431926f”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Read the full story here:

    “,”elementId”:”bf4bd487-d8c8-4708-8511-1a9d122a39c6″,”_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/politics/2022/oct/14/liz-truss-press-conference-u-turn-corporation-tax-kwasi-kwarteng”,”text”:”Liz Truss expected to sack Kwasi Kwarteng ahead of corporation tax U-turn”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”d1a962aa-5ca8-4833-9f37-c37ea09da405″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665746797000,”blockCreatedOnDisplay”:”07.26 EDT”,”blockLastUpdated”:1665746897000,”blockLastUpdatedDisplay”:”07.28 EDT”,”blockFirstPublished”:1665746897000,”blockFirstPublishedDisplay”:”07.28 EDT”,”blockFirstPublishedDisplayNoTimezone”:”07.28″,”title”:”Liz Truss expected to sack Kwasi Kwarteng ahead of corporation tax U-turn”,”contributors”:[“name”:”Pippa Crerar”,”imageUrl”:”https://i.guim.co.uk/img/uploads/2022/10/06/Pippa_Crerar_.jpg?width=300&quality=85&auto=format&fit=max&s=7279a3b1b70f1ad143e1f25984f7837b”,”largeImageUrl”:”https://i.guim.co.uk/img/uploads/2022/10/06/Pippa_Crerar_Next_Gen.png?width=300&quality=85&auto=format&fit=max&s=69dfaea79a0d53d5edb6efae832af817″],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634943fc8f085fc6682b301b”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The shadow chancellor, Rachel Reeves, has responded to speculation of the mini-budget U-turn.

    “,”elementId”:”4f74fc53-ee62-4f42-be7d-d85dea17aade”,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/RachelReevesMP/status/1580875030967504897″,”id”:”1580875030967504897″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”b73f5663-cc8c-4619-b92a-df85fbded6ff”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665745916000,”blockCreatedOnDisplay”:”07.11 EDT”,”blockLastUpdated”:1665746598000,”blockLastUpdatedDisplay”:”07.23 EDT”,”blockFirstPublished”:1665745974000,”blockFirstPublishedDisplay”:”07.12 EDT”,”blockFirstPublishedDisplayNoTimezone”:”07.12″,”title”:”Labour says ‘humiliating’ U-turn is necessary”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”63493a848f0868dbfd2debc4″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwasi Kwarteng is being sacked as the chancellor, the Times’ Steven Swinford has been told.

    “,”elementId”:”70f50c47-edb5-405f-8470-41f4efa22864″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/Steven_Swinford/status/1580868139692134400″,”id”:”1580868139692134400″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”171c3f3f-3765-4974-82f6-f26bebac52a1″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665743492000,”blockCreatedOnDisplay”:”06.31 EDT”,”blockLastUpdated”:1665743641000,”blockLastUpdatedDisplay”:”06.34 EDT”,”blockFirstPublished”:1665743521000,”blockFirstPublishedDisplay”:”06.32 EDT”,”blockFirstPublishedDisplayNoTimezone”:”06.32″,”title”:”Kwasi Kwarteng ‘being sacked as chancellor’ – report”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”6349340f8f08c0284e6d33ac”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Downing Street has just announced that Liz Truss will hold a press conference later today.

    “,”elementId”:”131caa7a-383f-40e8-919d-0dd77e9a97b8″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The prime minister and chancellor are expected to confirm today that they will U-turn on the plan to freeze corporation tax, the Guardian’s Pippa Crerar writes.

    “,”elementId”:”f9e1f713-384c-40c1-97dd-a28a1e7b459e”,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/PippaCrerar/status/1580861963306823680″,”id”:”1580861963306823680″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”bd735da0-145b-4ba9-97cd-1a13916797af”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665741839000,”blockCreatedOnDisplay”:”06.03 EDT”,”blockLastUpdated”:1665742039000,”blockLastUpdatedDisplay”:”06.07 EDT”,”blockFirstPublished”:1665741973000,”blockFirstPublishedDisplay”:”06.06 EDT”,”blockFirstPublishedDisplayNoTimezone”:”06.06″,”title”:”PM to hold press conference this afternoon”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”63492b1d8f085fc6682b2e3e”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The BBC is reporting that the prime minister, Liz Truss, has cancelled a series of meetings in her constituency to stay in London and concentrate on the crisis surrounding her mini-budget.

    “,”elementId”:”8ecf7d65-310a-4e23-aba9-8fcc8c7ab457″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/petesaull/status/1580849599593709569″,”id”:”1580849599593709569″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”1e8b33dc-1f7f-448a-a016-d7e366d93518″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665739549000,”blockCreatedOnDisplay”:”05.25 EDT”,”blockLastUpdated”:1665739810000,”blockLastUpdatedDisplay”:”05.30 EDT”,”blockFirstPublished”:1665739585000,”blockFirstPublishedDisplay”:”05.26 EDT”,”blockFirstPublishedDisplayNoTimezone”:”05.26″,”title”:”Truss ‘cancels constituency meetings to stay in No 10′”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634921a38f085fc6682b2dc6″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    A senior Conservative MP has said that Liz Truss must not “nibble at the edges” but instead perform a “powerful” and “significant” U-turn with her government’s so-far disastrous economic plan.

    “,”elementId”:”8646597c-bb9b-4db3-9707-1830fd659657″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Mel Stride, the chair of parliament’s Treasury select committee, told the BBC’s Today programme:

    “,”elementId”:”c04749e0-dcbe-4a09-9e20-d15fd8d58e68″,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    My personal view is that it [a U-turn] should happen. We have reached a point where we need this very powerful and significant signal to the markets that fiscal credibility is firmly back on the table, and I think that means doing something right now and not delaying.

    n

    Doing something very significant too – right at the heart of that will be unwinding the position on corporation tax.

    n

    The danger here is the argument in the room lands in a place where they decide to nibble at the edges of this and I’m afraid I don’t think that will cut it, and you could end up in that circumstance in the worst of all worlds where you’ve U-turned but it doesn’t settle the markets in the way we need to.

    n

    “,”elementId”:”502aab0f-5bdc-4795-bbcd-bef4da6c429d”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665737123000,”blockCreatedOnDisplay”:”04.45 EDT”,”blockLastUpdated”:1665746051000,”blockLastUpdatedDisplay”:”07.14 EDT”,”blockFirstPublished”:1665737192000,”blockFirstPublishedDisplay”:”04.46 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.46″,”title”:”Senior Tory warns Truss economic U-turn must be ‘significant’”,”contributors”:[“name”:”Jamie Grierson”,”imageUrl”:”https://i.guim.co.uk/img/static/sys-images/Guardian/Pix/contributor/2015/7/21/1437482178282/Jamie-Grierson.jpg?width=300&quality=85&auto=format&fit=max&s=aec1c6baa1735debbe44a9ebd376b703″,”largeImageUrl”:”https://i.guim.co.uk/img/uploads/2017/10/06/Jamie-Grierson,-L.png?width=300&quality=85&auto=format&fit=max&s=febef6e5153e09d61d1e8c7c2a976d8d”],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634919be8f08c0284e6d324b”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The international trade minister, Greg Hands, has insisted it is “not unusual” for the chancellor, Kwasi Kwarteng, to be returning early from a trip abroad.

    “,”elementId”:”891e7336-2383-4b4c-9563-10e4ccc2ea2a”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Speaking on Sky News, Hands said:

    “,”elementId”:”f779914c-fd43-401a-a91e-1c475bdc031e”,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    It’s not unusual to come back a day early from an international visit. He’s coming back for discussions with colleagues, we obviously have the medium-term fiscal plan coming up on 31 October, so just in a couple of weeks’ time. There’s work to be done, there’s conversations to be had with colleagues.

    n

    But the major meat of the meetings of the IMF and World Bank have finished and the chancellor of the exchequer has been there two days.

    n

    “,”elementId”:”b0f828f2-93d0-4e88-b44a-e5f181180f0d”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    He also insisted on ITV’s Good Morning Britain that the prime minister, Liz Truss, and Kwarteng are safe, and sought to emphasise that UK financial markets are not the only ones in turmoil.

    “,”elementId”:”b4a41a38-9d80-4288-9d7c-63e2bada1f97″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665735102000,”blockCreatedOnDisplay”:”04.11 EDT”,”blockLastUpdated”:1665746570000,”blockLastUpdatedDisplay”:”07.22 EDT”,”blockFirstPublished”:1665735126000,”blockFirstPublishedDisplay”:”04.12 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.12″,”title”:”Minister says Kwarteng’s early return is ‘not unusual’”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634913828f08c0284e6d3217″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    After a torrid three weeks since his mini-budget sent the economy – and the Tory party – into turmoil, the chancellor, Kwasi Kwarteng, has left a meeting of the IMF in Washington DC early to return home, amid expectations that he and the prime minister, Liz Truss, will be forced into a humiliating U-turn barely a month into their tenure.

    “,”elementId”:”421454e5-818b-4937-ae0c-fdb8ac005487″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    As my colleague Larry Elliott reports:

    “,”elementId”:”441a2a1a-72b8-40ca-aa0a-85b5574b857a”,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    Kwasi Kwarteng has dramatically cut short his visit to the International Monetary Fund, flying home early from Washington in response to the mounting political crisis over his tax-cutting budget.

    n

    Adding to signs that the government is preparing to announce a U-turn over its plan to scrap a rise in corporation tax, the chancellor left the US capital a day earlier than planned.

    n

    Treasury sources said the chancellor had two constructive days in Washington but was keen to get back to London to engage with colleagues over his medium-term fiscal plan, due to be announced on 31 October.

    n

    But his unscheduled departure on a late-night flight from Washington capped a day of drama for the Truss government and prompted comparisons with the sterling crisis suffered by the Labour government in 1976.

    n

    Then, the chancellor Denis Healey turned around at Heathrow rather than fly out to an IMF meeting in Manila after pressure mounted on the pound.

    n

    Treasury sources refused to comment on whether Kwarteng’s decision meant a U-turn on corporation tax was imminent, but the chancellor was under pressure to make a decision before the financial markets open for business on Monday.

    n

    “,”elementId”:”51e47840-7013-49a2-a0b6-19e712defe39″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    We will have all the latest developments here on the politics live blog.

    “,”elementId”:”6972cda2-38b4-4856-8e99-299f465fb66c”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Here is the agenda for the day.

    “,”elementId”:”9ffd198a-90d9-4d05-a7ae-3342e91941b1″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Morning. Economic crime and corporate transparency bill – second reading.

    “,”elementId”:”86230875-01b3-4973-8049-917ed6816619″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    9.30am. The Office for National Statistics will publish its latest survey of the social impact of the cost of living, goods shortages, and Covid-19.

    “,”elementId”:”c2610f65-7dfd-4180-b6ba-37673ca330c6″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    10.30am. Charity Asylum Aid is bringing a high court challenge to the government’s proposals to send some asylum seekers to Rwanda.

    “,”elementId”:”ec2a704a-b167-447d-87b7-d34bcb48fd22″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    12pm. Weekly UK Covid-19 infection survey, from the Office for National Statistics.

    “,”elementId”:”0aaf5d33-2a6f-4a7b-a202-816f6d35431f”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    3pm. Cop26 president, Alok Sharma, to speak at the Wilson Centre in Washington.

    “,”elementId”:”39929243-bd4a-4a62-a123-b67f8a12d00c”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665734468000,”blockCreatedOnDisplay”:”04.01 EDT”,”blockLastUpdated”:1665746467000,”blockLastUpdatedDisplay”:”07.21 EDT”,”blockFirstPublished”:1665734468000,”blockFirstPublishedDisplay”:”04.01 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.01″,”title”:”Kwarteng leaves Washington DC early”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”],”filterKeyEvents”:false,”format”:”display”:0,”theme”:0,”design”:10,”id”:”key-events-carousel-mobile”}”>

    Key events

    The Conservative MP Steve Brine, who supported Rishi Sunak in the Tory leadership contest, told Radio’s PM that, following the appointment of Jeremy Hunt as chancellor, “you should see Liz Truss as chairman and Jeremy as chief executive”.

    “,”elementId”:”f560af68-3c51-414f-a138-208783e43ed7″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    UPDATE: Brine said:

    “,”elementId”:”de8c64ed-0a81-463e-b7f4-202b2acc8929″,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    At the end of the day, everybody – detractor or otherwise – should want this government to succeed.

    n

    And I know about Jeremy that he won’t be licking his lips at the prospect of becoming chancellor at this time. But this is a moment to be there for the country, and in my experience it’s always been country first, and he will see that as his job right now.

    n

    You should see Liz Truss as the chairman and Jeremy Hunt as the chief executive. And I think he’ll be a very effective chief executive and like a new football manager coming in, at the end of the day the supporters are happy when the team is winning.

    n

    “,”elementId”:”2dc658c3-30f2-4455-b148-ed345a6ca3a4″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665766177000,”blockCreatedOnDisplay”:”12.49 EDT”,”blockLastUpdated”:1665769099000,”blockLastUpdatedDisplay”:”13.38 EDT”,”blockFirstPublished”:1665766474000,”blockFirstPublishedDisplay”:”12.54 EDT”,”blockFirstPublishedDisplayNoTimezone”:”12.54″,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634991fa8f085fc6682b3520″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Keir Starmer has told the Guardian that Britain needs a general election, regardless of whether or not Liz Truss stays or goes. Asked whether there should be a general election, he told my colleague Rowena Mason:

    “,”elementId”:”b8450f0a-b347-48fe-80af-4e662eeee28a”,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    Yes … We are in the absurd situation where we are on the third, fourth prime minister in six years and within weeks we have a got a prime minister who has the worst reputational ratings of any prime minister pretty well in history. Their party is completely exhausted, and clapped out. It has got no ideas, it can’t face the future and it has left the UK in a defensive crouch where we are not facing the challenges of the future because we haven’t got a government that could lead us to the future. For the good of the country we need a general election.

    n

    “,”elementId”:”1da0af05-374d-42ee-8788-dfe890b78e96″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The full story is here.

    “,”elementId”:”1de4f7d4-00e8-4670-a325-99fbd36131c0″,”_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/politics/2022/oct/14/keir-starmer-uk-election-now-liz-truss-stays-goes-labour”,”text”:”Keir Starmer: UK needs election now whether Liz Truss stays or goes”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”58700921-7da3-4480-ad80-416a6eb8caa3″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665765882000,”blockCreatedOnDisplay”:”12.44 EDT”,”blockLastUpdated”:1665766074000,”blockLastUpdatedDisplay”:”12.47 EDT”,”blockFirstPublished”:1665766074000,”blockFirstPublishedDisplay”:”12.47 EDT”,”blockFirstPublishedDisplayNoTimezone”:”12.47″,”title”:”Starmer says Britain needs general election now”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”6349888a8f08c0284e6d3921″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The main focus during Liz Truss’s press conference was on her confirmation that she will go ahead with the rise in corporation tax announced by Boris Johnson when he was prime minister, and on her overall tone and manner.

    “,”elementId”:”240ce3e0-8104-4222-98da-6538270e640f”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    But in her opening speech she also confirmed that public spending will be cut. She said:

    “,”elementId”:”e8344d3f-e869-4a00-b2d1-0a27f332e7f8″,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    Our public sector will become more efficient to deliver world-class services for the British people.

    n

    And spending will grow less rapidly than previously planned.

    n

    “,”elementId”:”2f158767-624d-4226-a425-41eb49e1fcbf”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    This qualifies as another U-turn. Yesterday, when Keir Starmer asked her during PMQs whether she was going to stick to what she said during the Tory leadership contest about “not planning public spending reductions”, she replied: “Absolutely.”

    “,”elementId”:”2b3e22f8-a5c8-479e-ba9c-aedfaa02ea6e”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Downing Street never did explain quite what this meant. Government spending plans were set in the spending review of 2021 and under those plans spending was due to rise faster than inflation – but only faster than the measure of inflation used for public spending, not necessarily the CPI measure. Since then inflation has gone up (on both measures), meaning the rises are less generous than they seemed a year ago.

    “,”elementId”:”c3c6e330-d3eb-47f5-a853-e266d4122ea0″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Truss was implying, not just that spending would not be increased to compensate for higher inflation, but that there would be cuts relative to what had been promised. This is from Paul Johnson from the Institute for Fiscal Studies.

    “,”elementId”:”04be5e04-b6ee-49b6-9abd-2e3b0218dd8e”,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/PJTheEconomist/status/1580916515406508032″,”id”:”1580916515406508032″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”82b73d51-dac2-457f-9095-caf231936a14″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665763467000,”blockCreatedOnDisplay”:”12.04 EDT”,”blockLastUpdated”:1665765496000,”blockLastUpdatedDisplay”:”12.38 EDT”,”blockFirstPublished”:1665764440000,”blockFirstPublishedDisplay”:”12.20 EDT”,”blockFirstPublishedDisplayNoTimezone”:”12.20″,”title”:”Truss says public spending to grow ‘less rapidly than previously planned'”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634982d58f085fc6682b33f8″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Downing Street has announced a swathe of new political peerages. Thirteen new Conservative peers have been appointed, eight Labour ones, one from the DUP, and four who are non-affiliated, or who will sit as crossbenchers. The list was drawn up while Boris Johnson was prime minister, but this is a routine political honours list, not his resignation honours list.

    “,”elementId”:”1d164efb-20ca-4cb0-8db9-f07ea5d5dad5″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    As PA Media reports, Sir Nicholas Soames, the former Tory MP and grandson of Winston Churchill, and Tom Watson, the former deputy Labour leader, are on the list. Others receiving peerages include former Tory MPs Sir Hugo Swire, Stewart Jackson, Angie Bray and Graham Evans, general secretary of the Trades Union Congress of the UK Frances O’Grady and former Northern Ireland first minister Arlene Foster.

    “,”elementId”:”3ec5b388-cfb2-4ca3-bbd4-179f91623021″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Paul Dacre, the editor-in-chief of DMG Media which publishes the Daily Mail and Metro newspapers, was not on the list despite previously being tipped to become a Tory peer.

    “,”elementId”:”f06a2e4e-9a35-4eb0-b84b-2fd1ef30abec”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Three Conservative MPs close to Boris Johnson have also been given knighthoods. They are: John Whittingdale, the former culture secretary who once employed Johnson’s wife Carrie as a special adviser; Jake Berry, the Conservative party chair who was one of the first MPs to campaign for him to become party leader: and James Duddridge, the international trade minister who used to be Johnson’s parliamentary private secetary.

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    Philip Hammond, who was chancellor under Theresa May, said the Conservative party under Liz Truss had “thrown away years and years of painstaking work to build and maintain a party of fiscal discpline and competence in government”. The arguments the Tories normally used against Labour on the economy would now look “extremely limp”, he said, in an interview on the World at One.

    “,”elementId”:”c840ccd0-a31f-453a-adf8-afcf4396c666″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/BBCWorldatOne/status/1580921697770778624″,”id”:”1580921697770778624″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”48c5bd5e-e8bd-4927-9c57-7873fac2d2ec”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665760354000,”blockCreatedOnDisplay”:”11.12 EDT”,”blockLastUpdated”:1665767307000,”blockLastUpdatedDisplay”:”13.08 EDT”,”blockFirstPublished”:1665760621000,”blockFirstPublishedDisplay”:”11.17 EDT”,”blockFirstPublishedDisplayNoTimezone”:”11.17″,”title”:”Philip Hammond says Tories under Truss have ‘thrown away’ reputation for ‘fiscal discipline and competence'”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634975cf8f085fc6682b331e”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Despite the climbdown on corporation tax, which the markets were expecting, Liz Truss failed to give the reassurances the public and investors were looking for.

    “,”elementId”:”27d6d0c1-77a1-4a6d-91e4-2bb5fe274606″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The FTSE 100 index has now pared gains and is only 42 points ahead at 6,891, a 0.6% gain. The pound has dropped 1.2% to $1.1191.

    “,”elementId”:”d5cf702d-3291-4937-8607-32cee945fffa”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Government bonds were rallying before the press conference, pushing yields sharply lower, but the yield on the 30-year gilt has since ticked up 5 basis points to 4.6%.

    “,”elementId”:”03bc2790-09f6-4e7e-8942-548feccae5a9″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The rise in corporation tax from 19p to 25p next April, originally announced by the then chancellor Rishi Sunak in March, and which Truss said during the leadership contest would not go ahead … will now go ahead.

    “,”elementId”:”cc58c93e-27a5-4e2b-b68b-fa2a36f9e7d7″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    For more market reaction to the PM’s latest U-turn announcement, please follow my colleague Julia Kollewe’s business live blog.

    “,”elementId”:”d34f1e90-39bc-41ee-aca4-a3190772a1b8″,”_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/live/2022/oct/14/kwasi-kwarteng-returns-early-imf-markets-price-more-u-turns-business-live”,”text”:”Pound selloff intensifies, government bond, FTSE rally fades after Liz Truss press conference – business live”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”bb03139d-8b25-48b6-85be-f566629a28db”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665758671000,”blockCreatedOnDisplay”:”10.44 EDT”,”blockLastUpdated”:1665761819000,”blockLastUpdatedDisplay”:”11.36 EDT”,”blockFirstPublished”:1665758752000,”blockFirstPublishedDisplay”:”10.45 EDT”,”blockFirstPublishedDisplayNoTimezone”:”10.45″,”title”:”Government bond, FTSE rally fades, sterling slides after Truss’s press conference”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”6349686d8f0868dbfd2deeb7″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Was that it? By the time Liz Truss stood up to start her press conference (although a briefing where only four questions were allowed barely counts), we already knew that she was about to abandon the key thrust of her mini-budget, and that her chancellor had been sacked. The big question was whether Truss would be able to survive herself. Her performance will have done little or nothing to persuade her MPs, or anyone else, that she will, or even that she should.

    “,”elementId”:”6d77d2cb-fb23-4c8d-9690-5da15cdf739d”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Truss said that the corporation tax rise planned by Rishi Sunak, that she campaigned to abandon during the Tory leadership campaign, would go ahead anyway. She said this was in response to the fact that her mini-budget “went further and faster than markets were expecting”. (Until today she has implied that global factors, not the mini-budget, were mainly to blame for the recent market turmoil.) But then she tried to explain that she was being consistent with the mission she set out during the leadership contest (boosting growth), even though it is obvious that her strategy has gone up in flames. And – crucially – she failed to explain why, if the chancellor had to go, she should not quit too.

    “,”elementId”:”02eb16bd-7520-4628-984c-aca4353aef09″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    In so far as she did have an answer to this, it was that she is “absolutely determined to see through what I have promised, to deliver a higher growth, more prosperous United Kingdom, to see us through the storm we face”.

    “,”elementId”:”e12ee878-e83a-435e-a024-d827985d1379″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Her problem was not just that this line does not explain why she should stay on in No 10 when they are plenty of other people who share her commitment to growth who have a lot more credibility as leaders likely to deliver it. Her whole manner during the press conference advertised a lack of confidence and authority.

    “,”elementId”:”12a7fe3f-f78e-48e1-9520-4da5883e3bc5″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    She started with a personal plea about how she knew what it was like growing up “somewhere that isn’t feeling the benefits of growth”. This was a reference to the time she spent in Paisley as a child, but she had a middle class upbringing and spent her teenage years living in one of the nicest parts of Leeds. This implied sob story sounded phoney.

    “,”elementId”:”f0cd740d-f044-4e96-a693-790e29d24394″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Then she only took four questions. Normally politicians who feel the need to persuade the press, or the public at large, are well advised to keep taking questions at a press conference like this until they run out. Not only did Truss fail to do that, she also deliberately started with questions from the two papers most likely to be favourable, the Daily Telegraph and the Sun. Only then did she take questions from the BBC and ITV, who normally get priority at the events.

    “,”elementId”:”4481513c-fa8f-4e46-b3f8-969acd9a9c95″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    If Truss was hoping for soft questions first, it didn’t work. But the hardest question was probably the final one, from ITV’s Robert Peston. He asked if she would apologise to her party. She wouldn’t.

    “,”elementId”:”f8fb7aed-559c-48cd-a462-bee0cdf0a24e”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The lack of contrition matters because, if Truss is going to survive, she is going to need to secure the goodwill of Tory MPs. With this sort of responsibility-dodging and blame avoidance, she won’t get it.

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    Truss is asked if she will apologise to her own Conservative party after being accused by the former Tory chancellor, Philip Hammond, of totally trashing the party’s election-winning reputation for economic competence.

    “,”elementId”:”9060142d-1c21-4dbf-8fcd-9ee841100929″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    She dodges the question, repeating that she is determined to deliver on what she set out and that she made the right decisions “in the national interest” today.

    “,”elementId”:”31f08071-d7b1-404f-978d-a549ff7d2c92″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    UPDATE: In response to the question, from ITV’s Robert Peston, Truss said:

    “,”elementId”:”59ca0901-64ec-4993-92ee-c64c497215b5″,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    I am determined to deliver on what I set out when I campaigned to be party leader.

    n

    We need to have a high growth economy but we have to recognise that we are facing very difficult issues as a country.

    n

    And it was right in the national interest that I made the decisions I’ve made today to restore that economic stability so we can deliver, first of all helping people through this winter next winter, with their energy bills, but also making sure that our country is on the long term footing for sustainable economic growth.

    n

    “,”elementId”:”ace659ec-50ab-4f0c-b18b-457c404de8a6″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665755625000,”blockCreatedOnDisplay”:”09.53 EDT”,”blockLastUpdated”:1665763272000,”blockLastUpdatedDisplay”:”12.01 EDT”,”blockFirstPublished”:1665755627000,”blockFirstPublishedDisplay”:”09.53 EDT”,”blockFirstPublishedDisplayNoTimezone”:”09.53″,”title”:”Truss declines to apologise to Conservative party for what has happened”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634968338f085fc6682b324d”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Asked why she believes she should remain as PM, Truss says she is “absolutely determined” to see through what she promised when she became leader.

    “,”elementId”:”e1e4b1c6-6c9f-4e7e-909b-e6903f1ec21a”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    She says her priority is to deliver the economic stability the country needs.

    “,”elementId”:”cb036fc9-8e11-4a6b-a3e3-efbf133db6af”,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    That’s why I had to take the difficult decisions I’ve taken today. The mission remains the same. We do need to raise our country’s economic growth levels. We do need to deliver for people across the country. We’re committed to delivering on the energy price guarantee which people are already seeing in their bills. But ultimately, we also need to make sure that we have economic stability, and I have to act in the national interest.

    n

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    Truss says she was “incredibly sorry” to lose Kwasi Kwarteng as chancellor, describing him as a “great friend” who “shares my vision to set this country on the path to growth’.

    “,”elementId”:”9349020e-df5d-49ed-badc-027f66338772″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    She confirms that she has asked Jeremy Hunt to replace him as the new chancellor of the exchequer.

    “,”elementId”:”ae4e70f3-80f6-4f02-b8f6-4864ffcdf332″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Hunt is “one of the most experienced and widely respected government ministers and parliamentarians”, she says.

    “,”elementId”:”8e86a24f-9778-43bf-9586-dd9e46915f02″,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    He shares my convictions and ambitions for our country. He will deliver the medium-term fiscal plan at the end of this month. He will see through the support we are providing to help families and businesses, including our energy price guarantee.

    n

    “,”elementId”:”54bccb76-8a91-4ca8-b0e1-beeda781311e”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665754934000,”blockCreatedOnDisplay”:”09.42 EDT”,”blockLastUpdated”:1665754996000,”blockLastUpdatedDisplay”:”09.43 EDT”,”blockFirstPublished”:1665754949000,”blockFirstPublishedDisplay”:”09.42 EDT”,”blockFirstPublishedDisplayNoTimezone”:”09.42″,”title”:”Truss ‘incredibly sorry’ to lose Kwasi Kwarteng”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634965848f085fc6682b321c”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The prime minister, Liz Truss, is now speaking at the press conference in Downing Street.

    “,”elementId”:”acf46111-a894-4697-b804-b7ef7af87094″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Truss has bowed to intense pressure from Conservative MPs and the markets by scrapping her signature corporation tax cut from the government’s mini-budget.

    “,”elementId”:”211da33d-584f-427f-8546-73c379dd2b7e”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    She says it is clear that parts of her government’s mini-budget “went further and faster than markets were expected”. She says:

    “,”elementId”:”7b24a582-cb9d-41f0-b6b9-c3ca2e8c1ce9″,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    So the way we are delivering our mission right now has to change. We need to act now to reassure the markets of our fiscal discipline.

    n

    I have therefore decided to keep the increase in corporation tax that was planned by the previous government.

    n

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    The prime minister, Liz Truss, is expected to speak at a press conference from the Downing Street briefing room in the next few minutes.

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    Downing Street has confirmed reports that Chris Philp is out as chief secretary to the Treasury, and has been replaced by Ed Argar.

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    Chris Philp has been appointed Paymaster General, Downing Street said.

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    No 10 has confirmed that Jeremy Hunt has been appointed Britain’s new Chancellor of the Exchequer.

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    The former foreign secretary and Tory leadership contender will be the fourth chancellor this year.

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    Here’s the letter from Liz Truss to her former chancellor Kwasi Kwarteng in full:

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    The bottom of the letter suggests that the letter to Kwarteng was written by Kwarteng himself:

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    No 10 has confirmed that Jeremy Hunt will replace Kwasi Kwarteng as chancellor, the Guardian’s Pippa Crerar writes.

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    n”,”url”:”https://twitter.com/PippaCrerar/status/1580899600608931841″,”id”:”1580899600608931841″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”b0333114-da42-4278-88ea-2bfbd3e98d2f”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    She has also confirmed that Chris Philp is out as chief secretary to the Treasury.

    “,”elementId”:”0dbdbc56-4def-4697-8f28-4c82341d406c”,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/PippaCrerar/status/1580900632558723074″,”id”:”1580900632558723074″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”cdde4f43-e06e-489b-a30b-84120f366c28″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665750877000,”blockCreatedOnDisplay”:”08.34 EDT”,”blockLastUpdated”:1665751154000,”blockLastUpdatedDisplay”:”08.39 EDT”,”blockFirstPublished”:1665750897000,”blockFirstPublishedDisplay”:”08.34 EDT”,”blockFirstPublishedDisplayNoTimezone”:”08.34″,”title”:”Jeremy Hunt appointed new chancellor”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634950688f085fc6682b3106″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwasi Kwarteng has confirmed he was asked “to stand aside” as chancellor.

    “,”elementId”:”9e359055-2469-48e7-9364-418a02abe0e5″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    In a letter to the prime minister, Kwarteng writes:

    “,”elementId”:”7be489b2-93f6-4705-8a3e-8ac265c2a019″,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    You have asked me to stand aside as your Chancellor. I have accepted.

    n

    When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.

    n

    As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation – that must still change if this country is to succeed.

    n

    “,”elementId”:”4bd7a919-2024-4ac2-bc9a-f45db4f47de3″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/KwasiKwarteng/status/1580892129630777346″,”id”:”1580892129630777346″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”f2f31904-9681-4c40-afd9-8785afba8c53″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwarteng continues:

    “,”elementId”:”6584fb23-7e1a-477a-a0e9-f58609040afe”,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    The economic environment has changed rapidly since we set out the growth plan on 23 September. In response, together with the Bank of England and excellent officials at the Treasury we have responded to those events, and I commend my officials for their dedication.

    n

    It is important now as we move forward to emphasise your government’s commitment to fiscal discipline. The medium-term fiscal plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches.

    n

    We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to serve as your first chancellor.

    n

    Your success is this country’s success and I wish you well.

    n

    “,”elementId”:”eb38c1e7-c99e-4fd6-9820-36e3c77bfd2f”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665749096000,”blockCreatedOnDisplay”:”08.04 EDT”,”blockLastUpdated”:1665749649000,”blockLastUpdatedDisplay”:”08.14 EDT”,”blockFirstPublished”:1665749137000,”blockFirstPublishedDisplay”:”08.05 EDT”,”blockFirstPublishedDisplayNoTimezone”:”08.05″,”title”:”Kwasi Kwarteng confirms he was sacked”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”63494c488f0868dbfd2ded43″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwasi Kwarteng has been sacked after his disastrous mini-budget caused market turmoil, a bailout of pension funds and rising mortgage rates, Downing Street has confirmed.

    “,”elementId”:”60965f99-a20c-4110-a09f-8df7362a0598″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/PippaCrerar/status/1580887814354259968″,”id”:”1580887814354259968″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”9228ba13-50a9-4e4a-a79b-c43d52e2021d”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwarteng is leaving the position after just six weeks in the job, despite Liz Truss, the prime minister, having also signed off an array of unfunded tax cuts in the mini-budget last month.

    “,”elementId”:”8a57ab47-fbc1-4866-b9a1-5f6276a32e63″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    He had returned early from the International Monetary Fund meeting in the US to discuss further U-turns in the budget, after a move to drop the 45p tax rate failed to calm the economic situation.

    “,”elementId”:”bbe87fbd-0c13-4c85-8e16-e3c01c112d63″,”_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/politics/2022/oct/14/liz-truss-press-conference-u-turn-corporation-tax-kwasi-kwarteng”,”text”:”Liz Truss sacks Kwasi Kwarteng ahead of corporation tax U-turn”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”ae1d79d4-711b-4866-a26c-b34d3589842f”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665748040000,”blockCreatedOnDisplay”:”07.47 EDT”,”blockLastUpdated”:1665748521000,”blockLastUpdatedDisplay”:”07.55 EDT”,”blockFirstPublished”:1665748059000,”blockFirstPublishedDisplay”:”07.47 EDT”,”blockFirstPublishedDisplayNoTimezone”:”07.47″,”title”:”Kwasi Kwarteng sacked after six weeks as chancellor”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634949f98f085fc6682b30ad”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwasi Kwarteng has been sacked as chancellor, two sources have told Sky News.

    “,”elementId”:”c4e4bd7e-016b-44f2-be87-63884be64a6e”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665747449000,”blockCreatedOnDisplay”:”07.37 EDT”,”blockLastUpdated”:1665747517000,”blockLastUpdatedDisplay”:”07.38 EDT”,”blockFirstPublished”:1665747518000,”blockFirstPublishedDisplay”:”07.38 EDT”,”blockFirstPublishedDisplayNoTimezone”:”07.38″,”title”:”Kwasi Kwarteng sacked as chancellor – Sky News”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634949608f0868dbfd2ded19″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The leader of the Lib Dems, Ed Davey, has called for a general election amid the turmoil.

    “,”elementId”:”6e03af32-ea6e-4bce-8917-48a9552ee474″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/EdwardJDavey/status/1580880283691552768″,”id”:”1580880283691552768″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”5377bfd3-0485-4c13-b895-42e382668ccf”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665747296000,”blockCreatedOnDisplay”:”07.34 EDT”,”blockLastUpdated”:1665747698000,”blockLastUpdatedDisplay”:”07.41 EDT”,”blockFirstPublished”:1665747337000,”blockFirstPublishedDisplay”:”07.35 EDT”,”blockFirstPublishedDisplayNoTimezone”:”07.35″,”title”:”Lib Dems call for general election”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”6349476c8f085fc6682b3057″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwasi Kwarteng will be sacked as chancellor as Liz Truss tries to restore her political authority ahead of a U-turn on parts of her disastrous mini-budget later on Friday, according to sources.

    “,”elementId”:”28f8b6a3-b9f9-4f3d-8646-6e1343664c70″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    A Downing Street source confirmed to the Guardian the prime minister intended to get Kwarteng to “carry the can” over her climbdown as she sought to calm the markets and the nerves of jittery Tory MPs.

    “,”elementId”:”25644cf6-af85-4daf-8d64-390bb9b20460″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Truss is meeting Kwarteng, previously her closest political ally and co-architect of her plan for growth, for crisis talks in Downing Street after he dashed back overnight from an International Monetary Fund (IMF) meeting in Washington.

    “,”elementId”:”f123040a-2ddb-4c3e-bc89-489714d78af4″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Whitehall insiders told the Guardian the pair held different views on how far the government should go in reversing key elements of its plan to steady the markets and placate anxious Conservative MPs.

    “,”elementId”:”a86a8f93-1180-403e-9cac-44354431926f”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Read the full story here:

    “,”elementId”:”bf4bd487-d8c8-4708-8511-1a9d122a39c6″,”_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/politics/2022/oct/14/liz-truss-press-conference-u-turn-corporation-tax-kwasi-kwarteng”,”text”:”Liz Truss expected to sack Kwasi Kwarteng ahead of corporation tax U-turn”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”d1a962aa-5ca8-4833-9f37-c37ea09da405″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665746797000,”blockCreatedOnDisplay”:”07.26 EDT”,”blockLastUpdated”:1665746897000,”blockLastUpdatedDisplay”:”07.28 EDT”,”blockFirstPublished”:1665746897000,”blockFirstPublishedDisplay”:”07.28 EDT”,”blockFirstPublishedDisplayNoTimezone”:”07.28″,”title”:”Liz Truss expected to sack Kwasi Kwarteng ahead of corporation tax U-turn”,”contributors”:[“name”:”Pippa Crerar”,”imageUrl”:”https://i.guim.co.uk/img/uploads/2022/10/06/Pippa_Crerar_.jpg?width=300&quality=85&auto=format&fit=max&s=7279a3b1b70f1ad143e1f25984f7837b”,”largeImageUrl”:”https://i.guim.co.uk/img/uploads/2022/10/06/Pippa_Crerar_Next_Gen.png?width=300&quality=85&auto=format&fit=max&s=69dfaea79a0d53d5edb6efae832af817″],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634943fc8f085fc6682b301b”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The shadow chancellor, Rachel Reeves, has responded to speculation of the mini-budget U-turn.

    “,”elementId”:”4f74fc53-ee62-4f42-be7d-d85dea17aade”,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/RachelReevesMP/status/1580875030967504897″,”id”:”1580875030967504897″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”b73f5663-cc8c-4619-b92a-df85fbded6ff”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665745916000,”blockCreatedOnDisplay”:”07.11 EDT”,”blockLastUpdated”:1665746598000,”blockLastUpdatedDisplay”:”07.23 EDT”,”blockFirstPublished”:1665745974000,”blockFirstPublishedDisplay”:”07.12 EDT”,”blockFirstPublishedDisplayNoTimezone”:”07.12″,”title”:”Labour says ‘humiliating’ U-turn is necessary”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”63493a848f0868dbfd2debc4″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Kwasi Kwarteng is being sacked as the chancellor, the Times’ Steven Swinford has been told.

    “,”elementId”:”70f50c47-edb5-405f-8470-41f4efa22864″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/Steven_Swinford/status/1580868139692134400″,”id”:”1580868139692134400″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”171c3f3f-3765-4974-82f6-f26bebac52a1″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665743492000,”blockCreatedOnDisplay”:”06.31 EDT”,”blockLastUpdated”:1665743641000,”blockLastUpdatedDisplay”:”06.34 EDT”,”blockFirstPublished”:1665743521000,”blockFirstPublishedDisplay”:”06.32 EDT”,”blockFirstPublishedDisplayNoTimezone”:”06.32″,”title”:”Kwasi Kwarteng ‘being sacked as chancellor’ – report”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”6349340f8f08c0284e6d33ac”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Downing Street has just announced that Liz Truss will hold a press conference later today.

    “,”elementId”:”131caa7a-383f-40e8-919d-0dd77e9a97b8″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The prime minister and chancellor are expected to confirm today that they will U-turn on the plan to freeze corporation tax, the Guardian’s Pippa Crerar writes.

    “,”elementId”:”f9e1f713-384c-40c1-97dd-a28a1e7b459e”,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/PippaCrerar/status/1580861963306823680″,”id”:”1580861963306823680″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”bd735da0-145b-4ba9-97cd-1a13916797af”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665741839000,”blockCreatedOnDisplay”:”06.03 EDT”,”blockLastUpdated”:1665742039000,”blockLastUpdatedDisplay”:”06.07 EDT”,”blockFirstPublished”:1665741973000,”blockFirstPublishedDisplay”:”06.06 EDT”,”blockFirstPublishedDisplayNoTimezone”:”06.06″,”title”:”PM to hold press conference this afternoon”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”63492b1d8f085fc6682b2e3e”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The BBC is reporting that the prime minister, Liz Truss, has cancelled a series of meetings in her constituency to stay in London and concentrate on the crisis surrounding her mini-budget.

    “,”elementId”:”8ecf7d65-310a-4e23-aba9-8fcc8c7ab457″,”_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

    n”,”url”:”https://twitter.com/petesaull/status/1580849599593709569″,”id”:”1580849599593709569″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”1e8b33dc-1f7f-448a-a016-d7e366d93518″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665739549000,”blockCreatedOnDisplay”:”05.25 EDT”,”blockLastUpdated”:1665739810000,”blockLastUpdatedDisplay”:”05.30 EDT”,”blockFirstPublished”:1665739585000,”blockFirstPublishedDisplay”:”05.26 EDT”,”blockFirstPublishedDisplayNoTimezone”:”05.26″,”title”:”Truss ‘cancels constituency meetings to stay in No 10′”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634921a38f085fc6682b2dc6″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    A senior Conservative MP has said that Liz Truss must not “nibble at the edges” but instead perform a “powerful” and “significant” U-turn with her government’s so-far disastrous economic plan.

    “,”elementId”:”8646597c-bb9b-4db3-9707-1830fd659657″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Mel Stride, the chair of parliament’s Treasury select committee, told the BBC’s Today programme:

    “,”elementId”:”c04749e0-dcbe-4a09-9e20-d15fd8d58e68″,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    My personal view is that it [a U-turn] should happen. We have reached a point where we need this very powerful and significant signal to the markets that fiscal credibility is firmly back on the table, and I think that means doing something right now and not delaying.

    n

    Doing something very significant too – right at the heart of that will be unwinding the position on corporation tax.

    n

    The danger here is the argument in the room lands in a place where they decide to nibble at the edges of this and I’m afraid I don’t think that will cut it, and you could end up in that circumstance in the worst of all worlds where you’ve U-turned but it doesn’t settle the markets in the way we need to.

    n

    “,”elementId”:”502aab0f-5bdc-4795-bbcd-bef4da6c429d”],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665737123000,”blockCreatedOnDisplay”:”04.45 EDT”,”blockLastUpdated”:1665746051000,”blockLastUpdatedDisplay”:”07.14 EDT”,”blockFirstPublished”:1665737192000,”blockFirstPublishedDisplay”:”04.46 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.46″,”title”:”Senior Tory warns Truss economic U-turn must be ‘significant’”,”contributors”:[“name”:”Jamie Grierson”,”imageUrl”:”https://i.guim.co.uk/img/static/sys-images/Guardian/Pix/contributor/2015/7/21/1437482178282/Jamie-Grierson.jpg?width=300&quality=85&auto=format&fit=max&s=aec1c6baa1735debbe44a9ebd376b703″,”largeImageUrl”:”https://i.guim.co.uk/img/uploads/2017/10/06/Jamie-Grierson,-L.png?width=300&quality=85&auto=format&fit=max&s=febef6e5153e09d61d1e8c7c2a976d8d”],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634919be8f08c0284e6d324b”,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    The international trade minister, Greg Hands, has insisted it is “not unusual” for the chancellor, Kwasi Kwarteng, to be returning early from a trip abroad.

    “,”elementId”:”891e7336-2383-4b4c-9563-10e4ccc2ea2a”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Speaking on Sky News, Hands said:

    “,”elementId”:”f779914c-fd43-401a-a91e-1c475bdc031e”,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    It’s not unusual to come back a day early from an international visit. He’s coming back for discussions with colleagues, we obviously have the medium-term fiscal plan coming up on 31 October, so just in a couple of weeks’ time. There’s work to be done, there’s conversations to be had with colleagues.

    n

    But the major meat of the meetings of the IMF and World Bank have finished and the chancellor of the exchequer has been there two days.

    n

    “,”elementId”:”b0f828f2-93d0-4e88-b44a-e5f181180f0d”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    He also insisted on ITV’s Good Morning Britain that the prime minister, Liz Truss, and Kwarteng are safe, and sought to emphasise that UK financial markets are not the only ones in turmoil.

    “,”elementId”:”b4a41a38-9d80-4288-9d7c-63e2bada1f97″],”attributes”:”pinned”:false,”keyEvent”:true,”summary”:false,”blockCreatedOn”:1665735102000,”blockCreatedOnDisplay”:”04.11 EDT”,”blockLastUpdated”:1665746570000,”blockLastUpdatedDisplay”:”07.22 EDT”,”blockFirstPublished”:1665735126000,”blockFirstPublishedDisplay”:”04.12 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.12″,”title”:”Minister says Kwarteng’s early return is ‘not unusual’”,”contributors”:[],”primaryDateLine”:”Fri 14 Oct 2022 16.11 EDT”,”secondaryDateLine”:”First published on Fri 14 Oct 2022 04.01 EDT”,”id”:”634913828f08c0284e6d3217″,”elements”:[“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    After a torrid three weeks since his mini-budget sent the economy – and the Tory party – into turmoil, the chancellor, Kwasi Kwarteng, has left a meeting of the IMF in Washington DC early to return home, amid expectations that he and the prime minister, Liz Truss, will be forced into a humiliating U-turn barely a month into their tenure.

    “,”elementId”:”421454e5-818b-4937-ae0c-fdb8ac005487″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    As my colleague Larry Elliott reports:

    “,”elementId”:”441a2a1a-72b8-40ca-aa0a-85b5574b857a”,”_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

    n

    Kwasi Kwarteng has dramatically cut short his visit to the International Monetary Fund, flying home early from Washington in response to the mounting political crisis over his tax-cutting budget.

    n

    Adding to signs that the government is preparing to announce a U-turn over its plan to scrap a rise in corporation tax, the chancellor left the US capital a day earlier than planned.

    n

    Treasury sources said the chancellor had two constructive days in Washington but was keen to get back to London to engage with colleagues over his medium-term fiscal plan, due to be announced on 31 October.

    n

    But his unscheduled departure on a late-night flight from Washington capped a day of drama for the Truss government and prompted comparisons with the sterling crisis suffered by the Labour government in 1976.

    n

    Then, the chancellor Denis Healey turned around at Heathrow rather than fly out to an IMF meeting in Manila after pressure mounted on the pound.

    n

    Treasury sources refused to comment on whether Kwarteng’s decision meant a U-turn on corporation tax was imminent, but the chancellor was under pressure to make a decision before the financial markets open for business on Monday.

    n

    “,”elementId”:”51e47840-7013-49a2-a0b6-19e712defe39″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    We will have all the latest developments here on the politics live blog.

    “,”elementId”:”6972cda2-38b4-4856-8e99-299f465fb66c”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Here is the agenda for the day.

    “,”elementId”:”9ffd198a-90d9-4d05-a7ae-3342e91941b1″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    Morning. Economic crime and corporate transparency bill – second reading.

    “,”elementId”:”86230875-01b3-4973-8049-917ed6816619″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    9.30am. The Office for National Statistics will publish its latest survey of the social impact of the cost of living, goods shortages, and Covid-19.

    “,”elementId”:”c2610f65-7dfd-4180-b6ba-37673ca330c6″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    10.30am. Charity Asylum Aid is bringing a high court challenge to the government’s proposals to send some asylum seekers to Rwanda.

    “,”elementId”:”ec2a704a-b167-447d-87b7-d34bcb48fd22″,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    12pm. Weekly UK Covid-19 infection survey, from the Office for National Statistics.

    “,”elementId”:”0aaf5d33-2a6f-4a7b-a202-816f6d35431f”,”_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

    3pm. Cop26 president, Alok Sharma, to speak at the Wilson Centre in Washington.

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    Filters BETA

    Jeremy Hunt is doing a broadcast round on Saturday morning as the Conservative party attempts to reset Liz Truss’ premiership.

    Hunt will be appearing on LBC at 7am, before speaking to Sky News at 7.30am.

    The new chancellor will then be interviewed on BBC Breakfast at 8.30am.

    This from Telegraph political editor Christopher Hopewho has said that the 1922 committee will hold talks this weekend about Liz Truss’ leadership.

    As reported earlier Sir Graham Brady, who is the chairman of the body that governs the parliamentary Conservative party, is in Athens – but senior members are hoping to hold a conference call of its executive tomorrow or on Sunday.

    According to Hope, the idea of ​​changing the committee’s rules to allow a challenge against Truss is not on the table. The regulations mean that a leader is immune from a no confidence vote for a year after their election. Instead it would discuss “what needs to happen to assist her to get back to a sensible level of support”, one MP has told him.

    Some reaction from across Europe, including the German state broadcaster ZDF which has called the situation in the UK “insanity on the island”.

    An article by ZDF said former Conservative finance ministers are “wondering how on earth their country became an international laughing stock”.

    Premier Truss feuert Minister: UK-Regierungskrise: Irrsinn auf der Insel https://t.co/Xzv9LkpTV5

    — ZDFheute (@ZDFheute) October 14, 2022

    n”,”url”:”https://twitter.com/ZDFheute/status/1580978369415753728″,”id”:”1580978369415753728″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”de27b40b-1d6c-498f-8cfb-04847e4f1d35″”/>

    French newspaper Le Monde has said Liz Truss is “adrift” after sacking Kwasi Kwarteng and appointing Jeremy Hunt.

    It points out to readers across the English channel that to find another period where the government went through so many chancellors, you have to look back to 1834.

    Meanwhile in a long-read published in English looking at the state of the country, the monthly French newspaper Le Monde Diplomatique said that Britain is “a country splitting apart”. Journalist Jamie Maxwell writes: “beneath the veneer of national consensus after the death of a monarch, Britain’s fissures are deepening.”

    Italian newspaper Corriere Della Serra called events on Friday a “political earthquake” and says that the government’s credibility and economic competence is now in question.

    La Repubblica said the UK is “more unstable than Italy” and said Brexit was part of the origins of “the Truss disaster”.

    Across in Spain, a piece in El Pais refer to the replacement of Kwasi Kwarteng with Jeremy Hunt as “From Mr. Hyde to Doctor Jekyll”.

    International trade secretary Kemi Badenoch has said that Liz Truss has her “full support”.

    Badenoch came 4th in the Conservative party leadership contest earlier this year, and was eliminated during rounds of voting by MPs before it went to members.

    She has tweeted: “To say it’s been a difficult day would be an understatement. We knew the scale of the challenge this autumn given multiple global headwinds would be unprecedented. Our Prime Minister is working flat out to get the country through these turbulent times. She has my full support.”

    Here’s a photo of Liz Truss meeting Jeremy Hunt in the cabinet room at 10 Downing Street earlier today, as she appointed him chancellor.

    Liz Truss says she is ‘absolutely determined’ to see through plans and insists she won’t resign as PM – live | Politics
    Liz Truss sits across from Jeremy Hunt at the cabinet table at 10 Downing Street, London on the day she appointed him chancellor of the exchequer. Photograph: Andrew Parsons/No10 Downing Street

    Tomorrow’s ⁦@guardianpic.twitter.com/7Ev6lHAoYG

    — Owen Gibson (@owen_g) October 14, 2022

    n”,”url”:”https://twitter.com/owen_g/status/1580990071016071168″,”id”:”1580990071016071168″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”e9fe9678-e135-4d01-8cdd-b15fc731e315″”/>

    More polling news – Channel 4 has reported in its evening bulletin that 61% of people who responded to a poll run by Find Out Now think there should be a general election.

    In a survey carried out since Liz Truss’ press conference this afternoon, 64% of the 2,661 polled, think the prime minister should resign. That includes a majority of Tory voters also think so.

    64% think Liz Truss should resign.

    8% think she should stay as leader.

    61% think there should be a general election.@PGMcNamara exclusively reveals the results of a poll of more than 2,000 voters by Find Out Now, which was conducted after Liz Truss' press conference. pic.twitter.com/poNNWuerya

    — Channel 4 News (@Channel4News) October 14, 2022

    n”,”url”:”https://twitter.com/Channel4News/status/1580988104952795136″,”id”:”1580988104952795136″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”bdc5260c-088c-483c-b115-f965a2630108″”>

    64% think Liz Truss should resign.

    8% think she should stay as a leader.

    61% think there should be a general election.@PGMcNamara exclusively reveals the results of a poll of more than 2,000 voters by Find Out Now, which was conducted after Liz Truss’ press conference. pic.twitter.com/poNNWuerya

    — Channel 4 News (@Channel4News) October 14, 2022

    Sky News’ political editor Beth Rigby is currently speaking on the news channel, and says that from those inside the Conservative party that she has spoken to, it’s a case of “when, not if” Liz Truss will leave her job as prime minister.

    In terms of her survival, what we saw today was the last throw of the dice for her to try and survive from a Downing Street perspective, her supporters saying Jeremy Hunt being supportive buys her time … that is the optimistic view.

    A lot depends what happens in the markets in the coming days. If things don’t settle, and it’s made harder by this sense of ongoing political crisis, then she could be in real trouble.

    Regardless of the optimism and hope from her team, every single MP, cabinet minister, former cabinet minister or former minister I have spoken to today, they all say it’s a question of when not if she has to go. I am just reporting dozens of conversations that I have had today with people.

    In fact in the past few minutes a Tory source has told me that a substantial amount of letters calling for her to have a vote of no confidence, saying they have lost confidence in her, have gone in to Graham Brady.

    Brady is the chairman of the 1922 Committee which governs the parliamentary Conservative party and is currently away in Athens. Truss is unable to be challenged for a year due to current rules, but Rigby speculates that those rules may change.

    Here’s a summary of the reaction in the markets by my colleagues. Alex Lawson and Kalyeena Makortoff, as sterling fell, the FTSE 100 lost recent gains and bond yields rose in the wake of a day where Kwasi Kwarteng was sacked and Liz Truss’ gave a press conference that failed to inspire confidence.

    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 $1.188 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 chancellor.

    Investors were then spooked again by the brief press conference given by Truss, sending sterling down after she failed to outline a new policy direction and instead vowed to “see through” what she had promised.

    The FTSE 100 made significant gains as news of Kwarteng’s sacking emerged. However, the prime minister’s appearance erased almost all of its advance in afternoon trading, with the blue chip index up just 8 points at 6,858 on the day.

    More polls coming out tonight, as YouGov have found that a majority of people support Liz Truss sacking Kwasi Kwarteng. There is not too much difference in the margin between all those surveyed and just those who are Conservative voters who agree with Truss’ decisions. ComRes found the same earlier (see 18:27).

    Jeremy Hunt, Truss’ new chancellor, is already starting on the back foot. Nearly 40% of people in the snap poll already think he will do a bad job. Even the Conservative voters who were polled though it was more likely that he would do poorly than well.

    By 39% to 14%, Britons think Jeremy Hunt will do a bad job as chancellor. 47% don't know at this point

    All Britons
    Good job: 14%
    Bad job: 39%

    Con voters
    Good job: 22%
    Bad job: 34%https://t.co/OQjjsAYjyo pic.twitter.com/VaKwPVRbO6

    — YouGov (@YouGov) October 14, 2022

    n”,”url”:”https://twitter.com/YouGov/status/1580980939605565440″,”id”:”1580980939605565440″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”538501a9-8082-4e4a-94bb-128a57e006ae””/>

    Shadow home secretary Yvette Cooper is speaking to Sky News. She backs her leader’s call for a general election.

    In her interview she emphasizes that the Labor party would have a “grown up approach” contrasting it with the government’s conduct. It is something we have seen more and more in Labor’s messaging in recent weeks, playing on Sir Keir Starmer’s persona.

    Liz Truss and Kwasi Kwarteng and the Conservative Party created this crisis and it is still ongoing and it’s not fair on people across this country who are still paying the price. We have got homeowners who are paying hundreds of pounds more each on their mortgages, mortgages they can’t afford because of what this government has done.

    A Conservative prime minister has sacked a Conservative chancellor for policies she wanted introducing. Changing the chancellor is not enough, you have to change the government and the whole approach.

    It’s another U-turn and it’s another chaotic thing. Every few days we get a U-turn on something they should have done in the first place. They are playing games with people’s future, if they had taken a responsible grown up approach we wouldn’t be in this crisis in the first place. So many U-turns now that the government is spinning. What we need is a responsible grown up approach, that’s what Labor would do.

    More from deputy prime minister Therese Coffey’s call with Tory MPs earlier.

    One Conservative MP has told ITV’s Paul Brand it was “delusional nonsense” from her and other allies of Liz Truss.

    Johnny Mercer and other MPs “tried to get the meeting to address the reality of the hole they are in,” according to Brand.

    🔥 Tory MPs have just come off a call with Therese Coffey, where the PM’s allies tried to calm the mood. It didn’t work.

    One tells me “It was delusional nonsense from most. All the medias fault. Some saying shame we reversed the tax cuts. Everyone saying the comms is shit.”

    — Paul Brand (@PaulBrandITV) October 14, 2022

    n”,”url”:”https://twitter.com/PaulBrandITV/status/1580960210201767936″,”id”:”1580960210201767936″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”046a10dc-0deb-40e4-9f82-0cfea1f8b6b2″”>

    🔥 Tory MPs have just come off a call with Therese Coffey, where the PM’s allies tried to calm the mood. It didn’t work.

    One tells me “It was delusional nonsense from most. All the medias fault. Some saying shame we reversed the tax cuts. Everyone saying the comms is shit.”

    — Paul Brand (@PaulBrandITV) October 14, 2022

    This is Harry Taylor taking over from Andrew Sparrow for the rest of the evening.

    William Hague, the former Tory leader, told Times Radio that Liz Truss’s time as PM now “hangs by a thread”. He said:

    It’s been a catastrophic episode. And I think it hangs by a thread is the honest answer to your question of her position, because, yes these were her policies too. And plenty of warning was given by many of us about what would happen if we had unfunded tax cuts and whether it would be financially and politically sustainable.

    But Hague said he hoped she would survive because having yet another prime minister would be “stretching credibility too far” for the Conservative party.

    According to a snap poll by Savanta ComRes, more than half of voters think Liz Truss and Kwasi Kwarteng are equally to blame for the country’s economic situation and 71% say Truss can never regain the trust of the people again.

    Six in ten say Truss and Kwarteng equally to blame for the UK's economic situation.

    Both equally 60%
    Truss 24%
    Kwarteng 6% pic.twitter.com/KKKMrnpHBi

    — Savanta ComRes (@SavantaComRes) October 14, 2022

    n”,”url”:”https://twitter.com/SavantaComRes/status/1580971811957006337″,”id”:”1580971811957006337″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”2714db1d-7c4a-4025-983d-d1afadaa1d44″”/>

    Seven in ten say she cannot regain the trust of the British people

    Can regain 16%
    Cannot regain 71%
    DK 13% pic.twitter.com/fJLlci1Wig

    — Savanta ComRes (@SavantaComRes) October 14, 2022

    n”,”url”:”https://twitter.com/SavantaComRes/status/1580971816478076928″,”id”:”1580971816478076928″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”eabf943a-5f3c-455b-a36a-a3cd99ebbdb5″”/>

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