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☆ Opinion: Can the party of Winston Churchill really bring about the world’s toughest smoking ban?
▼ + stars: | 2024-04-17 | by ( Opinion Holly Thomas | ) edition.cnn.com time to read: +6 min

London CNN —Last week, former UK Prime Minister Boris Johnson treated a Canadian crowd to a helping of his signature bombast. Second World War-era Conservative British Prime Minister, Winston Churchill, is also one of history's most famous cigar smokers. Central Press/Hulton Archive/Getty ImagesDespite what Johnson may have led his audience to believe, a potential smoking ban enjoys broad popular support in the UK. New Zealand’s conservative National Party introduced a similar phased smoking ban last year, but reversed it before it went into effect to help pay for tax cuts. Smoking costs the NHS an estimated £2.5 billion ($3.1 billion) every year, equivalent to 2% of the health service’s budget.

Persons: Holly Thomas, Katie Couric, London CNN —, Boris Johnson, Winston Churchill, “, It’s, Rishi Sunak, Johnson, YouGov, Conservative backbenchers, Liz Truss, they’d, it’ll, ’ Organizations: Katie Couric Media, CNN, London CNN, Conservative Party Conference, Conservative British, Central Press, Hulton, National Health Service, Conservative, New, National Party, Cancer Research, Tory Locations: London, Quebec, Britain, America, England, Wales, Scotland

☆ Geert Wilders: A ‘Trump moment’ in the Netherlands shows that Europe still has a populist problem
▼ + stars: | 2023-11-23 | by ( Luke Mcgee | ) edition.cnn.com time to read: +6 min

CNN —The shock election results in the Netherlands have taken Europe by surprise, and left many onlookers unsure exactly what happens next. Far-right populist Geert Wilders and his Freedom Party (PVV) are now seeking to form a government after an unexpected win in Wednesday’s national vote. It would be very unusual for a party that comprehensively won the most seats to be locked out of government. Beyond those immediate concerns, there are questions as to what Wilders’ victory means for the direction of Dutch and European politics more broadly. Congratulations to Geert Wilders on winning the Dutch elections,” Hungarian PM Viktor Orban said late on Wednesday.

Persons: Geert Wilders, “, Donald, Trump, ” Catherine de Vries, Wilders, Mark Rutte, Robert Fico, Giorgia, Tiziana Fabi, Viktor Orban, Marine Le Pen, Carl Court, Emmanuel Macron, Le Pen, Giorgia Meloni, Nigel Farage, Farage Organizations: CNN, Freedom Party, Wednesday’s, Italy’s Bocconi University, European Union, Democracy Party, VVD, New, Labour, Green, Italy's, Albania's, Edi, Getty, –, EU, ”, Conservative, firebrand, Conservatives, Conservative Party Locations: Netherlands, Europe, Ukraine, Italy, Slovakia, Rome, AFP, EU, Brussels, ” Hungarian, France, United Kingdom

☆ European markets head for mixed open as sentiment falters
▼ + stars: | 2023-11-21 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Jeremy Hunt on the second day of the Conservative Party Conference on Oct. 2, 2023, in Manchester, England. U.K. public sector net borrowing excluding banks was £14.9 billion ($18.68 billion) in October, the second-highest level of borrowing for the month since records began in 1993. It was also higher than consensus forecasts and a March forecast by the independent Office for Budget Responsibility of £13.7 billion. Tax receipts were £2.7 billion higher year on year at £57.9 billion. It comes ahead of a government budget update Wednesday in which Finance Minister Jeremy Hunt may announce tax cuts as he seeks to prioritize growth, according to the BBC.

Persons: Jeremy Hunt, Ruth Gregory, Hunt, Gregory said, Gregory, Lindsay James, — Jenni Reid Organizations: Conservative Party Conference, Capital Economics, Quilter Investors Locations: Manchester, England

☆ UK's Hunt says won't implement tax cuts that fuel inflation
▼ + stars: | 2023-11-19 | by ( ) www.cnbc.com time to read: +1 min

Jeremy Hunt, Britain's Chancellor of the Exchequer, speaks on the second day of the the Conservative Party Conference on October 02, 2023 in Manchester, England. British finance minister Jeremy Hunt said on Sunday that he would not implement tax cuts that would push up inflation, days before he announces a major budget update that is widely expected to contain tax cuts. The Sunday Times reported that Hunt was considering cutting income tax or national insurance in his Autumn Statement budget update on Wednesday. "The one thing we won't do is any kind of tax cut that fuels inflation," Hunt told Sky News. Rachel Reeves, the opposition Labour Party's finance spokeswoman, said cutting inheritance tax would be the wrong priority in a cost-of-living crisis.

Persons: Jeremy Hunt, Britain's, Hunt, Rachel Reeves Organizations: Conservative Party Conference, Sunday Times, Conservative Party, Sky News, Labour Locations: Manchester, England, British

☆ The UK Labour Party has a Biden-esque economic plan — but it's very different to Bidenomics
▼ + stars: | 2023-10-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

LIVERPOOL, U.K. - Oct. 11, 2023: Britain's main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023. Paul Ellis | Afp | Getty ImagesLONDON — The U.K.'s main opposition Labour Party last week set out the economic platform it hopes will propel it to power at next year's general election, and the transatlantic parallels were clear. Reeves promised last week to "rebuild Britain" as the party seeks to de-risk business investment in emerging technologies with a new national wealth fund, maintaining an active state while harnessing private investment to drive economic growth. Labour's desired parallels to "Bidenomics" were discussed at a host of fringe events throughout the conference in Liverpool, particularly with regards to the "crowding in" of private investment — a Keynesian economic theory that suggests increased government spending can spur increased private investment. Just because the policies may be oriented towards boosting infrastructure and investment, unless they have that debt finance component, it's not Bidenomics."

Persons: Keir Starmer applauds, Paul Ellis, Keir Starmer, Starmer, they're, Rachel Reeves, Joe Biden's, Reeves, Britain —, Biden, Kallum Pickering, Liz Truss, Truss, Rishi Sunak, Pickering, it's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Labour, U.S, Biden administration's, U.S . Treasury, CNBC, Bank of England, Conservative Party, U.S ., University of Pennsylvania Locations: Liverpool, England, America, Britain, Germany, France

☆ Take Five: Volatile start to busy week
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +6 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 9 (Reuters) - Financial markets have got off to a volatile start to the week, after Hamas militants launched an assault on Israel at the weekend, triggering violent conflict that left hundreds dead. A bond market rout last week and currency gyrations already had financial markets on edge ahead of U.S. inflation numbers and the start of earnings season. Here's your week ahead in markets from Kevin Buckland in Tokyo, Lewis Krauskopf in New York, Rachel Savage in Johannesburg, and Naomi Rovnick and Dhara Ranasinghe in London. Amid these tensions, the IMF and World Bank are trying to boost their lending.

Persons: Brendan McDermid, gyrations, Kevin Buckland, Lewis Krauskopf, Rachel Savage, Naomi Rovnick, Wells, LSEG IBES, Rishi Sunak's, Sumanta Sen, Pasit, Vineet, Karin Strohecker, Kim Coghill Organizations: New York Stock Exchange, REUTERS, Financial, World Bank, International Monetary Fund, Labour, JPMorgan, Citigroup, PepsiCo, Delta Air Lines, UnitedHealth, Reuters, LABOUR, Conservative, Labour Party, MOROCCO Finance, Monetary Fund, U.S, Bretton Woods, IMF, Thomson Locations: New York City, U.S, Israel, Tokyo, New York, Johannesburg, London, Central, Morrocan, Marrakech, China

☆ UK joins Europe's growing 'greenlash' with new pro-motorist policies
▼ + stars: | 2023-10-09 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Protesters against Ultra Low Emission Zone (ULEZ) expansion brought traffic to a standstill as they demonstrated against the expansion of London's Ultra Low Emission Zone. MANCHESTER, ENGLAND — Moves by the U.K. government to introduce a series of pro-motorist policies brings Britain into the fold of countries succumbing to a political backlash against Europe's green agenda. A so-called "greenlash" has been growing across Europe as the cost of implementing ambitious environmental policies has faced resistance from citizens, prompting some governments to water down their targets. The decision comes as the ruling Conservative Party seeks to shore up support from voters — many of whom live in rural areas and feel unfairly penalized by green transport policies — ahead of next year's General Election. "The Conservative Party is proudly pro-car," Harper said as the Conservative Party Conference got underway in Manchester, England.

Persons: Mark Harper, Harper Organizations: Britain's, Conservative, Conservative Party, Conservative Party Conference Locations: MANCHESTER, ENGLAND, Europe, Manchester, England

☆ Britain’s Sunak issues rallying cry for a party that is already planning life without him
▼ + stars: | 2023-10-04 | by ( Luke Mcgee | ) edition.cnn.com time to read: +11 min

While the party establishment loathes Farage, Conservative members greeted him with open arms and requests for selfies after he arrived on Monday afternoon. The Conservative Party has always been a broad church, with competing factions jostling for supremacy. But Conservative Party members are rather different to the general public. Supporters applaud as Britain's Prime Minister Rishi Sunak speaks during the Conservative Party annual conference on Wednesday. Bookmakers' odds on the next UK general election are displayed outside the Manchester venue for the Conservative Party Conference on October 4, 2023.

Persons: Rishi Sunak, Boris Johnson, Liz Truss, –, steadying, ” Sunak, Sunak, Nigel Farage, loathes Farage, Hannah McKay, Kemi Badenoch, don’t “, Justin Tallis, Jeremy Hunt, Jon Super, Brexit, Johnson, didn’t, “ He’s, ”, Braverman, Grant Shapps, Suella Braverman, James, Stefan Rousseau, Christopher Furlong, Rishi Organizations: England CNN — British, Conservative Party, Conservative, CNN, Conservatives, Euroskeptic, Independence Party, European Union, selfies, Britain's UK Independence Party, PM, Labour Party, European, Human, Labour, British, Getty, Conservative Party Conference Locations: Manchester, England, “, North, Midlands, London, Sunak

☆ UK PM Rishi Sunak's leadership on rocky ground as party rebellion mounts
▼ + stars: | 2023-10-04 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

Britain's Prime Minister Rishi Sunak listens to a speaker address delegates at the annual Conservative Party Conference in Manchester, northern England, on October 2, 2023. (Members) should not blindly support a Conservative Party that no longer represents our values (and is) headed for electoral disaster. Independence Party (UKIP), was also in attendance and later said that a wing of the Conservative Party is "very much coming in [his] direction." "Two-thirds [of voters] think it's time for a change, and that's the real struggle that the Conservative Party has to turn around." Medical workers marched outside of the Conservative Party Conference in Manchester, England in a dispute with the government over pay.

Persons: Rishi Sunak, Oli Scarff, Sunak, Tory psychodramas, Liz Truss, —, Truss, Ronald Reagan, faithfuls, Priti Patel, Peter Cruddas, Patel, Boris Johnson —, Lord Peter Cruddas, I've, Lord Cruddas, Johnson, Nigel Farage, Farage, Gideon Skinner Organizations: Britain's, Conservative Party Conference, Afp, Getty Images, Conservative, Labour Party, Conservative Growth Group, Conservatives, Conservative Party, Conservative Democratic, Conservative Democratic Organisation —, Independence Party, UKIP, News Agents, Tories, Labour, CNBC Locations: Manchester, England, Getty Images MANCHESTER, ENGLAND

☆ UK PM Rishi Sunak scraps major high-speed rail link; plans to phase out smoking
▼ + stars: | 2023-10-04 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

U.K. Prime Minister Rishi Sunak used his headline speech at the close of the conference to reassert his authority and outline a number of new policies. Bloomberg | Getty ImagesMANCHESTER, ENGLAND — U.K. Prime Minister Rishi Sunak on Wednesday unveiled a raft of new policies aimed at shoring up waning support for his Conservative Party ahead of next year's General Election. Sunak used the decision to position himself as the change candidate, saying that he would "fundamentally change" the country. "For the first time in the lifetime of this project, we will have cut costs," Sunak said. watch nowCritics on both sides of the political spectrum have accused the prime minister of stifling the countries' long-term prospects in the interests of short-term political gain.

Persons: Rishi Sunak, Sunak, Mayor Andy Street, Andy Burnham, BBC Sunak Organizations: Bloomberg, Getty Images, Conservative Party, Conservative Party Conference, Westminster, West, Mayor, Conservatives, Labour, BBC Locations: Getty Images MANCHESTER, ENGLAND, Manchester, England, Birmingham, Greater Manchester, London

LONDON (AP) — U.K. Prime Minister Rishi Sunak on Wednesday proposed raising the legal age that people in England can buy cigarettes by one year, every year until it is illegal for the whole population and smoking hopefully will be gradually phased out among young people. Political Cartoons View All 1196 Images“People take up cigarettes when they’re young. Britain's government raised the legal age of sale for tobacco from 16 to 18 in 2007. Health experts welcomed the prime minister's plan to steadily increase the legal smoking age. Sunak also said his government would introduce measures to restrict the availability of vapes, or e-cigarettes, to children.

Persons: Rishi Sunak, Sunak, ”, England —, Shahab, vaping Organizations: Conservative Party, University College London Locations: England, Northern Ireland, Scotland, Wales, New Zealand

☆ HS2: UK PM Rishi Sunak slashes giant rail project as business warns of blow to credibility
▼ + stars: | 2023-10-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —UK Prime Minister Rishi Sunak has taken the axe to Britain’s biggest current infrastructure project, despite warnings from business leaders that the U-turn will damage investor confidence in the country. “This means £36 billion of investment in the projects that will make a real difference across our nation,” he added. “Any deviation could result in a loss of investor trust, and this would have a considerable negative impact on the UK. The ambitious HS2 project falls into this category.”The U-turn was also blasted by Richard Walker, the boss of supermarket chain Iceland, and until recently a long-time Conservative Party member. The government’s “evident inability” to deliver on major projects “is devastating to both its credibility and to business confidence,” Walker wrote in The Guardian newspaper Sunday.

Persons: Rishi Sunak, Sunak, ” Sunak, Andy Street, We’ve, Tom Wagner, Wagner, ”, Richard Walker, ” Walker Organizations: London CNN —, Manchester —, Conservative Party Conference, Conservative Party, Conservative, Investors, LBC, Knighthead Capital Management, Birmingham City football, The Guardian, “ Locations: London, Birmingham, Manchester, United Kingdom, England, Iceland

☆ Britain proposes ban on cigarettes for younger generations
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +3 min

Smoking costs Britain's health services 17 billion pounds ($20.6 billion) a year, he said, adding the government also needed to act on youth vaping. Campaign group Action on Smoking and Health welcomed Sunak's plans, adding they could hasten the day when smoking was obsolete. Imperial Brands (IMB.L), which makes Winston cigarettes and Golden Virginia rolling tobacco, also warned the ban threatened "unintended consequences". REUTERS/Phil Noble/File Photo Acquire Licensing RightsGRADUAL IMPACTThe smoking policy would need to pass a free vote in Britain's parliament. Shares in Imperial Brands fell 3.2% to their lowest since March 2022, while shares in BAT, which has a lower exposure to the British cigarette market, were down 1.2% by 1357 GMT.

Persons: Rishi Sunak, Sunak's, Winston, Phil Noble, Owen Bennett, Bennett, Emma Rumney, Michael Holden, Sachin Ravikumar, Alex Richardson Organizations: Conservative Party, Health, Tobacco Manufacturers Association, Imperial Brands, Dunhill, British, Tobacco, REUTERS, Japan Tobacco, Benson, Hedges, Jefferies, BAT, Thomson Locations: MANCHESTER, England, Virginia, Liverpool, Britain's, Britain, Europe, New Zealand, Denmark

☆ Ex-UK PM Liz Truss renews calls for Reagan-style tax cuts one year after mini-budget blowup
▼ + stars: | 2023-10-03 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Britain's former Prime Minister, Liz Truss speaks at the 'Great British Growth Rally' event on day two of the annual Conservative Party conference on October 2., 2023 in Manchester, England. Carl Court | Getty Images News | Getty ImagesMANCHESTER, ENGLAND — Liz Truss, the Reaganomics enthusiast who lasted just 44 days as U.K. prime minister, staged somewhat of a comeback Monday, drawing fans from breakaway Conservative Party factions as she renewed calls for business tax cuts. A year after Truss' chaotic mini-budget of tax cuts roiled financial markets and led to her ultimate resignation, crowds gathered in their droves on the fringes of the Conservative Party Conference in Manchester to hear the ex-leader deliver her economic vision for Britain. Truss was voted into power last year by Conservative Party members, whose number is estimated around 160,000 — or 0.3% of the U.K. population. She beat out Rishi Sunak, who later replaced her as prime minister following her resignation in October 2022.

Persons: Liz Truss, Carl Court, Jeremy Hunt —, Ronald Reagan's, Donald Trump, Truss, Rishi Sunak Organizations: Conservative Party, Getty, Getty Images, Conservative Party Conference, Britain, Finance, AstraZeneca Locations: Manchester, England, Getty Images MANCHESTER, ENGLAND

MANCHESTER, ENGLAND - OCTOBER 3: British Prime Minister Rishi Sunak tours the Exhibitor's Hall on Day 3 of the Conservative Party Conference in Manchester, Britain, October 3, 2023. We've had 30 years of a political system which incentivises the easy decision, not the right one. Thirty years of vested interests standing in the way of change," he will say, according to excerpts of his speech. "Our political system is too focused on short-term advantage, not long-term success ... Our mission is to fundamentally change our country." "The Labour party have set out their stall: to do and say as little as possible and hope no one notices.

Persons: Rishi Sunak, Carl Court, Sunak, Grant Shapps, we've, We've, Jeremy Hunt, Keir Starmer, Elizabeth Piper, Andrew MacAskill, Alistair Smout, William Maclean, Robert Birsel Organizations: British, Conservative Party Conference, REUTERS Acquire, Rights, Conservative, Labour Party, Times, Euston, Labour, Thomson Locations: MANCHESTER, ENGLAND, Manchester, Britain, Rights MANCHESTER, England, English, London

☆ British Finance Minister Jeremy Hunt rules out short-term tax cuts
▼ + stars: | 2023-10-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Jeremy Hunt, Britain's Chancellor of the Exchequer, speaks on the second day of the the Conservative Party Conference on October 02, 2023 in Manchester, England. Christopher Furlong | Getty Images News | Getty ImagesMANCHESTER, ENGLAND — U.K. Finance Minister Jeremy Hunt on Monday ruled out tax cuts in the short-term, arguing that to reduce them now would be inflationary. "Right now we're focused on bringing down inflation," Hunt said on the second day of the Conservative Party Conference currently underway in Manchester, England. Hunt has previously argued that tax cuts are "virtually impossible," and could only be afforded if the government took some "difficult decisions." Hunt also unveiled plans for tougher benefit restrictions in a bid to make savings on the government's welfare bill.

Persons: Jeremy Hunt, Britain's, Christopher Furlong, Hunt, Margaret Thatcher, Liz Truss, Truss, Rishi Sunak, flack Organizations: Conservative Party Conference, Getty, Getty Images, Finance, Conservative Party, Tories, Labour Party, Conservative, British Locations: Manchester, England, Getty Images MANCHESTER, ENGLAND

☆ Britain's finance minister to announce higher minimum wage
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

UK Parliament/Jessica Taylor/Handout via REUTERS/File Photo Acquire Licensing RightsMANCHESTER, England, Oct 1 (Reuters) - British finance minister Jeremy Hunt on Monday will announce a rise in the minimum wage in his annual Conservative party conference speech, where he is expected to ignore a growing clamour for tax cuts within his party. On Monday Hunt will announce that the living wage, the minimum wage for workers over 23 years old, will rise to at least 11 pounds ($13.42) an hour from 10.42 pounds. Prior to Hunt's speech, former Prime Minister Liz Truss will put pressure on the government to lower taxes in her only expected intervention at this year's conference. A year ago as prime minister, she had to scale back her tax-cutting plans in a U-turn at conference, and the market turmoil she sparked forced her resignation in October. However, since then she has stuck to her message that lower tax, especially for businesses, is part of what Britain needs to spark growth.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Michael Gove, Hunt, Rishi Sunak's, Liz Truss, Alistair Smout, Elizabeth Piper, Andrew MacAskill, Emelia Sithole Organizations: REUTERS, Rights, Conservative, Bank of England, Low, Thomson Locations: London, Britain, Rights MANCHESTER, England, British

Fueled by a post-lockdown buying frenzy, the average UK house price hit a record £275,000 ($315,474) in December, a £27,000 increase on the previous year’s high. UK mortgage rates have been ticking upwards since spring, in line with rising interest rates. UK house prices fell 0.9% between September and October, the first decline in 15 months, according to data from Nationwide. A drop in buying power makes a significant drop in house prices inevitable, according to Andrew Wishart, a senior economist at Capital Economics. When house prices fall, homeowners feel less confident about their personal finances, causing them to cut back on spending and hold off on making additional investments.

☆ What do Indians think about Rishi Sunak’s rise? Like UK-India relations, it’s complicated
▼ + stars: | 2022-10-26 | by ( Rhea Mogul | ) edition.cnn.com time to read: +13 min

Now, an Indian-origin man has become the Prime Minister of England,” a Zee News anchor said. Leon Neal/Getty Images Sunak and Boris Johnson watch as a sheep is sheared during a visit to a farm in North Yorkshire, England, in July 2019. Danny Lawson/PA Images/Getty Images Sunak speaks during a general election debate in Cardiff, Wales, in November 2019. Hollie Adams/Bloomberg/Getty Images Sunak and Murty are seen with their daughters, Krishna and Anoushka, while campaigning in Grantham, England, in July 2022. Indian Prime Minister Narendra Modi suggested as much in a tweet welcoming Sunak’s appointment.

Like Truss, Sunak promised a tough approach to illegal immigration and vowed to expand the government’s controversial Rwanda immigration policy. At the time Johnson was running to lead Britain's Conservative Party and Sunak was a member of Parliament. Danny Lawson/PA Images/Getty Images Sunak speaks during a general election debate in Cardiff, Wales, in November 2019. Danny Lawson/PA/Getty Images Sunak delivers a speech during the annual Conservative Party Conference in Manchester in October 2021. Hollie Adams/Bloomberg/Getty Images Sunak and Murty are seen with their daughters, Krishna and Anoushka, while campaigning in Grantham, England, in July 2022.

LONDON — Her tenure as Britain’s prime minister began in the early days of fall, but it didn’t even last until winter. The plan was criticized not only by the opposing Labour Party, but also President Joe Biden and the International Monetary Fund. Chancellor of the Exchequer Kwasi Kwarteng and British Prime Minister Liz Truss attend the annual Conservative Party conference on Oct. 2. Truss told Parliament on Wednesday, “I am a fighter, not a quitter,” after repeatedly being told she was unfit for office by opposition lawmakers. Under an expedited process, leadership challengers must win the support of 100 fellow Conservative Party lawmakers (out of a total of 357) by Monday afternoon.

☆ British PM Liz Truss axes finance minister, tax cuts that sent pound crashing
▼ + stars: | 2022-10-14 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Patrick-Smith-Circle-Byline-Template.Jpg | Patrick Smith | ) www.nbcnews.com time to read: +5 min

LONDON — Embattled British Prime Minister Liz Truss fired her finance minister and abandoned a flagship policy Friday, in a bid to save her job after her economic plan stoked weeks of market panic. Earlier, Truss removed Finance Minister Kwasi Kwarteng just 38 days after the pair took power. Kwarteng becomes the second shortest-serving chancellor of the exchequer, as the British finance minister is known. Truss' personal office confirmed the next finance minister will be Jeremy Hunt, a former health secretary and minister under successive Conservative governments. Crucially, the bank’s bond-buying program is set to end Friday, meaning the government must convince markets its economic plan is sound to avoid further chaos.

Yet he ultimately carried the can for an unwelcome fiscal plan that roiled bond markets, spooked investors and sparked a major backlash from governing Conservative Party lawmakers. Cutting his visit short, he flew back to London on Friday to "continue work at pace" for a medium-term fiscal plan due at the end of the month. Nor were further moves to re-embrace Treasury orthodoxy through the choice of Scholar's replacement and a decision to bring forward a medium-term fiscal plan and forecasts. In a reply to Kwarteng, Truss said she was deeply sorry to lose a long-standing friend from government. But a finance minister being ditched so quickly for his policies - especially when they were so closely aligned with the prime minister - is unprecedented in modern times.

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