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☆ UK Prime Minister Rishi Sunak was fact-checked by his own government before election debate with Keir Starmer
▼ + stars: | 2024-06-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

“Independent Treasury officials have costed Labour’s policies and they amount to a £2,000 tax rise for every working family,” Sunak said. The Conservative Party leader later repeated the claim. But Bowler’s letter could undermine Sunak’s claim to lead with integrity — a pledge made when he became prime minister in October 2022 — as he battles a high-stakes election. In a statement Wednesday, Labour said Sunak had “lied eleven times to the British people” about the party’s tax plans. During the debate Tuesday, Starmer dismissed the £2,000 ($2,560) figure as “nonsense” and said it was based on “pretend” Labour policies.

Persons: Rishi Sunak’s, “, ” Sunak, Keir Starmer, James Bowler, Darren Jones, Bowler, ”, Sunak, —, Starmer, Luke McGee Organizations: London CNN, Treasury, Labour Party, Labour, National Health Service, Independent Treasury, Conservative Party, senior Labour Party, Conservative, Civil Service, Tories, CNN

☆ UK's Kwarteng, seeking to calm markets, brings forward budget date
▼ + stars: | 2022-10-10 | by ( Andy Bruce | ) www.reuters.com time to read: +4 min

Kwarteng said the new date for his medium-term fiscal statement would allow the independent Office For Budget Responsibility (OBR) enough time to assess updates to official data and for a full forecast process to take place. British Chancellor of the Exchequer Kwasi Kwarteng speaks during Britain's Conservative Party's annual conference in Birmingham, Britain, October 3, 2022. Junior Treasury minister Andrew Griffith said market practitioners he had spoken to received news of the new date for the fiscal statement warmly. HALLOWEENThe new date for the fiscal plan leaves Kwarteng and Truss with little more than two weeks to settle divisions in her cabinet over cuts to government spending. Truss was no longer expected to appoint Antonia Romeo to run the Treasury, the FT said, citing senior government figures.

LONDON, Oct 10 (Reuters) - Britain's government on Monday named an experienced Treasury official as the finance ministry's new top civil servant, after unsettling investors last month by abruptly ousting his predecessor. He replaces Tom Scholar whose departure shortly after Kwasi Kwarteng became finance minister contributed to a drop in confidence among investors since Liz Truss took over as prime minister. The removal of Scholar broke the British convention that non-partisan officials remain in post after a change of political leadership. It came shortly before Kwarteng announced a string of unfunded tax cuts that caused turmoil in financial markets. Bowler's appointment came as a surprise after newspapers last week reported that Truss wanted someone new to the Treasury to take the department's top job.

☆ UK gilts slump as government fails to woo investors
▼ + stars: | 2022-10-10 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

The finance ministry also announced that a civil servant with extensive budgetary experience, James Bowler, will head its staff. The sharp rise in yields was specific to Britain, as French, German and Italian bonds showed much smaller increases in yields. "The gilts market may be vulnerable this week as the end date for the BoE interventions nears," Rabobank analysts said. In the index-linked market, yields were mostly up more than 60 bps on the day across all bonds with a maturity of 10 years or more. Total offers were far below the 10 billion pounds the BoE said it was open to buying.

Mel Stride, a lawmaker who chairs the Treasury Committee in the lower house of parliament and had criticised Scholar's departure, said the appointment would help reassure investors. The moves came as Kwarteng prepared to head to Washington this week with International Monetary Fund criticisms of Britain's new policy direction ringing in his ears. British Chancellor of the Exchequer Kwasi Kwarteng speaks during Britain's Conservative Party's annual conference in Birmingham, Britain, October 3, 2022. Kwarteng said the new date for his medium-term fiscal statement would give the independent Office For Budget Responsibility (OBR) enough time to carry out a full forecast. The new date for the fiscal plan leaves Kwarteng and Truss with little more than two weeks to settle divisions in her cabinet over cuts to government spending.

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