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☆ Rishi Sunak Becomes U.K. Prime Minister Amid Economic, Political Crisis
▼ + stars: | 2022-10-25 | by ( Max Colchester | David Luhnow | ) www.wsj.com time to read: 1 min

LONDON— Rishi Sunak , a former hedge-fund manager and U.K. Treasury chief, formally became Britain’s prime minister on Tuesday after he was appointed by King Charles III , vowing to steer the U.K. through a period of growing political and economic troubles. In his first speech as prime minister, Mr. Sunak warned of a “profound economic crisis” facing the country, which is suffering from stagflation and has recently plunged into deeper political uncertainty with three different prime ministers in seven weeks.

☆ Who Is Rishi Sunak, Front-Runner to Become Britain’s Next Prime Minister?
▼ + stars: | 2022-10-24 | by ( David Luhnow | Max Colchester | ) www.wsj.com time to read: +1 min

Rishi Sunak’s economic plans are seen as more pragmatic and less ideological than those of former U.K. Prime Minister Liz Truss. In early September, Rishi Sunak narrowly lost a race to lead the Conservative Party and become prime minister. The person he lost to, Liz Truss , went on to have a tumultuous premiership and was forced to resign, becoming the shortest serving British prime minister in history and paving the way for a new leadership contest. Mr. Sunak’s rise to the top of British politics is one of the more spectacular “I told you so” stories in modern politics. To do that, she promised sweeping tax cuts, along with new spending, that she claimed would boost economic growth without damaging public finances.

☆ Rishi Sunak Extends Lead in Race for Next U.K. Prime Minister
▼ + stars: | 2022-10-24 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

LONDON—Former U.K. Chancellor of the Exchequer, Rishi Sunak , extended his lead over another party rival in the race to become Britain’s next prime minister Monday as he gained more endorsements from allies of former prime minister Boris Johnson. The only other remaining candidate in the contest to succeed outgoing prime minister Liz Truss is Penny Mordaunt , the leader of the House of Commons. But she appeared far behind Mr. Sunak in gathering the needed support from Conservative Party lawmakers before the deadline later on Monday.

☆ Rishi Sunak Wins Vote to Become U.K.’s Next Prime Minister After Liz Truss Resigns
▼ + stars: | 2022-10-24 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

LONDON—Former Chancellor Rishi Sunak , who warned that Liz Truss ’ economic plans for Britain were a “fairy tale,” won the contest to succeed her as prime minister on Monday, taking over the world’s sixth-biggest economy at a time of deep financial and political turbulence. Mr. Sunak will formally enter Downing Street after his only remaining rival for the job, former defense minister Penny Mordaunt , said on Twitter she would drop out of the contest. “Rishi has my full support,” she wrote. Mr. Sunak is expected to be formally appointed prime minister by King Charles as soon as Monday afternoon.

☆ Rishi Sunak Wins Vote to Become U.K.’s Next Prime Minister
▼ + stars: | 2022-10-24 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

☆ Boris Johnson and Rishi Sunak Face Off in Race to Be Britain’s Prime Minister
▼ + stars: | 2022-10-23 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

Rishi Sunak appeared to have the upper hand in the race Sunday. LONDON—Former U.K. Chancellor Rishi Sunak and Boris Johnson were Sunday both vying to become Britain’s next prime minister, in an unpredictable race that risks splitting the ruling Conservative Party and further roiling the markets. Mr. Sunak appeared to have the upper hand Sunday after he officially announced he would stand for prime minister, pledging to “fix our economy, unite our party and deliver for our country.”

☆ Rishi Sunak Gains Edge as Boris Johnson Drops Out of Race to Be Next U.K. Prime Minister
▼ + stars: | 2022-10-23 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

In officially announcing he would stand for prime minister, Rishi Sunak pledged to ‘fix our economy, unite our party and deliver for our country.’LONDON—Former U.K. Chancellor Rishi Sunak looks set to become Britain’s next prime minister after his rival for the job Boris Johnson pulled out the race late Sunday evening, clearing the path for Mr. Sunak to win the ongoing contest to become leader of the Conservative Party. The race to replace Liz Truss as prime minister—just days after she announced she is quitting after her economic program imploded—could be over as soon as Monday with Mr. Sunak declared victorious.

☆ Liz Truss Brought Libertarians to Power in the U.K. and Quickly Out Again
▼ + stars: | 2022-10-21 | by ( Max Colchester | David Luhnow | ) www.wsj.com time to read: 1 min

LONDON—A few days after Liz Truss first was elected to Britain’s parliament in 2010, she visited the Institute of Economic Affairs, a libertarian think tank in a cramped Georgian house a stone’s throw from Parliament in central London. There she met an old college friend, Mark Littlewood , director general of the IEA, and pitched an idea. “Mark, we are going to set up a caucus of free-market MPs,” Mr. Littlewood recalls her saying.

☆ Boris Johnson’s Potential Return Shakes Up Race for U.K. Prime Minister
▼ + stars: | 2022-10-21 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

British newspapers have played up the possibility of Boris Johnson’s return to Downing Street. LONDON—Months after his own party’s lawmakers forced him to quit as prime minister, Boris Johnson is poised to attempt a comeback. Dozens of Tory lawmakers publicly backed Mr. Johnson on Friday, as candidates vied to replace Prime Minister Liz Truss , who stepped down after 45 days on the job when her proposed policy of large tax cuts and spending increases sent markets reeling.

☆ Liz Truss Resigns as U.K. Prime Minister After Tax Plan Caused Market Turmoil
▼ + stars: | 2022-10-20 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

LONDON—U.K. Prime Minister Liz Truss said she would resign, after a risky plan to cut taxes and boost spending caused turmoil on financial markets, prompting her to backtrack and causing her political authority to disintegrate. Ms. Truss is set to become the shortest-serving prime minister in British history and the third Conservative Party leader pushed out of office in as many years. She said a leadership election would be held within the next week to find her replacement.

☆ U.K. Prime Minister Liz Truss Resigns After Six Weeks
▼ + stars: | 2022-10-20 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

British Prime Minister Liz Truss said she was stepping down in a statement outside No. 10 Downing Street in London. Prime Minister Liz Truss said she would resign, after a risky plan to cut taxes and boost spending caused turmoil on financial markets, forcing her to backtrack and her political authority to disintegrate. The 47-year-old will become the shortest-serving prime minister in British history and the third Conservative Party leader pushed out of office in as many years. Ms. Truss said that a leadership election would be held within the next week to find her replacement.

☆ U.K. Prime Minister Liz Truss in Limbo as Her Party Weighs How to Replace Her
▼ + stars: | 2022-10-19 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

LONDON—Britain’s political turmoil deepened on Wednesday as Prime Minister Liz Truss , having been forced to ditch her flagship economic policies, fought to stay in power despite a high-level cabinet resignation and a growing rebellion from lawmakers who want to oust her but aren’t sure exactly who would replace her or when. The political stasis was on display Wednesday as Ms. Truss, facing the lowest approval ratings of a British leader in decades, appeared in Parliament to apologize for her tax-cutting budget plans after they caused weeks of chaos on financial markets. But she vowed to stay in power as the country faces growing economic headwinds in the coming winter months and brewing social and political discontent.

☆ U.K. Treasury Chief Jeremy Hunt Reverses Nearly All Tax Plans to Reassure Markets
▼ + stars: | 2022-10-17 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

LONDON—New U.K. Treasury Chief Jeremy Hunt said Monday he was reversing nearly all the government’s proposed tax cuts and would pare back an energy price cap as he moves to reassure markets about the stability of the nation’s finances. Mr. Hunt, who took over on Friday after Prime Minister Liz Truss fired his predecessor Kwasi Kwarteng, has acted quickly in his first days on the job to try to repair the damage to Britain’s standing among investors by taking steps to shore up public finances after weeks of turmoil on U.K. financial markets.

☆ U.K. Reverses Nearly All Tax Plans to Reassure Markets
▼ + stars: | 2022-10-17 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

LONDON—New U.K. Chancellor Jeremy Hunt said Monday he is reversing nearly all the government’s proposed tax cuts and will pare back an energy price cap as he moves to undo Prime Minister Liz Truss ’s debt-fuelled growth plan in an effort to reassure markets about the stability of the nation’s finances. Mr. Hunt, speaking ahead of an emergency statement to parliament on the economy, said “the most important objective for our country right now is stability,” as he announced a revised plan he said would raise around £32 billion a year, equivalent to $36 billion, for the government exchequer.

☆ U.K. Chancellor to Release New Public Spending, Tax Policies
▼ + stars: | 2022-10-17 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

Chancellor of the Exchequer Jeremy Hunt said he had been given a clean slate to work from by the prime minister. LONDON—New U.K. Chancellor Jeremy Hunt will make a statement later Monday, unveiling new public spending and tax policies as he looks to reassure markets that were spooked by Prime Minister Liz Truss ’s previous tax cutting plan. The statement is expected to reveal more details on which taxes will rise and where spending cuts will be made to try to put the U.K.’s finances on a stronger footing.

☆ U.K. Prime Minister Liz Truss Battles to Hang On After Budget U-Turn
▼ + stars: | 2022-10-16 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

LONDON—Having fired her chancellor of the exchequer days ago, U.K. Prime Minister Liz Truss must now battle to save her own job after what many political analysts and members of her own party regard as the worst start to a British premiership in modern times. Ms. Truss’s popularity rating is the lowest of any British prime minister in since early 1990s, according to polls, after a turbulent few weeks that saw her plan to boost growth through the biggest tax cuts in a generation cause turmoil on U.K. financial markets, forcing the new leader to retreat from her signature economic program—the pillar of her campaign to replace ousted former Prime Minister Boris Johnson just six weeks ago.

☆ Britain’s New Chancellor Says Some Taxes Will Rise
▼ + stars: | 2022-10-15 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

LONDON—The U.K.’s new chancellor, Jeremy Hunt , effectively scrapped Prime Minister Liz Truss ’s signature tax-cutting plan, saying on Saturday that some levies would have to rise and public-spending cuts would need to be made to restore market confidence in the British economy. Mr. Hunt said that Ms. Truss had made mistakes with her plan to boost growth by borrowing money to fund the biggest tax cuts since the 1970s, measures that spooked the markets and sent the Conservative Party crashing in the polls.

☆ New U.K. Chancellor Jeremy Hunt Seen as Moderate in Bid to Appease Markets
▼ + stars: | 2022-10-14 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

LONDON— Jeremy Hunt , a quietly spoken veteran Conservative lawmaker, is now the U.K. Chancellor of the Exchequer, given the difficult job of trying to restore the British government’s credibility with investors after weeks of political chaos. Prime Minister Liz Truss on Friday called Mr. Hunt “one of the most experienced and widely respected government ministers and parliamentarians” after firing her longtime allyKwasi Kwarteng from the treasury role.

☆ U.K. Prime Minister Liz Truss Fires Treasury Chief, U-Turns on Taxes
▼ + stars: | 2022-10-14 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

LONDON—U.K. Prime Minister Liz Truss fired Treasury chief Kwasi Kwarteng and reversed crucial parts of her government’s tax plan, a major setback for the new leader after her plan to jolt the economy into growth unraveled in spectacular fashion following a backlash from financial markets and her party. Mr. Kwarteng, who just three weeks ago presented the U.K.’s largest tax cuts since the 1970s, was asked to quit by Ms. Truss as markets balked at the scale of the borrowing required to fund the package and her lawmakers protested at the prospect of deep public-spending cuts. Mr. Kwarteng became the second-shortest-serving chancellor of the exchequer in recent British history. He was replaced by Jeremy Hunt , a party centrist and former foreign secretary.

☆ U.K. Treasury Chief Kwasi Kwarteng Fired Amid Market Pressure
▼ + stars: | 2022-10-14 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

LONDON—U.K. Prime Minister Liz Truss fired Treasury chief Kwasi Kwarteng , in an attempt to salvage her tenure following pressure from her Conservative Party and international markets. Mr. Kwarteng, who just three weeks ago presented the largest tax cuts since the 1970s, was replaced after markets balked at the scale of the borrowing required to fund the growth package. He became the second-shortest-serving chancellor in recent British history.

LONDON—U.K. financial markets rallied Thursday as investors bet the government would reverse course on its recent tax-cutting plans, while the country’s Prime Minister Liz Truss grapples with a growing rebellion from both investors and lawmakers from her own Conservative Party. U.K. government bond prices rose and the pound gained against the dollar on expectations that some or all of the government’s plans would be rolled back, according to analysts. Both markets pared gains, however, after surprisingly strong U.S. inflation data, while a rally in smaller U.K. stocks fizzled out.

☆ U.K. Prime Minister Defends Tax Cuts as Market Turmoil Continues
▼ + stars: | 2022-09-29 | by ( Max Colchester | Paul Hannon | ) www.wsj.com time to read: 1 min

LONDON—Prime Minister Liz Truss looked to reassure the British public and rattled investors that her plan to cut taxes wouldn’t lead to prolonged financial instability, arguing in a series of interviews on Thursday that the country had been buffeted by global shocks rather than her government’s reforms and that her policies would result in faster growth. “We had to take decisive action,” Ms. Truss told the British Broadcasting Corp. in her first public comments since the tax plan was presented last Friday. The new prime minister said she wouldn’t backtrack on plans to carry out big tax cuts and spending increases, a package funded by borrowing which raised alarm among investors.

The U.K. continued to try to stave off a financial and economic crisis on Wednesday as the country’s central bank carried out emergency buying of government bonds to stabilize a spiraling debt market, adding pressure on the government of new Prime Minister Liz Truss . The central bank’s surprise move to spend 1 billion pounds buying U.K. government debt spurred a rally in the bond market, and helped the embattled pound gain slightly against the U.S. dollar, though it was still down against the euro. But the intervention—to stave off an imminent pension crisis—underscored the risks that continuing market turbulence poses to the U.K. financial system and economy.

☆ U.K. Markets Turmoil Puts Spotlight on New Chancellor Kwasi Kwarteng
▼ + stars: | 2022-09-28 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

Kwasi Kwarteng, Britain’s chancellor of the exchequer, delivering his budget plan last week in the House of Commons. LONDON— Kwasi Kwarteng was just two weeks into his job as U.K. chancellor of the exchequer when he unveiled a bold plan to reshape the British economy by slashing taxes in what he called “a new approach to a new era.”Skeptical lawmakers in Britain’s Parliament now have a different moniker for the package: the “Kami-kwasi budget.”

☆ U.K. Seeks to Calm Investors Over Clash Between Inflation Fight and Truss Tax Cuts
▼ + stars: | 2022-09-27 | by ( Paul Hannon | Max Colchester | ) www.wsj.com time to read: 1 min

The U.K. government, after a punishing week for the pound and bond market in London, tried Tuesday to reassure investors that it is working to better coordinate with the Bank of England as Prime Minister Liz Truss ’s tax cuts and energy subsidies complicate efforts to control spiraling inflation. U.K. Chancellor of the Exchequer Kwasi Kwarteng said he was meeting Bank of England Governor Andrew Bailey daily.

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