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UK finance minister Kwarteng to be sacked - Times
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: 1 min
LONDON, Oct 14 (Reuters) - Britain's finance minister Kwasi Kwarteng is to be sacked, The Times reported on Friday. "I'm told that Kwasi Kwarteng is being sacked as Chancellor as Liz Truss prepares to reverse the mini-Budget," Steven Swinford, Political Editor of The Times, said on Twitter. "Not clear who will be replacing him." The Treasury did not comment on the report. Register now for FREE unlimited access to Reuters.com RegisterReporting by William James, writing by Muvija M; editing by Sarah YoungOur Standards: The Thomson Reuters Trust Principles.
LONDON — U.K. Finance Minister Kwasi Kwarteng cut short his visit to the International Monetary Fund this week, dashing back to London amid reports Prime Minister Liz Truss is considering a U-turn on parts of her government's market-rocking tax cuts. Reuters reported, citing unnamed sources, that the finance minister planned to meet with colleagues to work on the government's medium-term budget plan. Kwarteng's abrupt departure from a series of international finance meetings in Washington, D.C. comes amid a growing political backlash against the Conservative government's proposed tax cuts. The British pound rose by 2% to trade at $1.1319 on Thursday, shrugging off stronger-than-expected U.S. inflation data. Meanwhile, long-dated U.K. government bonds — known as gilts — rallied on Friday morning, with 30-year yields trading at 4.38%.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Finance Minister Kwasi Kwarteng ousted following tax-cutting plansUK Finance Minister Kwasi Kwarteng has been sacked from his role following his controversial key fiscal policy pledges. CNBC's Joumanna Bercetche joins 'Squawk Box' to report.
PoliticsUK's Truss U-turns on tax, ditches finance ministerPostedBritish Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng on Friday and scrapped parts of their economic package in a desperate bid to stay in power and survive the market and political turmoil gripping the country. Lauren Anthony reports.
Other media said Truss would allow corporation tax to rise in April, reversing a decision to freeze it that was part of Kwarteng's "mini-budget" announced last month. Yields for index-linked gilts also fell sharply. Bets on a peak for rates to hit 5.5% next year were no longer fully priced in. They have gathered pace as investors offered more bonds to the central bank with the scheme nearing its end. LDI funds had been hit hard by the record slump in long-dated gilt prices after Kwarteng's mini-budget.
UK finance minister Kwasi Kwarteng was fired from his role on Friday. His tax cut proposals have rattled markets for weeks, with yields on gilts soaring. Prime Minister Liz Truss is expected to announce a policy U-turn at 9AM Eastern Time. Chief finance minister Kwarteng's pledges to carry on cutting income and corporation tax have rattled markets in recent weeks, with yields on gilts – UK government bonds – soaring. Read more: Pound crashes to record low against the dollar as UK tax cut plans rattle investors
Morning Bid: Mystery Dance
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: +4 min
A look at the day ahead in U.S. and global markets from Mike Dolan. Sudden and sometimes unexplained stock rallies are often hallmarks of prolonged bear markets. U.S. stock futures have retraced a bit - but an hour is a long time in markets these days. read moreElsewhere, China's stocks surged ahead of the Communist Party Congress and amid an expected rise in domestic inflation. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss is clinging on to her job after a political crisis and market turmoil sparked by her fiscal plans that has seen her fire her finance minister and reverse major parts of her flagship tax-cutting agenda. CONFIDENCE VOTE AMONG CONSERVATIVE LAWMAKERSA vote of confidence among Conservative lawmakers is one mechanism to remove their party leader. However, as Truss only became leader last month, current rules say such a vote cannot be held until September 2023. CONFIDENCE VOTE AMONG ALL LAWMAKERS IN PARLIAMENTA vote of no confidence in the government could be put forward by opposition parties. - If Truss resigns or loses a vote of confidence among Conservative lawmakers in her leadership, there is a process to select a new leader, overseen by the 1922 Committee.
UK finance minister Kwarteng has been sacked - BBC
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: 1 min
LONDON, Oct 14 (Reuters) - Britain's finance minister Kwasi Kwarteng has been sacked after less than six weeks in the job, the BBC reported on Friday, as the government's massive tax cuts sparked financial market turmoil. Kwarteng is no longer chancellor of the exchequer, the BBC said. The Times newspaper reported earlier that Kwarteng was expected to be sacked. His sacking makes Kwarteng Britain's shortest serving chancellor since 1970, and his successor would be the UK's fourth finance minister in as many months as the nation grapples with a cost-of-living crisis. Register now for FREE unlimited access to Reuters.com RegisterReporting by William James, Muvija M and Alistair Smout, writing by Sachin RavikumarOur Standards: The Thomson Reuters Trust Principles.
LONDON, Oct 14 (Reuters) - Sterling fell against a strengthening dollar on Friday, though held on to most of its gains from the previous day on reports the British government will reverse more of its controversial mini-budget. That plan triggered turmoil in financial markets, sending yields on British government bonds soaring and the pound to a record low of $1.0327. Register now for FREE unlimited access to Reuters.com RegisterTruss is due to hold a press conference at 1300 GMT. The dollar rebounded on Friday after sliding against most other major currencies on Thursday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Alun John; Editing by Frank Jack Daniel, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
To replace him, she appointed Jeremy Hunt, a former foreign and health secretary who had backed her rival Rishi Sunak in this summer's race to become Conservative Party leader. He is the fourth finance minister in as many months in Britain, where millions are facing a cost of living crisis. Kwarteng becomes Britain's shortest serving finance minister except for a predecessor who died suddenly in office in 1970. Christopher Chope, a veteran Conservative lawmaker and Truss supporter, said the party was now a laughing stock. "The markets have lost trust in the Conservative Party - and who can blame them?"
After being the longest-serving health secretary in British history and stints running the foreign office and culture ministry, Hunt returns from government exile after two failed bids to become Britain's prime minister himself. "The appointment of Jeremy Hunt as Chancellor is a wise choice," Conservative lawmaker Bernard Jenkin said on Twitter. Ironically, though, while Truss has said she will press ahead with a cut to income tax, Hunt said at the time that could wait. Other critics said some of the problems that the state-run health service faced were a consequence of his role as health minister. During a trip to China in July in 2018, he mistakenly described his wife Lucia, who hails from China, as being Japanese.
FTSE rallies on hopes of fiscal plan reversal
  + stars: | 2022-10-14 | by ( Sruthi Shankar | ) www.reuters.com   time to read: +3 min
The blue-chip FTSE 100 (.FTSE) gained 0.9%, while the domestically focussed FTSE 250 (.FTMC) added 0.9%. Both indexes have recouped a large part of their losses this week but remain on track to record their fourth weekly decline in five. However, futures point to a weak start for U.S. stocks on Friday, with investors nervously awaiting quarterly reports from big Wall Street banks. read moreEmerging markets-focussed investment group Ashmore (ASHM.L) dipped 2.6% after reporting an $8 billion fall in assets under management for the September quarter. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.
London CNN Business —UK Prime Minister Liz Truss will hold a news conference Friday amid widespread speculation that she’s getting ready to ditch a big part of her economic strategy unveiled just three weeks ago. Kwarteng flew back from the IMF meeting in Washington, D.C., on Friday for discussions with Truss about the plan. Under pressure, Kwarteng has already brought forward his full budget statement to Oct. 31, more than three weeks earlier than planned. But investors may not be prepared to wait that long for reassurance about the state of Britain’s public finances. — Luke McGee and Zahid Mahmood in London, and Xiaofei Xu in Paris contributed to this article
LONDON, Oct 14 (Reuters) - British finance minister Kwasi Kwarteng should change course on his budget policy within 48 hours in order to regain the confidence of financial markets and the public, a senior Conservative lawmaker, Mel Stride, said on Friday. And I think that means doing something right now," Stride told the BBC. "He has got to really get out there emphatically and nail it. And I think he has to start in the next 48 hours," he added. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Milliken; editing by Sarah YoungOur Standards: The Thomson Reuters Trust Principles.
Kwasi Kwarteng, UK chancellor of the exchequer, speaks at a fringe event during the Conservative Party's annual autumn conference in Birmingham, UK, on Tuesday, Oct. 4, 2022. LONDON — British Finance Minister Kwasi Kwarteng was fired on Friday after less than six weeks in the role, amid mounting political pressure and market chaos. "The economic environment has changed rapidly since we set out the Growth Plan on 23 September. 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." Jeremy Hunt — a former Health Secretary and Foreign Secretary — was announced as Kwarteng's successor.
LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss said on Friday that Kwasi Kwarteng had put the national interest first by resigning as finance minister after less than six weeks in the job. Below is the full text of her letter to Kwarteng:"Thank you for your letter. Register now for FREE unlimited access to Reuters.com Register"We share the same vision for our country and the same firm conviction to go for growth. You have put the national interest first. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan; editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.
Reactions: UK's Truss fires Kwarteng, set to U-turn on tax cuts
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: +5 min
LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng and news reports said she will scrap later on Friday parts of the economic programme of big, unfunded tax cuts that they delivered last month. Consequently, the scope for a rally in gilts (move lower in yields) and sterling would seem to be limited." BENJAMIN NABARRO, ECONOMIST, CITI"The key issue in the near term is the contradiction between monetary and fiscal policy. RACHEL REEVES, OPPOSITION LABOUR PARTY'S FINANCE CHIEF"This humiliating u-turn is necessary - but the real damage has already been done. We may well be through the worst of the volatility but I fear that the UK is nowhere near out of the woods."
UK corporation tax set to rise to 25% -Daily Telegraph
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: +1 min
LONDON, Oct 14 (Reuters) - Britain's corporation tax will rise to 25% this April, the Daily Telegraph reported on Friday, in a second humiliating government u-turn on economic policy and amid a report that finance minister Kwasi Kwarteng is set to be sacked. The rise to the tax scraps Kwarteng's plan to freeze it at 19%, announced in his Sept. 23 "mini-budget" plan, an economic plan which now appears to be falling apart. The Times newspaper has reported that she is set to u-turn on the mini-budget and sack Kwarteng. Register now for FREE unlimited access to Reuters.com RegisterEarlier in October, Kwarteng's cut to the highest rate of income tax was reversed. Abandoning the corporation tax freeze will boost the public finances by almost 19 billion pounds ($21 billion).
Two days later, a chastened Truss addressed her first news conference as prime minister to admit she had gone "further and faster" than markets expected and sacked her friend and finance minister Kwasi Kwarteng to try to appease her lawmakers. With her credibility in tatters, she is now fighting for her political survival. "But it is clear that parts of our mini budget went further and faster than markets were expecting. Truss has also lost an important ally and, according to one person close to her, an important source of support in Kwarteng. But a veteran Conservative insider said it was simply a case of survival.
UK finance minister Kwasi Kwarteng's resignation letter
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Oct 14 (Reuters) - Britain's finance minister Kwasi Kwarteng said on Friday that he had resigned after Prime Minister Liz Truss asked him to stand aside as chancellor of the exchequer. Below is the full text of his letter, which he posted on Twitter:"You have asked me to stand aside as your Chancellor. "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. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan; editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.
The battered pound and government bonds rallied on Thursday as Prime Minister Liz Truss's government began re-examining a package for unfunded tax cuts that has sent borrowing costs surging and forced the Bank of England to intervene. Asked if the government was preparing to change course, he told Sky News: "I saw the prime minister yesterday. The prime minister and the chancellor are absolutely determined to deliver on the growth plan. The sense of chaos at the heart of government has fuelled speculation as to whether Truss and Kwarteng can survive. Truss was elected by the members of the party, and not the broader electorate, as the fourth prime minister in six politically turbulent years in Britain.
Jeremy Hunt replaces Kwarteng as Britain's finance minister
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: +1 min
LONDON, Oct 14 (Reuters) - Former foreign minister Jeremy Hunt has been appointed Britain's finance minister, Prime Minister Liz Truss's office said on Friday, following Kwasi Kwarteng's resignation from the post after less than six weeks in the job. A former foreign minister, Hunt has twice been unsuccessful in running for the governing Conservative Party's leadership, once losing to Boris Johnson and then being knocked out in the first round of voting in a contest which saw Truss take the prize. Seen as on the centre-right of the party, Hunt endorsed Truss's leadership rival, former finance minister Rishi Sunak to become prime minister, and is seen by many in the party as a safe pair of hands. Hunt, who has also previously served as health minister and culture minister, becomes Britain's fourth finance minister in as many months. Truss's office also said Edward Argar had replaced Chris Philp as Chief Secretary to the Treasury, the second most important job in the department.
Shaken but not stirred
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: +3 min
The trading floor is seen at the end of a trading day at the German stock exchange (Deutsche Boerse) in Frankfurt, Germany, February 12, 2019. REUTERS/Kai Pfaffenbach/A look at the day ahead in European and global markets from Anshuman DagaRed-hot U.S. inflation data briefly rattled global markets before Wall Street made a dramatic recovery on Thursday. U.S. stocks surged to finish more than 2% higher, reversing sharp falls as traders gave excuses of a "technical support" and "short covering". read moreKwarteng confirmed to reporters in Washington that he was flying back to London early, without providing further details. Sources familiar with the matter said he planned to meet with colleagues to work on his medium-term budget plan.
Jeremy Hunt could become next UK finance minister - Times
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: 1 min
LONDON, Oct 14 (Reuters) - Former British foreign minister Jeremy Hunt will succeed Kwasi Kwarteng as the new finance minister, a reporter for the Times said on Friday, following media reports that Kwarteng has been sacked. "Multiple sources are now telling me that Jeremy Hunt will be the new chancellor, although I’ve not had official confirmation yet," Steven Swinford, Political Editor at the Times newspaper, said on Twitter. Register now for FREE unlimited access to Reuters.com RegisterReporting by William James, writing by Muvija M; Editing by Sachin RavikumarOur Standards: The Thomson Reuters Trust Principles.
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