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☆ Why the market crisis that ousted the UK's prime minister would never happen in the US
▼ + stars: | 2022-10-21 | by ( Ben Winck | ) www.businessinsider.com time to read: +9 min

UK Prime Minister Liz Truss' tax plan sparked immediate market backlash and, eventually, her resignation. Prime Minister Liz Truss, just 22 days into her leadership role, unveiled a mini-budget that proposed tax cuts that primarily benefited the wealthy. The prime minister announced her resignation on Thursday, just 45 days after taking office. The prime minister was dealt a less-than-ideal hand when she entered office. The checks and balances throughout the US government also stand in the way of such rapid-fire economic policy.

☆ Factbox: Conservative leadership race: who will replace Liz Truss as UK prime minister?
▼ + stars: | 2022-10-21 | by ( Kate Holton | ) www.reuters.com time to read: +4 min

LONDON, Oct 21 (Reuters) - A fast-tracked Conservative Party leadership election is underway to replace Liz Truss, who said on Thursday she would resign just six weeks after being appointed as British prime minister. If the person in second place does not drop out, then the Conservative Party membership will vote, with results announced by Friday. BORIS JOHNSONFormer prime minister Johnson, a journalist, has loomed large over British politics ever since he became London Mayor in 2008. Conservative lawmakers said Johnson, who has been on holiday in the Caribbean, could stand in the leadership contest and was taking soundings. Wallace, a former soldier, was defence minister for both Johnson and Truss, leading Britain's response to Russia's invasion of Ukraine.

☆ Comeback king: Boris Johnson considering a run for UK prime minister
▼ + stars: | 2022-10-21 | by ( Elizabeth Piper | ) www.reuters.com time to read: +5 min

British Prime Minister Boris Johnson speaks during his visit to EDF's Sizewell B Nuclear power station, in Sizewell, Britain September 1, 2022. Chris Radburn/Pool via REUTERSSummary Johnson taking soundings from lawmakersHad said he wanted a quieter lifeUnder investigation for lying to parliamentLONDON, Oct 21 (Reuters) - Out of power for a matter of months, comeback king Boris Johnson is once again being touted as the new leader of the governing Conservative Party and Britain's prime minister. For some Conservative lawmakers, Johnson is a vote winner, able to appeal across the country not only with his celebrity but also with his brand of energetic optimism. When Johnson left Downing Street, his aides said he was going to embrace a quieter life, no longer being "public property" and able to make more money by going on the speaker circuit. After his successor as prime minister, Liz Truss, quit on Thursday after just six weeks in power, the Ukrainian government Twitter account even published, and then deleted, a meme saying "Better call Boris".

☆ A Fed shift from quantitative tightening to 'tinkering' will emerge as a new bull factor for the stock market in 2023, Bank of America says
▼ + stars: | 2022-10-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

A Fed shift away from quantitative tightening could be the next bull factor for stocks in 2023, according to Bank of America. The Fed has started to reduce its near $9 trillion balance sheet at a clip of about $95 billion per month. That's because central banks are "petrified of market consequences of liquidity withdrawal," BofA's investment strategist Michael Hartnett said. Fear of deeper declines materializing in equity and fixed income markets is what could ultimately spark a Fed shift away from quantitative tightening and towards quantitative "tinkering," Hartnett said. Additionally, the European central bank is "considering but not yet committing to even passive quantitative tightening," Hartnett said.

☆ Twitter is bowing down to Larry the Cat, Downing Street's Chief Mouser, for outlasting 4 prime ministers
▼ + stars: | 2022-10-21 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +2 min

Larry the cat is Downing Street's Chief Mouser, and has worked there since February 15, 2011. When Truss leaves office, Larry the Cat will have outlasted four prime ministers. Larry, the official cat at the British prime minister's 10 Downing Street residence, holds the title of Chief Mouser. "The King has asked me to become Prime Minister because this nonsense has gone on long enough," read a tweet from the account on Thursday. One Twitter user posted a photoshopped image of Larry in front of a crowd holding signs that reads: "Larry for Leader."

☆ UK Prime Minister Liz Truss failed to meet already low expectations, says professor
▼ + stars: | 2022-10-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Prime Minister Liz Truss failed to meet already low expectations, says professorJohn Bartle, professor at the University of Essex, discusses UK Prime Minister Liz Truss' resignation, her "disastrous budget strategy" and her "reckless behavior."

☆ Wall St jumps, Treasury yields climb on Truss resignation, solid earnings
▼ + stars: | 2022-10-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. stock indexes overcame initial indecision to surge into positive territory, and 10-year Treasury yields continued to march past 14-year highs. European stocks whipsawed after Truss said she would leave 10 Downing Street, but were last showing solid gains. Emerging market stocks rose 0.03%. Benchmark Treasury yields resumed their rise after economic data appeared to confirm the Fed is unlikely to relent in its aggressive campaign to rein in inflation. The dollar index fell 0.64%, with the euro up 0.48% to $0.9818.

☆ These 3 charts show the chaos that ran through markets during the 45 days that Liz Truss was UK prime minister
▼ + stars: | 2022-10-20 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Liz Truss resigned as UK prime minister on Thursday after just 45 days in the role. Truss quit as UK prime minister after just 45 days in the role Thursday, becoming the shortest-serving leader in the country's history. "First her policies went up in flames, then her brief career as prime minister," IG's chief market analyst Chris Beauchamp said. "The great political gamble of Liz Truss has spectacularly backfired but not before wreaking significant damage to the UK economy." Read more: UK Prime Minister Liz Truss resigned after the market rebelled against her aggressive economic growth plan.

☆ Factbox: How will the contest to replace Liz Truss as UK prime minister work?
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Larry the cat sits outside Number 10 Downing Street following British Prime Minister Liz Truss resignation speech, in London, Britain, October 20, 2022. REUTERS/Toby MelvilleLONDON, Oct 20 (Reuters) - Britain's Liz Truss resigned as Conservative Party Leader on Thursday, with the internal party election to replace her as party leader and the nation's prime minister to be completed next week. The chair of the Conservative Party's 1922 Committee Graham Brady laid out the rules of the contest on Thursday. The result will be announced at 1700 GMT- There will be an indicative vote of lawmakers once there are two candidates- The vote between the final two candidates would then go to around 170,000 Conservative Party members via an online ballot- If a second vote is needed (indicative), this will be held between 1730 and 1930 on Monday The result will be announced at 2000 GMT. - The party members' ballot will close at 1000 GMT on Friday, Oct. 28 and the result will be announced the same dayRegister now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan and Sachin Ravikumar; Editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Pound sterling rallies after PM Truss quits
▼ + stars: | 2022-10-20 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsPound sterling rallies after PM Truss quitsPostedThe UK's currency recovered recent losses on Thursday (October 20) and investors reined in their bets on a big Bank of England interest rate hike, as UK Prime Minister Liz Truss announced her resignation just six weeks after being appointed. Angela Johnston reports.

☆ How Liz Truss’ term as British prime minister went from bad to worse
▼ + stars: | 2022-10-20 | by ( Sana Noor Haq | ) edition.cnn.com time to read: +7 min

Here are the lowlights – and lowerlights – of Truss’ term as Britain’s shortest-serving prime minister. Jessica Taylor/UK Parliament/ReutersThe prime minister later defends her government’s controversial tax cuts in an exclusive interview with CNN’s Jake Tapper. October 20: Truss quitsAfter a chaotic six-week spell in Downing Street, Truss announces her resignation. She will remain UK prime minister until her successor is chosen. Her swift exit as prime minister prompts calls for an early general election in Britain.

☆ UK PM Liz Truss was forced from office after losing fights with the markets and her own fractured party
▼ + stars: | 2022-10-20 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +4 min

UK Prime Minister Liz Truss resigned Thursday after a catastrophic 44 days in office. Her plan to radically reshape the UK economy was brutally rejected by financial markets. The plan, radically out of step with the background of soaring inflation and interest-rate hikes, spooked the financial markets. Initial attempts by Truss and her finance minister Kwasi Kwarteng to ride out the chaos did not last long. As Thursday dawned, some of her party's MPs publicly called for her to go.

☆ UK PM Liz Truss' resignation should not have an impact on US markets, says Jim Cramer
▼ + stars: | 2022-10-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK PM Liz Truss' resignation should not have an impact on US markets, says Jim CramerCNBC's Jim Cramer and the 'Squawk on the Street' team discuss UK Prime Minister Liz Truss's decision to resign after her failed budget proposal led to market turmoil and declining party confidence.

Prime Minister Liz Truss announces her resignation at 10 Downing Street on October 20, 2022 in London, England. Leon Neal | Getty ImagesLONDON — U.K. Prime Minister Liz Truss resigned Thursday following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party. "I recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to announce that I am resigning as leader of the Conservative Party." The number who have written letters to Brady expressing no confidence in the prime minister was reported to be over 100 by Thursday.

☆ UK PM Liz Truss resigns after just 6 weeks, rejected by financial markets and her own party
▼ + stars: | 2022-10-20 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +2 min

UK Prime Minister Liz Truss announced her resignation on Thursday. Truss' economic growth plan sparked chaos in the markets and her own party. Truss could become the shortest-serving prime minister in her country's history, if she leaves office before she hits 119 days. Truss became the prime minister on September 6, after she won her party's leadership contest. The leader of the Labour party, the UK's biggest opposition party, said that the country should have a general election instead of another prime minister being appointed by the Conservatives.

☆ UK Prime Minister Liz Truss announces resignation after failed budget
▼ + stars: | 2022-10-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Prime Minister Liz Truss announces resignation after failed budgetUK Prime Minister Liz Truss announced her resignation less than seven weeks after taking the position after her failed tax-cutting budget spurred market turmoil and led to a lack of confidence within her party. Truss was appointed prime minister on September 6.

☆ The pound jumps against the dollar after Liz Truss resigns as prime minister, but more volatility could be in store for markets as political and economic risks linger
▼ + stars: | 2022-10-20 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The pound rose against the US dollar Thursday as Liz Truss resigned as UK prime minister. Truss' 45 days in office were marked by turmoil in financial markets over her government's mini-budget. Analysts said market volatility may lie ahead as the UK looks for its new prime minister. Pound sterling rose as much as 1.1% to $1.1337 before paring the rise to 0.8%. To investors, the UK looks ungovernable, and its economy resembles that of an emerging market, not a G7 nation," he wrote.

☆ Liz Truss resigns after six weeks as UK prime minister
▼ + stars: | 2022-10-20 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsLiz Truss resigns after six weeks as UK prime ministerPostedLiz Truss said on Thursday she would resign as British prime minister, brought down just six weeks into the job by an economic program that shattered investor confidence and enraged much of her Conservative Party. Lauren Anthony reports.

☆ Viral video shows Tory MP eviscerating Liz Truss, capturing the political fury that forced her from office
▼ + stars: | 2022-10-20 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

UK Prime Minister Liz Truss announced her resignation on Thursday. A video of a Tory MP tearing apart Truss captures the political fury that led to her quitting. Charles Walker told BBC News he was "livid" and took aim at MPs who put Truss in power. It shows the longtime Conservative MP Charles Walker tearing apart Truss and her supporters, whom he blamed for trashing the party's reputation. The vote was marred by accusations that Conservative MPs were bullied and "manhandled" into voting in support of the government.

☆ UK Prime Minister Liz Truss resigns after six weeks in office
▼ + stars: | 2022-10-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Prime Minister Liz Truss resigns after six weeks in officeCNBC's Arabile Gumede joins 'Squawk on the Street' to discuss the resignation of UK Prime Minister Liz Truss, provide an overview of the factors leading to her resignation, and present the current candidates in the running to fill her spot

☆ Netflix reportedly delayed a docuseries from Harry and Meghan over criticism about the new season of 'The Crown'
▼ + stars: | 2022-10-18 | by ( Travis Clark | ) www.businessinsider.com time to read: +2 min

Netflix has delayed a docuseries from Prince Harry and Meghan Markle, according to Deadline. The decision comes after former UK PM John Major criticized a storyline in the upcoming "Crown" season. In a comment to Deadline, Netflix said "there's never been any documentary from the Duke and Duchess of Sussex confirmed." The Duke and Dutchess signed a Netflix deal in 2020 to produce content for the company, including documentaries. This isn't the first time Netflix has faced criticism over the show's depiction of the royal family.

CNN —British Prime Minister Liz Truss on Monday apologized for her controversial mini-budget that crashed the country’s currency, rattled financial markets and led to her firing her finance minister and closest political ally. The moves amount to a gutting of Truss’ flagship “growth plan” and leave her in a perilous political position. “We have to make sure though, that we have economic stability, and that has to be my priority as prime minister. Truss added it was “painful” to sack her “friend” Kwarteng as finance minister but said she stood by her decision. She also apologized to her party’s lawmakers for her “mistakes” but said she would “move forward” and focus on delivering for the UK.

☆ UK Prime Minister Truss says 'sorry' for mistakes, but 'I'm sticking around'
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 17 (Reuters) - Britain's Prime Minister Liz Truss apologised for "mistakes" in her programme that caused investor confidence to evaporate and her poll ratings to plunge before nearly all of it was finally shredded on Monday, but said she would not step down. "I do want to accept responsibility and say sorry for the mistakes that have been made," Truss told the BBC. read moreAsked if she was now prime minister in name only, Truss said she had appointed Hunt because she knew she had to change direction. Truss and Kwarteng attempted to upend British fiscal policy by unveiling 45 billion pounds of unfunded tax cuts last month to snap the economy out of stagnation. "I'm sticking around because I was elected to deliver for this country," she said.

☆ UK Prime Minister Liz Truss faces serious pressure to resign after failed budget
▼ + stars: | 2022-10-17 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

LONDON — U.K. Prime Minister Liz Truss is facing calls to resign from within her own Conservative Party just six weeks after entering Downing Street. Truss and her former Finance Minister Kwasi Kwarteng announced a fiscal package – a so-called "mini-budget" – on Sept. 23. The latest plans were announced Monday by Jeremy Hunt, just three days into his tenure as finance minister. Angela Richardson, Conservative MP for Guildford, said it was "no longer tenable" for Truss to remain as prime minister, speaking on Times Radio on Monday, while Jamie Wallis, Conservative MP for Bridgend, wrote to the prime minister telling her to resign. "I ask you to stand down as Prime Minister as I believe you no longer hold the confidence of the country or the parliamentary party," Wallis' letter said.

☆ Joe Biden says Liz Truss's plan to cut taxes for Britain's 'super-wealthy' was a 'mistake' as the UK prime minister battles to stay in power
▼ + stars: | 2022-10-16 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

US President Joe Biden said plans by the UK to cut taxes for the highest earners were a "mistake." Liz Truss's government was forced into a U-turn on $50 billion of unfunded tax cuts this week. The US president told reporters the prime minister's climbdown on a multi-billion dollar tax cut plan was "predictable," in a rare comment on British politics. Truss, who leads the UK's centre-right Conservative Party, proposed sweeping tax cuts to the tune of £45 billion (around $50 billion) that would have been largely funded by borrowing. On Friday, Press Secretary Karine Jean-Pierre said the White House wouldn't comment on the situation in the UK.

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