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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.

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.

☆ Russian fighter jet 'released a missile' near unarmed British surveillance plane, U.K. defense secretary says
▼ + stars: | 2022-10-20 | by ( Henry Austin | Henry Austin Is A London-Based Editor For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

LONDON — A Russian fighter jet “released a missile” in the vicinity of an unarmed British surveillance plane, the U.K.’s defense minister said Thursday. He added that Russia’s Ministry of Defense had replied “that they had conducted an investigation into the circumstances of the incident and stated it was a technical malfunction of the SU-27 fighter.”NBC News has reached out the Russian defense ministry for comment. Wallace also urged Iran to “desist” from supplying Russia with unmanned aerial vehicles dubbed “kamikaze” drones, which Moscow has been using to attack Ukraine. Iran has denied supplying Russia with drones. Both Washington and Kyiv have accused Tehran of supplying the drones to Moscow to be used in Ukraine, accusations Iran has denied.

☆ British Prime Minister Liz Truss resigns after economic plan sparked turmoil
▼ + stars: | 2022-10-20 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Patrick-Smith-Circle-Byline-Template.Jpg | Patrick Smith | ) www.nbcnews.com time to read: +4 min

LONDON — British Prime Minister Liz Truss announced Thursday that she would resign after just six weeks in office, following a disastrous and rapidly reversed economic plan that sent the pound plunging and her government into chaos. Britain's Prime Minister Liz Truss delivers a speech outside No. She ended the brief statement by saying: "I will remain as prime minister until a successor is chosen." Liz Truss is now the shortest-serving prime minister in British history. Her personal approval rating fell to minus 70, according to pollsters at YouGov, making her the most unpopular party leader in British history.

☆ With UK leader Liz Truss quitting, here are the top contenders to replace her
▼ + stars: | 2022-10-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

"Given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party," she said in a brief speech Thursday afternoon. Here are the main contenders for the top job:Rishi SunakRishi Sunak, Britain's former finance minister and Truss' main opponent in this year's Conservative Party leadership race, is now seen as a favorite to replace her. Britain's former finance minister Rishi Sunak was Liz Truss's main opponent in this year's Conservative leadership race. Penny MordauntFormer Defense Secretary Penny Mordaunt surged to prominence during the summer's leadership race, before finishing in third place to Truss and Sunak. Leader of the House of Commons Penny Mordaunt is seen as a consensus candidate who could unite a splintered Conservative Party.

"The prime minister is not under a desk," Mordaunt said in parliament, keeping a straight-face despite the jeers and laughter from the opposition Labour Party facing her. Mordaunt now has her second chance to run for the top job, after just missing out on the final two in the contest to become the leader of the ruling Conservative Party earlier this year. She also promoted her patriotism, talking about her memories of the Falkland's conflict that helped to define former prime minister Margaret Thatcher. Her first post came as a local government minister in 2014, followed by armed forces minister and disabilities minister. Truss appointed Mordaunt as the leader of the House of Commons, charged with setting out the government business with her no-nonsense attitude gaining admirers.

☆ 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.

☆ Britain's political scene is in absolute chaos — right at the worst possible time. Here's what you need to know
▼ + stars: | 2022-10-20 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Political chaos in the U.K. continues, including a high-profile resignation and questions over how long Liz Truss has in office. House of Commons - PA Images / Contributor / Getty Imageswatch nowTruss said she was "a fighter not a quitter" as she was grilled by parliamentarians. Opposition Labour leader Keir Starmer asked how the British public could have faith in a leader whose "promises didn't last a week." Truss has apologized for mistakes made during her first six weeks in office. Members were also told they would "lose the whip" – effectively losing their position in Parliament – if they voted to ban fracking.

☆ European markets head for negative open as economic uncertainty continues
▼ + stars: | 2022-10-20 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a negative open on Thursday as investors assessed continuing economic uncertainty. Regional markets closed slightly lower Wednesday afternoon as traders digested new inflation data for the U.K. and assessed rate hike expectations and recession fears. Shares in the Asia-Pacific traded lower on Thursday on economic fears, while Nasdaq 100 futures fell on Wednesday night after surging Treasury yields ended a two-day rally for the major averages. Political uncertainty continues in the U.K. this week. Her ailing government was dealt another blow with the resignation of Home Secretary Suella Braverman.

☆ 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.

☆ Embattled British PM Truss loses 2nd minister in a week amid political and economic turmoil
▼ + stars: | 2022-10-19 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

British Prime Minister Liz Truss described herself as “a fighter and not a quitter” Wednesday as she faced down a hostile opposition and fury from her own Conservative Party over her botched economic plan. And within hours of Truss’ appearance in Parliament for a regular session titled Prime Minister’s Questions, she lost a senior member of her government. Truss faced another test in Parliament later Wednesday when lawmakers vote on a Labour Party motion seeking to ban fracking for shale gas — a policy that Truss recently approved. Conservative Party whips said the vote would be treated as “a confidence motion in the government,” meaning the government would fall if the motion passed, triggering an election. Some Conservative legislators believe Truss could be forced to resign if the party agrees on a successor.

☆ UK PM Truss commits to pension spending, no comment on benefits, foreign aid
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 19 (Reuters) - British Prime Minister Liz Truss said on Wednesday she was committed to increasing state pension payments in line with the level of inflation, but declined to give the same reassurance for welfare payments and foreign aid. Truss has been forced to hunt for deep spending cuts after the prime minister's now-scrapped economic programme shattered investor confidence in Britain's government and sent borrowing costs surging. Asked if the same reassurance could be given for welfare benefit payments, Truss said the country had helped the poorest by providing energy subsidies and that it would always help the most vulnerable. Asked about the country's foreign aid budget, Truss said more details would be set out in due course. Britain cut a long-standing policy of spending 0.7% of economic output on foreign aid during the coronavirus pandemic, reducing it to 0.5%.

☆ UK PM Liz Truss says she’s a ‘fighter not a quitter’ as lawmakers plot to oust her
▼ + stars: | 2022-10-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

British Prime Minister Liz Truss departs 10 Downing Street for the weekly Prime Minister's Questions (PMQs) in the House of Commons in London, United Kingdom on October 19, 2022. LONDON — British Prime Minister Liz Truss insisted Wednesday she was a "fighter not a quitter" as she was grilled by parliamentarians for the first time since being forced to scrap almost all of her flagship fiscal policies. Mortgage deals were also pulled as interest rate hike expectations rose rapidly. Full details of the government's new economic policies are expected Oct. 31, along with an independent economic forecast. "I had to take the decision because of the economic situation to adjust our policies," Truss said.

☆ UK's Suella Braverman has left job as interior minister - Guardian
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

British PM Truss: Right thing now is to 'get on with the job', article with imageUnited Kingdom · October 19, 2022 · 11:11 AM UTCBritish Prime Minister Liz Truss apologised to the House of Commons on Wednesday for reversing large parts of her proposed tax cuts and said it was now right to "get on with the job."

☆ Factbox: Who are the candidates to replace UK PM Truss?
▼ + stars: | 2022-10-19 | by ( Kate Holton | ) www.reuters.com time to read: +4 min

LONDON, Oct 20 (Reuters) - Liz Truss said on Thursday she would resign as British prime minister just six weeks after she was appointed. A leadership election will be completed within the next week to replace Truss, who is the shortest serving prime minister in British history. Wallace, a former soldier, was defence minister for both Johnson and Truss, leading Britain's response to Russia's invasion of Ukraine. Boris JohnsonFormer prime minister Johnson, a journalist, has loomed large over British politics ever since he became London Mayor in 2008. The Times reported that Johnson is expected to stand in the Conservative Party leadership contest.

☆ British PM Truss: Right thing now is to 'get on with the job'
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 19 (Reuters) - British Prime Minister Liz Truss apologised to the House of Commons on Wednesday for reversing large parts of her proposed tax cuts and said it was now right to "get on with the job." "I have been very clear that I am sorry, and I have made mistakes," Truss told parliament as she faced questions from lawmakers. "But the right thing to do in those circumstances is to make changes, which I've made, and to get on with the job and deliver for the British people." Register now for FREE unlimited access to Reuters.com RegisterReporting by William James, writing by Sachin Ravikumar; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ 'Fighter' Truss mocked in parliament as UK PM defends her record
▼ + stars: | 2022-10-19 | by ( Andrew Macaskill | ) www.reuters.com time to read: +3 min

Truss repeated her apology to the British people but accused Labour of not grasping "economic reality", which was met with howls of laughter from the opposition benches. Just last week, she taunted the opposition Labour Party that her two-year energy subsidy programme would help families through this winter and next. Starmer said Truss's economic plan had been built on "fantasy economics" and had ended in disaster. The Labour leader pointed out that Truss had insisted last week there would be no government spending cuts. "What's the point of a prime minister whose promises don't even last a week?"

☆ Will Liz Truss outlast a lettuce? British PM faces jokes after ditching tax cut plans
▼ + stars: | 2022-10-18 | 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

President Joe Biden even joined the criticism with a rare comment on an ally’s economic policies in which he called the tax cut plan a “mistake.”Truss admitted fault Monday night. “I do want to accept responsibility and say sorry for the mistakes that have been made,” she told BBC News. “Anyone could have seen that this wasn’t going to fly — how could they have not seen that coming?” Ford said. As critics had predicted, markets tanked and the pound fell to its lowest level against the dollar in 30 years. “It wasn’t just a total disaster with the markets, it was a total disaster electorally,” Ford said of Truss’ economic plan.

☆ Canada's CIBC adds former finance minister Morneau to board
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Canada's Minister of Finance Bill Morneau arrives to a meeting of the special committee on the COVID-19 pandemic, as efforts continue to help slow the spread of the coronavirus disease (COVID-19), in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada May 13, 2020. REUTERS/Blair GableOct 18 (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) said on Tuesday the country's former finance minister, Bill Morneau, will join its board of directors effective Nov 1. Morneau served as Canada's minister of finance from 2015 to 2020 and played a key role in shaping sustainable and inclusive monetary policies, the lender said in a statement. He has also advocated on issues such as climate change and the digital economy at major international forums, it added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Breakingviews: Time for Britain to try technocratic government
▼ + stars: | 2022-10-18 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

Technocratic governments tend to take charge after an elected administration has collapsed, and rule for a short period with a limited mandate. Prime Minister Liz Truss’s technosceptic administration recklessly attempted to boost growth by cutting taxes, startling investors and forcing the Bank of England to step in. For example, Alec Douglas-Home parachuted into a parliamentary seat shortly after becoming prime minister in 1963. A more fundamental concern is that technocratic governments undermine faith in democracy. If Britain is going to replace another prime minister without an election, it could do a lot worse than a technocrat.

☆ Time for Britain to try technocratic government
▼ + stars: | 2022-10-18 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

Technocratic governments tend to take charge after an elected administration has collapsed, and rule for a short period with a limited mandate. Prime Minister Liz Truss’s technosceptic administration recklessly attempted to boost growth by cutting taxes, startling investors and forcing the Bank of England to step in. Britain could surely find a vacant constituency for a reassuringly technocratic new leader. A more fundamental concern is that technocratic governments undermine faith in democracy. If Britain is going to replace another prime minister without an election, it could do a lot worse than a technocrat.

☆ Liz Truss' 'trickle-down economics' is dead. Now the UK faces an uncertain future
▼ + stars: | 2022-10-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Britain's Prime Minister Liz Truss holds a press conference in the Downing Street Briefing Room in central London on Oct. 14, 2022. Daniel Leal | Afp | Getty ImagesLONDON — Just six weeks into U.K. Prime Minister Liz Truss' tenure and the political future of yet another Conservative leader looks to be in jeopardy. The approach has been sharply criticized by U.K. political opponents — and even U.S. President Joe Biden — at a time when Britain faces a deepening cost-of-living crisis. However, analysts at political risk consultancy Eurasia Group assign only a 10% possibility that Truss is able to hold on as prime minister. "The consensus at Westminster is now that that the Prime Minister is so weak that she can do nothing without the assent of her Chancellor.

☆ U.K. Treasury chief scraps nearly all government tax cut plans
▼ + stars: | 2022-10-17 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

U.K. Treasury chief Jeremy Hunt on Monday reversed most of an economic package announced by the government just weeks ago, including a planned cut to income tax. In a bid to soothe turbulent financial markets, Hunt said he was scrapping “almost all” the tax cuts announced last month and signaled public spending cuts are on the way. The unfunded tax cuts fueled investor concern about unsustainable levels of government borrowing, which pushed up government borrowing costs, raised home mortgage costs and sent the pound plummeting to an all-time low against the dollar. Hunt was under pressure to act before financial markets opened on Monday because the central bank’s support for the bond market ended Friday. The U.K. currency is now trading for roughly the same price it was on Sept. 22, the day before Kwarteng announced the tax cuts.

☆ UK finance minister seeks to stem bond rout by rushing forward tax plan
▼ + stars: | 2022-10-17 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

"The chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability," the finance ministry said. Register now for FREE unlimited access to Reuters.com RegisterSterling was up about 1% against the dollar in trading in Asia. Hunt met Truss over the weekend to overhaul her original economic proposals. No chancellor should seek to do that," the former foreign and health minister told BBC television in an interview broadcast on Sunday. Goldman Sachs said on Sunday it expected Britain's economy to shrink by 1.0% in 2023, a more severe contraction than its previous forecast of a 0.4% shrinkage, as Truss's tax cuts were reversed.

☆ 'Serious matters' preventing UK PM Truss from coming to parliament, Mordaunt says
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 17 (Reuters) - The leader of Britain's House of Commons, Penny Mordaunt, said on Monday that were "very serious matters as well as economic matters" in Prime Minister Liz Truss's in-tray that have prevented her from appearing for a question in parliament. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sachin Ravikumar, writing by Muvija M; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

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