Kwasi Kwarteng jokes tax cut plan ’caused a little turbulence’ as he addresses U-turn
Kwasi Kwarteng is reportedly bringing forward his fiscal statement from 23 November to this month after his mini-Budget spooked the markets.
The chancellor’s statement, expected to be on spending and deregulation, will be made while the Office of Budget Responsibility (OBR) publishes its economic forecasts.
It comes after Mr Kwarteng made a screeching U-turn, hours before his Conservative Party conference speech on Monday, on his plans to axe the 45p tax rate for the highest earners.
He joked during his speech that the turmoil his mini-Budget caused, such as the pound having plummeted as low as the US dollar, was merely a “little turbulence” – a comment that the Liberal Democrats said was an “insult to millions”.
Mr Kwarteng also said, referring to the criticism – including from Tory former ministers: “I get it. I get it. We are listening and have listened, and now I want to focus on delivering the major parts of our growth package.”
The Lib Dems’ Treasury spokesperson Sarah Olney said: “Laughing about the turbulence caused by this botched budget is an insult to the millions of people already facing spiralling mortgage costs.
“This should be his first and last conference speech as chancellor.”
Tories facing ‘wipe-out’ as new poll gives Labour 25-point lead
Labour has a 25-point lead over the Conservatives in a new poll that suggests Liz Truss would be on track for a “wipe-out” at the next general election.
The survey by Savanta ComRes is the latest showing a collapse in support for the Tories in the wake of chancellor Kwasi Kwarteng’s disastrous mini-Budget.
The pollster said that the Labour lead was the biggest ever recorded by the company and could leave the Tories out of power for a generation.
You can read the full story here by Andrew Woodcock
Tories facing election ‘wipe-out’ as new poll gives Labour 25-point lead
Tories ‘could be out of power for generation’, says pollster Savanta ComRes
Lamiat Sabin4 October 2022 04:00
ICYMI: Tory MPs ‘openly talking’ about removing Liz Truss
Nick Timothy, former No 10 chief of staff under Theresa May, said it remained “very, very difficult to recover” after the disastrous mini-Budget.
He said that some MPs were “openly talking” about how Ms Truss might be removed from Downing Street, though he cautioned: “I think anybody who makes the assumption that therefore she might be removed or have to leave as PM, I think is over-egging it at this stage.”
You can read the full report by Adam Forrest here
Tory MPs ‘openly talking’ about removing Liz Truss, says ex-No 10 chief of staff
‘Very difficult’ for PM to recover, says Nick Timothy – as Rachel Johnson predicts Truss could ‘go down with the pound’
Lamiat Sabin4 October 2022 03:00
Prototype nuclear fusion power plant ‘will be built by 2040’
A prototype nuclear fusion power plant, possibly the first in the world, will be built by 2040, business secretary Jacob Rees-Mogg has said.
He told the Conservative Party conference the fusion energy plant would be built in Nottinghamshire, replacing a coal-fired power station in the area.
Speaking from the main stage at the conference in Birmingham, Mr Rees-Mogg said: “Over the decades we have established ourselves as pioneers in fusion science and as a country our capabilities to surmount these obstacles is unparalleled, and I am delighted to make an announcement of a vital step in that mission.
“We will build the UK’s first prototype fusion energy plant in Nottinghamshire, replacing the West Burton coal-fired power station with a beacon of bountiful green energy.”
He added: “The plant will be the first of its kind, built by 2040 and capable of putting energy on the grid, and in doing so will prove the commercial viability of fusion energy to the world.”
Lamiat Sabin4 October 2022 02:00
Cleverly: UK has ‘strategic endurance to see Ukraine to victory’
Foreign secretary James Cleverly will declare on Tuesday that Britain has the “strategic endurance” to see Ukraine through to victory over Russian invaders.
In his Conservative Party conference speech, he is expected to say that Ukraine has Britain’s unwavering support in its efforts to push back Vladimir Putin’s forces, saying that “we are players on the pitch” and not just “commentators”.
It comes after Britain ramped up sanctions against Moscow, with new measures targeting vulnerable sectors of the economy, in response to the Russian president’s “illegal” annexation of swathes of Ukrainian territory.
Mr Cleverly will repeat PM Liz Truss’s vow that the UK will never accept Putin’s claim to the regions of Donetsk, Luhansk, Kherson, Zaporizhzhia or Crimea.
As part of his speech, Mr Cleverly is expected to say: “We aren’t commentators. We are players on the pitch. Making a difference. Promoting our values. Competing on the world stage for what we believe is right.
“We believe in freedom. We believe in the rule of law. We believe that an aggressor cannot invade its neighbour with impunity.
“This is why we stand shoulder to shoulder with those brave Ukrainians defending their homeland. And Britain has the strategic endurance to see them through to victory.”
Lamiat Sabin4 October 2022 01:00
Braverman plans new deport laws to block illegal immigration
Suella Braverman is considering new laws to make it easier to deport people who are deemed to be illegal immigrants.
At the Conservative Party conference on Tuesday, she will call for France to stop more small boats crossing the English Channel.
The home secretary will promise to allow “the kind of immigration that grows our economy” but “end abuse of the rules” by human traffickers.
As the government’s policy on sending asylum seekers on a one-way trip to Rwanda is being challenged in the courts, Ms Braverman is committed to looking at new powers to ensure that her immigration policies cannot be derailed by modern slavery laws, the Human Rights Act or the European Court of Human Rights.
Ms Braverman will tell the conference: “It’s right that we extend the hand of friendship to those in genuine need.
“This country has always done so. It did so for my father in the 1960s as a young man from Kenya. We have now welcomed hundreds of thousands of people fleeing Syria, Hong Kong, Afghanistan and Ukraine.
“ … Parts of the system aren’t delivering. We need to end abuse of the rules and cut down on those numbers that aren’t meeting the needs of our economy.”
Lamiat Sabin4 October 2022 00:01
Tuesday’s newspapers: Mini-budget dominates the headlines
Independent: Now Tory rebels vow to block cuts to benefits
Financial Times: Kwarteng quickens debt cut plans after U-turn on tax
Daily Record:Flipping eejits
i: Truss faces new Tory rebellion on benefits cuts
Daily Star: The lady is for U-turning
Guardian: Tory plot to halt benefit cuts after U-turn over top tax rate
Morning Star: Humiliated Kwarteng forced to backtrack
Daily Telegraph: PM takes on rebels in battle to rein in benefits
City A.M.: ‘A little turbulence’
Daily Express: Stick with us and we will reward your trust
Meanwhile, The Sun was the only national newspaper to not make the mini-Budget its main story on its front page.
Lamiat Sabin3 October 2022 23:30
Police ‘refusing to shut down Benny Hill music’ outside venue
West Midlands police have been “refusing” to stop the Benny Hill Show theme tune playing outside the conference venue, according to a journalist.
Tory MP Michael Fabricant said that anti-Brexit protester Steve Bray – who is known for having shouted “stop Brexit” outside Parliament – is responsible for putting on the comedic soundtrack.
It had also been playing outside the ICC venue in Birmingham on Sunday, the first day of the conference.
Lamiat Sabin3 October 2022 23:00
Tories should dissent in ‘grown-up fashion,’ says Badenoch
Kemi Badenoch has urged Tory MPs to disagree “in a grown-up fashion” instead of “rushing to the first TV studio to let everybody know how angry you are”.
Her comment was in response to a question – in a Q&A session – with GB News’ Liam Halligan on the main stage of the Conservative Party conference in Birmingham.
The international trade secretary was asked how the party can communicate effectively the growth plan to the country.
She said: “As a party, we need to get behind the Prime Minister because if you don’t do that, then none of that… We need unity. And we need to be able to have dissent in a grown-up fashion.
“I think, when other people have problems with policy, I think there is a way of communicating it and not necessarily rushing to the first TV studio to let everybody know how angry you are.”
Ms Badenoch also said, during the second day of the conference, that she hopes that the UK “can do mini-trade deals with the 50 states of the US.”
Lamiat Sabin3 October 2022 22:30
Royal Navy frigate helping to protect North Sea infrastructure
A Royal Navy frigate has been deployed to the North Sea in an effort to protect underwater infrastructure following attacks on the Nord Stream pipelines.
Defence secretary Ben Wallace joined a crisis meeting of northern European nations on Monday to discuss co-ordinating security responses, including increased maritime presence.
“The group condemned the blatant attacks against civilian infrastructure,” the Ministry of Defence tweeted.
“A Royal Navy frigate is in the North Sea, working with the Norwegian Navy to reassure those working near the gas pipelines.”
You can read the full story here:
Navy ship protecting cables in North Sea after Russian pipeline attack
The UK is working with other nations on a security response following attacks on the Nord Stream pipelines, Defence Secretary Ben Wallace said
Lamiat Sabin3 October 2022 22:00
Some Tory MPs ‘talking about getting rid of Liz Truss’
Nick Timothy, former No 10 chief of staff under Theresa May, said it remained “very, very difficult to recover” after the disastrous mini-Budget.
He said that some MPs were “openly talking” about how Ms Truss might be removed from Downing Street, though he cautioned: “I think anybody who makes the assumption that therefore she might be removed or have to leave as PM, I think is over-egging it at this stage.”
Speaking to LBC’s Tonight with Andrew Marr, he added: “They’ve dug themselves in an absolutely enormous hole and it’s going to be very difficult to get out of it.”
Boris Johnson’s sister Rachel Johnson told Marr that another fall in the pound sterling after the Bank of England stops its emergency bond-buying scheme could mean the end for Ms Truss and chancellor Kwasi Kwarteng.
“I they will go down with the pound if we see the pound falling on October 14 … there won’t be anything else to do apart from having maybe a general election I think.”
Adam Forrest3 October 2022 21:30