Liz Truss news – live: Starmer says PM clinging to power after Kwarteng sacking ‘chaos’

Sir Keir Starmer accused Liz Truss of desperately “clinging on” to power after she sacked Kwasi Kwarteng to counter the fierce backlash from the Tory party against her disastrous plan for growth.

In a speech to supporters in Barnsley this morning, the Labour leader said there were “no historical precedents” for the chaos that followed Ms Truss and her former chancellor’s mini-Budget in which they launched several now abandoned tax-cutting policies that the markets took to be reckless.

New chancellor Jeremy Hunt this morning gave an extraordinary series of interviews in which he signalled a decisive break with his new boss’s plan for growth.

Mr Hunt said he will have to make cuts to public spending to steady the economy after the disastrous first few weeks of Ms Truss’s premiership.

He admitted Ms Truss made “mistakes” and said “difficult decisions” were going to have to be taken to reassure markets and restore stability.

Key points

• New chancellor: ‘There will be cuts – but not austerity’

• Truss made ‘mistakes’, says Hunt

• Two-thirds want Truss out

• What the papers say about ‘day of chaos'

• PM has only bought a ‘few weeks’, says Kwarteng

Hunt won’t commit to real-terms benefits rise

11:50 , Liam James

Jeremy Hunt has refused to commit to benefits rising in line with inflation, suggesting the rift in the Tory party will not be healed by the new chancellor’s appointment.

The benefits rise is one of the fiercest matters of contention in the Tory party, with several cabinet ministers arguing that the proposed real-terms cut would harm the poorest amid a cost of living crisis.

Asked about the policy this morning, Mr Hunt said: “I am very sensitive to the needs of people right at the bottom of the income scale.

“I’m not going to make that commitment within hours of taking on this job, and indeed, the right time to do that is when I’ve seen the figures in the round and discussed them with the prime minister.”

Odds for Liz Truss to leave No 10 before the end of the year slashed

11:35 , Liam James

Odds on prime minister Liz Truss leaving Downing Street before the end of 2022 were slashed on Friday after she sacked her chancellor and reversed sweeping tax cuts.

Waning confidence in Ms Truss’s political and economic credibility follows weeks of financial turmoil as markets were sent reeling by former chancellor Kwasi Kwateng’s so-called mini-Budget.

William Hill made the embattled PM just 5/4 to leave her role before 2023 – down from 11/2 on Thursday – following her curt press conference announcing the U-turn on cutting corporation tax.

Odds for Liz Truss to leave No 10 before the end of the year slashed

Starmer says Truss ‘clinging on'

11:11 , Liam James

Sir Keir Starmer accused Liz Truss of desperately holding on to power after she sacked her chancellor to counter the backlash in the Tory party against her disastrous plan for growth.

Though Kwasi Kwarteng got the axe for his role in throwing the British economy into turmoil, “there is still one person clinging on,” the Labour leader told supporters in Barnsley on Saturday morning.

He said there were “no historical precedents” for the chaos that followed Ms Truss and her former chancellor’s mini-budget in which they launched several now abandoned tax-cutting policies that markets took to be reckless.

“No doubt we will hear plenty of laughable excuses in the coming days,” Sir Keir said. “After 12 years of stagnation, that’s all her party has left but even they know she can’t fix the mess she has created.

“And deep down, her MPs know something else. They no longer have a mandate from the British people.”

Truss and Starmer lead tributes to murdered MP Amess

10:47 , Liam James

Liz Truss and Sir Keir Starmer have led tributes to Sir David Amess on the first anniversary of his murder.

Sir David, who was an MP for nearly 40 years, was stabbed during a constituency surgery at Belfairs Methodist Church in Leigh-on-Sea, Essex, on October 15, 2021.

He is survived by his wife Lady Julia Amess and their three children.

Tributes for Sir David have been pouring in to mark one year since his murder.

Southend-on-Sea Council announced that a tree will be planted in the city in memory of the veteran Conservative MP, who represented Southend West.

Defence committee chair welcomes Hunt as chancellor

10:28 , Liam James

Tobias Ellwood joined those welcoming Jeremy Hunt’s appointment as chancellor, as he indicated he has had the Conservative whip restored.

In a reference to his loss of the Tory whip after he failed to support the government in a confidence vote during the summer while overseas, the defence committee chair tweeted: “Glad to be off the naughty step & back in Pty as we enter this re-set.”

Mr Ellwood said Mr Hunt was a “wise inclusion” in the government.

“We thrive when governing as ‘One Nation’ Tories harnessing a coalition of talent - solving economic crises via sound money & fiscal responsibility.”

The Bournemouth MP was still listed as an independent on the parliamentary website.

Clip: Jeremy Hunt says tax rises coming

10:09 , Liam James

Here’s a clip from earlier of the new chancellor admitting tax rises will follow Liz Truss’s catastrophic tax-cutting dash for growth.

#ICYMI: Ex-Daily Mail editor misses out in Boris Johnson peerage list

09:48 , Liam James

You would be forgiven for not being aware that Boris Johnson’s honours list was released last night.

Major Conservative donor Michael Hintze was among the 26 to be offered a spot on the Lords’ benches, with some nominations from Labour leader Sir Kier Starmer also among them.

However, Paul Dacre, the former editor of the Daily Mail who remains editor-in-chief of the newspaper’s publisher DMG Media, was not on the list despite being heavily tipped for a peerage. Nadine Dorries, ultra-loyal Johnsonist, also missed out.

Adam Forrest is here to take you through the full list:

Tory donor handed peerage – but former Daily Mail boss Paul Dacre misses out

Kwarteng learned his fate from the news – Times

09:38 , Liam James

Quite the line in The Times this morning: Kwasi Kwarteng flew back to Britain unaware that he was about to be sacked as chancellor.

According to the paper, Mr Kwarteng landed at Heathrow airport yesterday shortly after 11am having flown seven hours from Washington.

He was picked up by his ministerial car and set off back to London for a meeting with Liz Truss.

Within quarter of an hour The Times broke the news that he was about to be sacked, informing Mr Kwarteng of the content of the meeting he was travelling to.

Mr Kwarteng, the second shortest-serving chancellor in history, later said he thought Ms Truss’s brutal move had bought her only “a few days or weeks” extra in No 10.

Hunt and Truss will meet tomorrow

09:23 , Liam James

Jeremy Hunt said he will meet Liz Truss tomorrow after he set out his direction as chancellor in an astounding series of interviews this morning.

The new chancellor said he intends to break firmly from Ms Truss’s growth plan, with tax rises and spending cuts to take the place of wild tax rises.

After the news round this morning, Mr Hunt said he will meet Treasury officials later today ahead of a meeting with the prime minister tomorrow.

Mr Hunt was appointed yesterday evening after Ms Truss sacked Kwasi Kwarteng over the catastrophic reaction to the mini-budget the prime minister and former chancellor devised to “turbo-charge” Britain’s growth.

The new chancellor said he has been given a “clean slate” to diverge from the policies of the mini-budget.

Liz Truss has ‘listened’ to criticism, says Hunt

09:09 , Liam James

Jeremy Hunt insisted Liz Truss had “listened” after the crisis sparked by her mini-budget, as the new chancellor said that people do not want “more political instability”.

He told the BBC: “She has listened and I think you want a prime minister who’s prepared to listen in these situations and what she wants to do is to get the economy motoring in a way that protects families and businesses through a very difficult period.

“And I think the last thing people want now is more political instability.”

The prime minister has already U-turned on two of her major economic policies and Mr Hunt this morning suggested he was going to break with most of those remaining with spending cuts and tax rises on the horizon.

Miriam Margoyles says ‘f*** you’ live on BBC after Hunt interview

08:59 , Liam James

Miriam Margoyles broke the first rule of radio this morning as she said “f*** you” live on the Today programme.

The actor was reacting to the arrival of the new chancellor, Jeremy Hunt, in the BBC Radio 4 studio when she swore.

“When I saw him there,” she told the hosts Justin Webb and Martha Kearney, as she was leaving, “I said, ‘You’ve got a hell of a job, best of luck.’ And what I really want to say was, ‘F*** you, bastard.’ But you cant say that.”

“Oh no no no you mustn’t say that,” replied Webb, through laughter. “We’ll have to have you out of the studio now.”

Miriam Margoyles says ‘f*** you’ live on Radio 4 as Jeremy Hunt arrives for interview

UK needs growth with stability – Hunt

08:47 , Liam James

Growth needs to come with stability, new chancellor Jeremy Hunt said as he signalled a departure from Liz Truss’s disastrous dash for growth.

Speaking to BBC Breakfast, Mr Hunt reiterated that he had to take “tough decisions” on tax and spending to “show the world we have a plan that adds up financially”.

He takes on the job as chancellor after weeks of turmoil in the economy after markets were rattled by Kwasi Kwarteng’s plans for sweeping unfunded tax cuts.

Mr Hunt has said repeatedly this morning that he would take difficult decisions, including spending cuts and tax rises.

He has effectively abandoned both the content and spirit of his new boss’s plan for Britain.

Wrapping up his interview with the BBC, Mr Hunt said: “The reason we’re still the fifth or sixth largest economy in the world, despite what, is because at big moments we’ve been prepared to take tough and difficult decisons.”

Income tax cut may be step too far, says Hunt

08:32 , Liam James

Jeremy Hunt suggested the coming cut to income tax could prove unsustainable given Britain’s precarious economic position.

Liz Truss brought forward a 1p cut to the basic rate to next Spring, a measure she remained committed to despite U-turning on a planned higher rate cut and a corporation tax freeze.

The new chancellor today warned taxes may have to rise, though he has declined to give details.

Asked on the Today programme if the basic rate cut was safe, Mr Hunt said “we very much hope we can keep that but not going to make a decision now before looked at everything in the round.”

He went on to say any tax cuts “have to be sustainable”.

“They have to be tax cuts that people can see you can keep funding year in, year out.”

Hunt hints defence budget goal may be scrapped

08:23 , Liam James

Jeremy Hunt declined to commit to raise defence spending in line with Liz Truss's campaign pledge.

The new chancellor, who also stood for the Tory leadership on a platform of increased military funding, said the Ministry of Defence would not be free from his plans to find “efficiencies” across all government departments.

Both he and Ms Truss pledged to raise the defence budget to 3 per cent of GDP by the end of the decade.

Right wing Tory warns Hunt against tax rises

08:15 , Liam James

Jeremy Hunt was chosen as chancellor as a unity candidate to bring the moderate wing of the Tory party back into the fold.

But his appointment appears to have rankled some on the right wing of the party. Thatcherite MP John Redwood offered an early warning to the new chancellor about his tax and spending plans.

Tweeting after Mr Hunt said tax rises were coming, Mr Redwood said: “You cannot tax your way to higher growth. If you tax too much you end up borrowing more as you have a worse slowdown.”

Ms Truss has already committed to raising corporation tax, in a U-turn from her first chancellor’s mini-budget.

It won’t be austerity, says Hunt

08:08 , Liam James

New chancellor Jeremy Hunt denied he would take Britain back into austerity, after he warned spending cuts were to come.

“I don't think we're talking about austerity in the way we had it in 2010 when I was also in the cabinet.

“But we are talking about very difficult decisions in budgets where there is already a great deal of pressure,” he said.

Mr Hunt said details of what cuts he intends to make will have to wait until his 31 October fiscal statement but “all government departments” will be affected.

Paper round-up: ‘It’s over’ for Liz Truss

07:58 , Liam James

Today’s front pages follow below. All those included are focused on Liz Truss’s perilous circumstance.

The Mirror leads with “Time’s up” and Tory plots to oust the ailing prime minister. The i has a similar line.

The Times andThe Independent frame Ms Truss as fighting for “survival”, The Guardian has the PM “desperately clinging on to power” after a “day of chaos.

The Daily Star takes a lighter note with a lettuce-related pun.

Hunt won’t say where cuts will be made

07:40 , Liam James

Jeremy Hunt declined to say where cuts to public spending might be made.

The new chancellor used his first interview to warn “difficult decisions” would have to be made with “all government departments” set to face cuts.

When asked for details, he said: “I’m not going to make specific committments about specific departments now.”

The chancellor is set to lay out his economic plan on 31 October.

Jeremy Hunt admits Liz Truss made ‘mistakes’

07:26 , Liam James

New chancellor Jeremy Hunt has admitted that “mistakes” were made by the Truss government over the mini-budget and said “difficult decisions” will have to be made, in his first interview since taking the job.

Mr Hunt said cuts to public spending were incoming as he signalled a departure from his predecessor’s disastrous dash for growth.

“Spending will not rise as much as people would like. All government departments will have to find efficiencies.

“And some taxes will not be cut as quickly as people want, some will have to go up,” he said.

Ms Truss yesterday abandoned her plan to keep corporation tax at 19 per cent, after having previously U-turned on an income tax cut for top rate payers.

Mr Hunt said his first priority was to reassure markets after weeks of turmoil.

Truss criticised for 8-minute press conference that ‘did little to build support'

06:16 , Vishwam Sankaran

Reporters have called out prime minister Liz Truss’s refusal to take more questions at her press conference on Friday where she refused to apologise for problems created by her economic policies.

“Are you going to apologise?” one reporter asked as the prime minister left the room.

When Ms Truss was asked why she should remain the prime minister, she said she was “absolutely determined to see through what I have promised, to deliver a higher growth, more prosperous United Kingdom, to see us through the storm we face.”

“What I’ve done today is made sure that we have economic stability in this country,” the prime minister said, dodging another question on if she had any credibility left.

ICYMI: Prime Minister Liz Truss appoints Jeremy Hunt as new Chancellor

05:50 , Vishwam Sankaran

UK prime minister Liz Truss appointed Jeremy Hunt as her new Chancellor of the Exchequer.

Former chancellor Kwasi Kwarteng was replaced after just 38 days since he was in office following the economic turmoil unleashed by his mini-budget.

“As Prime Minister, I will always act in the national interest. Growing the economy remains our mission, ensuring people can get good jobs, new businesses can flourish and families can afford an even better life,” Ms Truss tweeted.

Allies of Mr Hunt are suggesting he would be the “chief executive” in the government while Ms Truss would be the “chairman.”

Poll finds Truss has failed to gain voters’ confidence with dramatic U-turn

02:13 , Holly Bancroft

Just one in seven voters (15 per cent) say that Liz Truss’s dramatic U-turn on corporation tax and dismissal of chancellor Kwasi Kwarteng have given them greater confidence in her leadership, according to a new poll.

More than half (52 per cent) said she was right to sack her chancellor following his catastrophic mini-Budget, against just 22 per cent who said she should have allowed him to stay.

But seven in 10 (71 per cent) said that Ms Truss cannot now regain the trust of the British public – including two-thirds (65 per cent) of those who voted Tory in the 2019 general election.

More than four times as many of those questioned by Savanta ComRes blamed Truss than Kwarteng (by 24 per cent to 6 per cent) for the UK’s current economic woes, while three-fifths (60 per cent) said they were equally to blame.

Read the full story here:

Poll finds Truss has failed to gain voters’ confidence with dramatic U-turn

Tory MPs ‘sending in no confidence letters’ to 1922 Committee in bid to oust Liz Truss

01:06 , Holly Bancroft

Rebel Tory MPs are reportedly sending letters of no confidence in Liz Truss to the 1922 Committee in a bid to get rid of her as prime minister.

The number of letters already sent in is said to be “substantial”, according to Sky News.

Sir Graham Brady, chair of the 1922 Committe - a group of backbench MPs that oversees the election of party leaders - is reportedly on holiday at the moment but will receive the letters when he returns on Monday.

The Daily Mail reported that MPs are privately sounding out colleagues ahead of an attempted coup to oust the prime minister.

A group of 20 or so “poppadom plotters” met over curry in Parliament’s Portcullis House to discuss how they could get rid of Ms Truss.

There have reportedly been discussions about asking former Tory leaders to sign a joint statement calling for Ms Truss to stand down.

Read the full story here:

Tory MPs ‘sending in no confidence letters’ to Graham Brady to oust Truss

Kwasi Kwarteng ‘thinks Liz Truss will be gone in a few weeks’ after she sacks him as chancellor

Saturday 15 October 2022 00:15 , Holly Bancroft

Kwasi Kwarteng reportedly thinks that Liz Truss has only weeks left as prime minister after she sacked him as chancellor and reversed key parts of their mini-Budget.

Mr Kwarteng believes that Ms Truss only bought herself “a few weeks” left in the job by forcing him out, according to a source quoted in The Times.

The chancellor learnt he was being sacked after reading about in The Times, the paper reported.

Read the full story here:

Kwasi Kwarteng ‘thinks Liz Truss won’t be PM in a few weeks’

64% of voters want Liz Truss to resign, Channel 4 poll finds

Friday 14 October 2022 23:08 , Holly Bancroft

64 per cent of voters want Liz Truss to resign, a snap poll for Channel 4 has found.

Pollsters at Findoutnow surveyed 2,661 adults and asked them if Liz Truss should resign after her Downing Street press conference.

64 per cent of respondents said she should, 12 per cent said she shouldn’t and 25 per cent said they didn’t know.

53 per cent of people who voted Tory in 2019 said that Ms Truss should leave, the poll said.

Just 8 per cent backed Ms Truss to stay as prime minister and 61 per cent said there should be a general election.

Truss ‘will be gone in two weeks’, says senior Tory

Friday 14 October 2022 22:06 , Holly Bancroft

Liz Truss will be gone in two weeks, a senior Tory who backed her for leadership has told The Financial Times.

Speaking to the pink paper, they predicted: “She’ll be gone within two weeks.” Another veteran Tory said: “The problem is she’s only got around 25 per cent of the parliamentary party backing her - if that. She’s got a lot of disgruntled MPs to manage.”

Citigroup criticises government plan

Friday 14 October 2022 21:49 , Holly Bancroft

Citigroup has criticised the government for not making a more significant U-turn in its policy plans.

The investment bank said it did not expect “financial concerns to abate as a result of today’s action... Instead, we believe further market instability likely lies ahead.”

Kemi Badenoch says PM has her ‘full support

Friday 14 October 2022 21:28 , Aisha Rimi

International Trade Secretary Kemi Badenoch said that Liz Truss has her “full support” but admitted it had been a very “difficult day”.

The former leadership contender tweeted: “To say it’s been a difficult day would be an understatement.

“We knew the scale of the challenge this autumn given multiple global headwinds would be unprecedented.

“Our Prime Minister is working flat out to get the country through these turbulent times. She has my full support.”

Poll: Half of voters believe PM was right to sack Kwasi Kwarteng

Friday 14 October 2022 21:15 , Aisha Rimi

Nearly half of voters believe that Liz Truss was right to sack Kwasi Kwarteng as chancellor, according to a YouGov poll.

A snap YouGov poll found that 49 per cent of Britons agreed with the sacking of Mr Kwarteng.

It also found that 51 per cent of 2019 Conservative voters agreed with the decision.

Tories are ‘laughing stock’ – but removing Truss would make it worse, says ally

Friday 14 October 2022 21:03 , Aisha Rimi

Liz Truss supporter Sir Christopher Chope said he was in “despair and utter disbelief” after the sacking of Kwasi Kwarteng and U-turn on corporation tax.

Asked if he would like to see Boris Johnson back at No 10, Mr Chope said: “I’m not saying that, what I’m saying is that I think it was a mistake to have got rid of him, and we can now see the consequences of that.

“But I feel that to change the prime minister again, that would be ridiculous. And we will be even more of a laughing stock than we are already.”

PM could be gone by Christmas, says David Davis

Friday 14 October 2022 20:42 , Aisha Rimi

Former minister David Davis told LBC that Ms Truss could be gone by Christmas. He said “two of three more months” of terrible polls, then MPs will move to get rid of her.

“Many of the [MPs] with marginal seats who will lose their seats if this trend continue, will be siting and watching to see if markets recover, and after that whether polling numbers improve,” he said.

“If they don’t improve then my expectation is that those members will vote to get rid of it … and that will bring it to a crisis by Christmas. It will depend entirely on markets and polls now.”

Poll finds Truss has failed to gain voters’ confidence with dramatic U-turn

Friday 14 October 2022 20:31 , Aisha Rimi

Fewer than one in seven voters (15 per cent) say that Liz Truss’s dramatic U-turn on corporation tax and dismissal of chancellor Kwasi Kwarteng have given them greater confidence in her leadership, according to a new poll.

More than half (52 per cent) said she was right to sack her chancellor following his catastrophic mini-Budget, against just 22 per cent who said she should have allowed him to stay.

But seven in 10 (71 per cent) said that Ms Truss cannot now regain the trust of the British public – including two-thirds (65 per cent) of those who voted Tory in the 2019 general election.

Andrew Woodcock reports:

Poll finds Truss has failed to gain voters’ confidence with dramatic U-turn

Pound falls after Liz Truss U-turn, as IFS warns ‘piecemeal’ changes won’t cut it

Friday 14 October 2022 20:16 , Aisha Rimi

Liz Truss’s bid to calm the markets by sacking her chancellor and U-turning on corporation tax appears to have failed as the pound fell again and the cost of government borrowing rose after her press conference on Friday.

Trading in the pound and gilts – UK government bonds – became more positive early on Friday after reports that parts of the Truss government’s tax-cutting mini-Budget would be scrapped.

But the markets did not react well to the prime minister’s seven-minute appearance at No 10, at which she announced she would let corporation tax rise from 19p to 25p and was replacing Kwasi Kwarteng with Jeremy Hunt.

Adam Forrest reports:

Pound falls after Liz Truss U-turn, as IFS says ‘piecemeal’ changes won’t cut it

Truss could be gone ‘within days or weeks’, say Tory MPs after PM ditches chancellor

Friday 14 October 2022 20:01 , Holly Bancroft

Liz Truss could be removed as prime minister within “days or weeks” after a botched attempt to shore up her tottering premiership by sacking her chancellor and U-turning on one of her flagship policies, Conservative MPs believe.

Expectation in Westminster was that a group of Tory grandees will visit the PM, possibly as early as next week, to inform her that crumbling support on the backbenches means “the game is up” and she should consider her position.

In dramatic scenes, Ms Truss fired her close ally Kwasi Kwarteng, installing Jeremy Hunt as chancellor in his place in a bid to calm the markets, before going before the TV cameras to announce she will go ahead with the 6p hike in corporation tax which she had previously vowed to cancel.

But her eight-minute press conference, in which she took just four questions, was greeted with dismay by Tories, with one describing it as “agony” and another “shockingly bad”.

One former minister told The Independent: “She made Theresa May look like Barack Obama. She can’t communicate. She’s just not up to it.”

Read the full story here:

Truss could be gone ‘within days or weeks’, say Tory MPs after PM ditches chancellor

Truss's future 'hanging by thread', says former Tory leader

Friday 14 October 2022 19:39 , Adam Forrest

Former Tory leader William Hague has told Times Radio Liz Truss’s time as PM “hangs by a thread”, saying the mini-Budget has been “a catastrophic episode”.

“I think it may be stretching credibility too far to have yet another change of prime minister. And it will be a very difficult process for the Conservative Party to identify, which they would have to, one person to take over, you know, rather than have another three months election which is cannot be contemplated.”

He added: “So for all those reasons, I’m still hoping she can get it together.”

Starmer: Time for general election to end ‘clapped out’ government

Friday 14 October 2022 19:29 , Adam Forrest

Keir Starmer has made clear that he thinks there should be a general election now, even if Liz Truss is not replaced by her own party in the weeks ahead.

He told The Guardian that the Tory government is “completely at the end of the road” and Labour is now getting ready for power.“

“We are in the absurd situation where we are on the third, fourth prime minister in six years and within weeks we have a got a prime minister who has the worst reputational ratings of any prime minister pretty well in history,” he said.

Sir Keir added: “Their party is completely exhausted, and clapped out … For the good of the country we need a general election.”

Top Tory donor handed peerage – but former Daily Mail boss Paul Dacre misses out

Friday 14 October 2022 19:17 , Holly Bancroft

Major Conservative donor Michael Hintze is set to enter the House of Lords after he was named among dozens of political figures on the latest honours list.

Mr Hintze, a British-Australian businessman, has given around £4.5m to the Tory party and Tory candidates since 2002.

Paul Dacre, the former editor of the Daily Mail who remains editor-in-chief of Mail publisher DMG Media, is not on the list – despite previously being tipped to receive the honour.

But former Labour MP Tom Watson, who was deputy leader of the party under Jeremy Corbyn, will get a peerage after being nominated by leader Sir Keir Starmer.

Read the full story here:

Tory donor handed peerage – but former Daily Mail boss Paul Dacre misses out

Watch how many times Liz Truss avoids apologising for tax cut U-turn

Friday 14 October 2022 19:00 , Jane Dalton

Watch how many times Liz Truss avoids apologising for tax cut U-turn

Tory ex-MPs and TUC chief to receive life peerages

Friday 14 October 2022 18:45 , Jane Dalton

The grandson of Sir Winston Churchill and the former deputy leader of the Labour Party are among those receiving life peerages, the Government has confirmed.

Alongside Sir Nicholas Soames and Tom Watson, others receiving peerages include former Tory MPs Sir Hugo Swire, Stewart Jackson, Angie Bray and Graham Evans; general secretary of the Trades Union Congress Frances O’Grady and former Northern Ireland first minister Arlene Foster.

Paul Dacre, the editor-in-chief of DMG Media which publishes the Daily Mail and Metro newspapers, was not on the list despite previously being tipped to receive the honour.

The peerages are conferred by the King on recommendation from the Prime Minister, further to advice from former prime minister Boris Johnson.

Opinion: How wrong Truss was to think she could ignore financial markets

Friday 14 October 2022 18:28 , Jane Dalton

If she had any sense, Liz Truss would have put her giveaway on hold until inflation is under control, while promising to bring in her tax cuts as soon as was practicable, writes James Moore. But she gave no sign that she recognised how tragically wrong-headed her policies are:

Opinion: Liz Truss thought she could ignore the financial markets – how wrong she was

Opinion: Ditching a chancellor has been tried before and voters gave their verdict

Friday 14 October 2022 18:18 , Jane Dalton

For the Harold Wilson government in 1967, and the John Major government in 1992, the damage done to their respective reputations for economic competence after losing chancellors never fully recovered, writes Sean O’Grady.

A spell had been broken and a relationship of trust with the electors had been visibly and irreparably breached:

Ditching a chancellor has been tried before and voters gave their verdict

Tories have thrown away years of work, says ex-chancellor

Friday 14 October 2022 18:02 , Jane Dalton

The Tory party has thrown away years of work to build its reputation for economic competence, a Conservative former chancellor has said.

Lord Hammond said Liz Truss would have to return to a “more conventional economic policy”, but added that she could survive because his party’s MPs will not want to risk a general election.

He said while the party might be “disillusioned with her”, they know ousting Ms Truss could result in the country going to the polls early.

Lord Hammond said the Government’s growth agenda was “in tatters” and that the usual arguments used against Labour on economics would look “extremely limp”.

He told BBC Radio Four’s World At One: “They (the Government) haven’t fully resolved the economic question, and I do not think they can resolve the political damage that has been caused.

“The Tory Party has to be the party of competence in government. It may have various other attributes, but it has to be competent, and a steady hand on the tiller.

“And I’m afraid we’ve thrown away years and years of painstaking work to build and maintain a reputation as a party of fiscal discipline and competence in government.

“And many of the arguments that we routinely deploy against the Labour Party around fiscal management will look extremely limp in light of what has happened over the last few weeks.”

Odds for Liz Truss to leave No 10 by end of year slashed

Friday 14 October 2022 17:37 , Jane Dalton

Bookmaker odds on Liz Truss leaving Downing Street before the end of the year have been slashed, writes Emily Atkinson:

Odds for Liz Truss to leave No 10 before the end of the year slashed

Opinion: Truss’s ‘decisive action’ confirmed she doesn’t have a clue

Friday 14 October 2022 17:25 , Jane Dalton

While the prime minister spoke in her press conference, government borrowing rates rose and rose and rose, writes Tom Peck.

To sack the chancellor is to confirm, not deny, that you have indeed got everything hopelessly wrong. That everyone who thinks you’re completely mad is absolutely right:

Truss’s ‘decisive action’ just confirmed what we already knew | Tom Peck

Liz Truss’s history of U-turns

Friday 14 October 2022 17:07 , Jane Dalton

Jon Stone looks at some of the abrupt changes Liz Truss has had to make including those before she became PM:

Liz Truss’ history of U-turns after first major reversals as Prime Minister

Gove hints he’s a fan of ‘strong leadership'

Friday 14 October 2022 16:45 , Jane Dalton

Former Tory leadership contender Michael Gove pointedly referred to “strong leadership” and that he discussed “recruitment and retention” with a group of headteachers he met today.

MPs must sit tomorrow, say Lib Dems

Friday 14 October 2022 16:41 , Jane Dalton

The Liberal Democrats have called for Parliament to sit tomorrow, Saturday, amid the turmoil in Liz Truss’s Government.

The party wants the new Chancellor Jeremy Hunt to deliver a statement in the Commons to calm the markets.

Lib Dem Treasury spokesperson Sarah Olney said: “This Government has overseen a slow-motion car crash as Britain’s economy barrels towards disaster. For weeks ministers have sat on their hands as their mini-budget unfolded.

“Parliament must sit tomorrow so we can hear from this new Chancellor.

“As the revolving door at No 11 continues, the very least the latest one can do is come to Parliament tomorrow and deliver an urgent statement putting the final nail in the coffin of this budget.”

Truss and Hunt ‘have a lot of work to do'

Friday 14 October 2022 16:32 , Jane Dalton

Sir John Redwood, the Conservative MP for Wokingham, said Jeremy Hunt and Liz Truss “have a lot of work to do” to try to get the economy going following the departure of Kwasi Kwarteng.

Mr Hunt has gone to Downing Street to meet Ms Truss.

Lib Dem leader calls for general election

Friday 14 October 2022 16:25 , Jane Dalton

Liz Truss has “trashed the British economy” and “humiliated the Conservative government in the eyes of the world”, according to Liberal Democrat leader Sir Ed Davey, who is calling for a general election.

Sir Ed added that he has no confidence in new Chancellor Jeremy Hunt’s ability to improve the state of the economy.

He told BBC News: “Liz Truss has trashed the British economy, she’s put hundreds of pounds on people’s mortgages, and she’s humiliated the Conservative government in the eyes of the world.

“People are angry, they are fed up, and they’re worried about the future, but above all, they are furious with this Conservative Party, so I think it’s time they had their say - it’s time for a general election.”

When asked whether he was happy to see Mr Hunt made Chancellor, Sir Ed said: “Well look at Jeremy Hunt’s track record on the NHS - the NHS and our social care system is in the chaos it is partly because of Jeremy Hunt’s record as secretary of state for health.

“When you look at his ideas on the economy, when he had his two bids to be the Tory leader, he wanted cuts in corporation tax larger than Liz Truss, so I’m afraid I don’t have confidence, whether it’s on the health service or the economy, with Jeremy Hunt.”

Watch again: I’m not resigning, insists Kwarteng

Friday 14 October 2022 16:17 , Jane Dalton

Watch again: Kwasi Kwarteng insisted on Thursday he “absolutely 100 per cent” would not quit his job.

Unrepentant Kwarteng urges Truss to continue free-market agenda

Friday 14 October 2022 16:11 , Jane Dalton

An unrepentant Kwasi Kwarteng confirmed his departure as chancellor in a letter that defended his radical growth agenda – and made clear that he expects her to press on with the agenda of free-market reforms, writes Andrew Woodcock:

Unrepentant Kwarteng urges Truss to continue with their free-market agenda

Veteran Tory questions Kwarteng sacking

Friday 14 October 2022 16:00 , Jane Dalton

A veteran Tory backbencher has questioned why Mr Kwarteng was sacked, when he was implementing the prime minister’s plans.

Sir Roger Gale wrote: “Hard to understand why the Prime Minister has sacked her Chancellor - a good man - for promoting the policies upon which she was elected.”

But he welcomed Jeremy Hunt’s appointment.

Hunt ‘briefly shuts wife out of house'

Friday 14 October 2022 15:47 , Jane Dalton

New chancellor Jeremy Hunt briefly shut his wife out of the house to avoid speaking to reporters as he arrived home, it’s been reported.

Mr Hunt arrived home in Pimlico, London, in a black cab with his wife, Lucia.

When asked what he hoped to achieve as Chancellor, he said: “We’ll have lots of chances to talk later.”

He did not reply when asked: “Do you think Liz Truss has any credibility?”

William James, from Reuters, said Mr Hunt had briefly closed the door on his wife.

Scottish leader urges Truss to quit

Friday 14 October 2022 15:39 , Jane Dalton

Scotland’s First Minister has called on the Prime Minister to stand down after she sacked her chancellor and U-turned on a key policy pledge.

Nicola Sturgeon urged the PM to quit, adding that if she refuses, her MPs should back an election.

“The best thing Liz Truss could do for economic stability now is resign,” she said.

“Her decisions have crashed the economy and heaped misery on people already struggling with a cost-of-living crisis.

“The only decent thing for Tory MPs to do now is call time on her government and allow an election.”

Scottish Labour leader Anas Sarwar said “11th hour U-turns and scapegoating” will not be enough to save Ms Truss.

“It’s not just Kwasi Kwarteng that needs to go. We need to remove all those that were involved in putting together this disastrous plan, and everyone that signed it off - not just the guy who read it out.

“It’s time to remove this economically illiterate and morally bankrupt Tory party from government.”

Inflation will erode public spending, says expert

Friday 14 October 2022 15:35 , Jane Dalton

The director of the Institute for Fiscal Studies said higher inflation meant public spending could not be increased much less quickly “without actually going down’’.

Paul Johnson tweeted: “Liz Truss just said she will ensure spending increases less quickly than previously planned. Higher inflation has already eaten into plans set out a year ago. Can’t increase much less quickly without actually going down.’’

Opinion: Yes, Labour is now on an election footing. Do you blame us?

Friday 14 October 2022 15:25 , Jane Dalton

There is a palpable sense – in the last month or so – of excitement, too, writes MP Jess Phillips.

This energy characterises the lead up to an election. It is not necessarily practical or tangible yet; but there is a feeling in the air of urgency and anticipation:

Yes, Labour is now on an election footing. Do you blame us? | Jess Phillips

Sacking chancellor does not undo the damage, says Starmer

Friday 14 October 2022 15:08 , Jane Dalton

Labour leader Sir Keir Starmer said Kwasi Kwarteng’s sacking did not “undo the damage” already inflicted.

He tweeted: “Changing the chancellor doesn’t undo the damage made in Downing Street.”

Public spending will still have to be cut by up to £40bn, says expert

Friday 14 October 2022 15:05 , Jane Dalton

An expert predicts the UK will still face up to £40bn of public spending cuts after Ms Truss’s corporation tax U-turn.

More than half of the planned tax cuts are still going ahead, said Torsten Bell, of the Resolution Foundation think tank.

He said he was “100% certain” a big cut to public investment was coming.

Previously, the black hole in public finances had been put at £60bn.

Truss refuses to apologise at 7-minute press conference

Friday 14 October 2022 15:04 , Jane Dalton

Liz Truss has refused to apologise for problems created by her economic policies, after making a U-turn on more of her mini-Budget.

The prime minister left a planned press conference after just seven minutes and four questions, reports Jon Stone:

Liz Truss refuses to apologise for tax cut debacle at 7 minute press conference

Who is the UK’s shortest-serving chancellor?

Friday 14 October 2022 15:01 , Jane Dalton

Kwasi Kwarteng is among Britain’s shortest-serving chancellors. See where he ranks:

UK’s shortest-serving chancellors as Kwasi Kwarteng sacked after just 38 days

Corporation tax U-turn will raise £18bn a year, says Truss

Friday 14 October 2022 15:00 , Jane Dalton

Liz Truss said in her statement: “It is clear that parts of our mini-budget went further and faster than markets were expecting. So the way we are delivering our mission right now has to change.

“We need to act now to reassure the markets of our fiscal discipline.

“I have therefore decided to keep the increase in corporation tax that was planned by the previous government.

“This will raise £18 billion per year. It will act as a down payment on our full medium-term fiscal plan, which will be accompanied by a forecast from the independent OBR.

“We will do whatever is necessary to ensure debt is falling as a share of the economy in the medium term.”

The prime minister was slated for not producing an OBR forecast with the mini-Budget.

Liz Truss appoints Jeremy Hunt new chancellor

Friday 14 October 2022 14:50 , Jane Dalton

Liz Truss U-turns on corporation tax and admits her plan ‘has to change’

Friday 14 October 2022 14:45 , Jane Dalton

Liz Truss has announced that corporation tax will rise from 19 per cent to 25 per cent in a major U-turn on her tax-cutting mini-Budget after sacking Kwasi Kwarteng. Adam Forrest reports:

Liz Truss U-turns on corporation tax and admits her plan ‘has to change’

Truss refuses to apologise

Friday 14 October 2022 14:43 , Jane Dalton

Asked whether she would apologise to her party Ms Truss ducked the question.

She said she still believed in growth and repeated her claim she was delivering economic stability. But took only a handful of journalists’ questions before walking out of the press conference.

I’m ensuring economic stability, Truss insists

Friday 14 October 2022 14:40 , Jane Dalton

Asked why Mr Kwarteng had to go but she gets to stay and what credibility she has, Ms Truss said her mission remained the same - to raise growth levels, delivering on the energy price guarantee.

She had to ensure economic stability, she added.

Jeremy Hunt shared her vision of a high-growht, low-tax economy, she said.

Corporation tax hike retained as Truss makes U-turn

Friday 14 October 2022 14:36 , Jane Dalton

Liz Truss is set to keep the increase in corporation tax planned under Boris Johnson.

She reversed her policy to scrap the planned rise in corporation tax from 19% to 25%.

She admitted parts of the mini-Budget “went further and faster” than the markets liked.

“As prime minister I will always act in the national interest,” she declared, saying: “This is difficult.”

“The way we are delivering our mission has to change,” she said.

Climate protesters converge on Downing Street

Friday 14 October 2022 14:31 , Jane Dalton

Extinction Rebellion protesters outside Downing Street cheered the news that Chancellor Kwasi Kwarteng has been fired.

Opinion: Kwarteng discovers that friendships don’t count in politics

Friday 14 October 2022 14:19 , Jane Dalton

The two ideological soulmates have been close allies since entering the Commons in 2010.

But dismissing her chancellor might not save Truss’s skin, if Tory MPs judge he should not be made the scapegoat for implementing the policies on which she won the Tory leadership, writes Andrew Grice:

Kwasi Kwarteng has discovered that friendships don’t count in politics | Andrew Grice

Hunt move is bid to shore up support for Truss

Friday 14 October 2022 14:09 , Jane Dalton

More on Jeremy Hunt and Chris Philp moves by Adam Forrest:

Jeremy Hunt named as new chancellor by Liz Truss

Treasury chief secretary Chris Philp sacked

Friday 14 October 2022 14:06 , Jane Dalton

The prime minister has sacked Treasury chief secretary Chris Philp, who was widely mocked last month forclaiming the tax-slashing mini-Budget had pushed up the value of the pound – moments before it plunged to a 37-year low.

Ms Truss has appointed him Paymaster General, so he swaps jobs with Edward Argar, who becomes Chief Secretary to the Treasury, Downing Street said.

Jeremy Hunt appointed new chancellor

Friday 14 October 2022 13:58 , Jane Dalton

Former foreign secretary and Conservative leadership contender Jeremy Hunt has been appointed chancellor, Downing Street said.

Unrepentant Kwarteng urges Truss to continue with their free-market agenda

Friday 14 October 2022 13:53 , Emily Atkinson

An unrepentant Kwasi Kwarteng confirmed his departure as chancellor in a letter which defended his radical growth agenda – and insisted it was one which he shares with Liz Truss.

Mr Kwarteng signalled that he will not attempt to bring the prime minister down in response to his humiliating dismissal after just 38 days in the job, promising that he will support Ms Truss from the backbenches and telling her: “Your success is this country’s success and I wish you well.”

But he made clear that he expects her to press on with the agenda of free-market reforms which they had agreed in the hope it will deliver a boost to GDP growth and bring taxes down from a 70-year high.

Our political editor Andrew Woodcock reports:

Unrepentant Kwarteng urges Truss to continue with their free-market agenda

Opinion: Truss is driving straight into a wall

Friday 14 October 2022 13:45 , Jane Dalton

“When you somehow contrive to create a situation in which the only hope you give people is the hope of a U-turn, that is, quite literally the end of the road.” Written before the chancellor was sacked, but still pertinent from Tom Peck:

Truss thinks she’s making U-turns – but she’s driving into a wall | Tom Peck

Truss press conference at 2.30pm

Friday 14 October 2022 13:30 , Jane Dalton

The Prime Minister’s press conference will be at 2.30pm, No 10 says.

Damage is not undone, says Labour

Friday 14 October 2022 13:28 , Jane Dalton

Shadow chancellor Rachel Reeves said: “Changing the chancellor doesn’t undo the damage that’s already been done.

“It was a crisis made in Downing Street. Liz Truss and the Conservatives crashed the economy, causing mortgages to skyrocket, and has undermined Britain’s standing on the world stage.

“We don’t just need a change in chancellor, we need a change in government. Only Labour offers the leadership and ideas Britain needs to secure the economy and get out of this mess.”

She tweeted that the crisis would not be forgiven or forgotten.

Watch: Kwarteng leaves No 10 after sacking

Friday 14 October 2022 13:20 , Jane Dalton

Bank governor responsible for U-turn, says ex-Treasury chief

Friday 14 October 2022 13:19 , Jane Dalton

A former top civil servant at the Treasury says Bank of England governor Andrew Bailey was responsible for a major change in course from Liz Truss.

“All credit to Bailey of the Bank (Bank of England Governor Andrew Bailey) whose Friday deadline has forced the government to adopt a more orthodox economic policy and thus restore order to the markets,” Nick MacPherson tweeted.

Kwarteng’s resignation letter in full

Friday 14 October 2022 13:14 , Jane Dalton

Read the ex-chancellor’s resignation letter in full:

Kwasi Kwarteng’s resignation letter to Liz Truss in full

Kwarteng still backs Truss’s strategy

Friday 14 October 2022 13:08 , Jane Dalton

Kwasi Kwarteng has continued to back Liz Truss’s economic strategy, despite being sacked for the chaos their mini-Budget unleashed.

In his resignation letter, the former chancellor wrote: “Your vision of optimism, growth and change was right.”

He appeared to blame a change in the economic environment for the market disturbance.

Press conference could be around 2pm

Friday 14 October 2022 12:57 , Jane Dalton

The prime minister is due to hold a press conference, and although the timing has not been confirmed it’s thought it will be around 2pm:

When is Liz Truss press conference as prime minister sacks chancellor

Who could Liz Truss choose to replace Kwasi Kwarteng as chancellor?

Friday 14 October 2022 12:48 , Emily Atkinson

Liz Truss is said to be in the midst of replacing her ally, as the PM prepares to announce a U-turn on the mini-Budget, including a reversal on her planned corporation tax cut.

Our political correspondent Adam Forrest takes a look at the favourites to succeed Mr Kwarteng at No 11, as the prime minister looks to reassure markets and shore up support from despairing Tory MPs.

Who could Liz Truss choose to replace Kwasi Kwarteng as chancellor?

Liz Truss sacks Kwasi Kwarteng as chancellor

Friday 14 October 2022 12:41 , Emily Atkinson

Liz Truss has sacked Kwasi Kwarteng as chancellor following the disastrous reception to last months’ tax-cutting budget.

The decision comes after unfunded tax cuts unveiled in the fiscal statement saw the Pound tank and the price of mortgages and government debt surge.

On Thursday Mr Kwarteng had assured reporters that he was “100 per cent” going to be continuing in the job.

But later that day he cut meetings at the IMF short and urgently flew back to Westminster for discussions with Downing Street.

Jon Stone has this breaking story:

Liz Truss sacks Kwasi Kwarteng as chancellor

Economic choas ‘won’t be forgiven or forgotten’, says Labour

Friday 14 October 2022 12:18 , Emily Atkinson

The market turmoil triggered by Liz Truss and Kwasi Kwarteng’s mini-Budget “won’t be forgiven or forgotten”, shadow chancellor Rachel Reeves has said.

“A humiliating u-turn is necessary - but the real damage has already been done to millions of ordinary people now paying much higher mortgages and struggling to make ends meet,” she said.

“This is a Tory crisis: made in Downing Street. They have plunged our economy into chaos and crisis with Truss’ discredited trickle down approach. It won’t be forgiven or forgotten.”

Kwasi Kwarteng seen entering Downing Street

Friday 14 October 2022 12:08 , Emily Atkinson

Kwasi Kwarteng has just been spotted entering Downing Street amid reports Liz Truss is set to axe him from the Treasury.

Zahawi and Javid touted as Treasury replacements

Friday 14 October 2022 12:03 , Emily Atkinson

Nadhim Zahawi, the current chancellor of the Duchy of Lancaster, and Sajid Javid, former health secretary, are being touted as potential replacements for Kwasi Kwarteng, The Independent understands.

Kwarteng faces sack as chancellor as Liz Truss U-turns on his Budget

Friday 14 October 2022 11:54 , Emily Atkinson

Kwasi Kwarteng is expected to be sacked as chancellor today, according to a senior No 10 source.

There was no official confirmation from Downing Street of the expected move, which leaked out as Mr Kwarteng made his way back from Heathrow after cutting short his visit to New York for meetings of the IMF and World Bank.

Our economics editor Anna Isaac and political editor Andrew Woodcock have more details on this breaking story:

Kwarteng faces sack as chancellor as Liz Truss U-turns on his Budget

Kwarteng departs from Heathrow

Friday 14 October 2022 11:30 , Emily Atkinson

Kwasi Kwarteng has now left Heathrow airport.

The chancellor was seen leaving Terminal in a silver Land Rover Discovery through the Windsor Suite exit.

He is believed to have arrived on the 10.55am British Airways flight from Washington.

Liz Truss set to announce U-turn on mini-Budget at press conference

Friday 14 October 2022 11:26 , Emily Atkinson

Liz Truss is set to announce a major U-turn on its mini-Budget later today and is widely expected to reverse her planned corporation tax cut.

The prime minister will hold a press conference at Downing Street on Friday in a bid to reassure the public, financial markets and her own MPs that her government can balance the books.

Talks have been taking place about announcing a U-turn before the weekend in a bid to avoid fresh market panic when the Bank of England ends its bond-purchasing scheme on Friday.

Adam Forrest reports:

Liz Truss set to announce U-turn on mini-Budget

Live: Kwasi Kwarteng arrives at Downing Street for emergency U-turn talks

Friday 14 October 2022 11:15 , Emily Atkinson

Kwarteng touches down in Heathrow ahead of crunch talks

Friday 14 October 2022 10:53 , Emily Atkinson

Liz Truss’s Tories slump below 20% in bombshell poll

Friday 14 October 2022 10:50 , Emily Atkinson

More dire polling for Liz Truss has landed in lobby inboxes this morning. Our political editor Andrew Woodcock takes a look through the latest figures:

Conservative support has slumped below 20 per cent in the worst poll yet to hit beleaguered Liz Truss, giving Keir Starmer’s Labour a remarkable 34-point lead.

The survey also found that just 9 per cent of voters – fewer than one in 10 – have a favourable view of the prime minister, against 65 per cent – almost two-thirds – who regard her unfavourably.

Her personal ratings recorded in the poll were lower than reached by either Boris Johnson or Jeremy Corbyn at the depths of their periods of unpopularity.

Liz Truss’s Tories slump below 20% in bombshell poll

Kwasi Kwarteng’s plane back to UK for urgent tax U-turn talks most tracked in the world

Friday 14 October 2022 10:39 , Emily Atkinson

All eyes are on Kwasi Kwarteng‘s plane as the chancellor rushes back to Westminster from the United States for emergency budget talks.

British Airways BA292 is currently the most tracked flight in the world, with over 6,000 journalists, City traders, and politicos monitoring its progress as it lies over Reading at 10:30 on Friday.

The commercial flight, which is scheduled to land just before 11am UK time, is carrying Mr Kwarteng, who made an early exist from a meeting of the International Monetary Fund in Washington DC.

He is expected to be heading to Downing Street for emergency in-person talks about whether to U-turn on controversial tax measures.

Our policy correspondent Jon Stone reports:

Kwasi Kwarteng’s plane back to UK for urgent U-turn talks most tracked in the world

Truss breaks record for lowest level of public satisfaction in PM, poll reveals

Friday 14 October 2022 10:31 , Emily Atkinson

Liz Truss has raised the lowest level of satisfaction with the public on record, a new poll reveals.

According to figures published today by Ipsos, just 16 per cent of people said they were “satisfied” with her premiership, while 67 per cent said they were “dissatisfied.”

Tory party should ‘hang its head in shame’, says Miliband

Friday 14 October 2022 10:14 , Emily Atkinson

Ed Miliband said the Conservative party should be “hanging its head in shame” as Kwasi Kwarteng flies home from International Monetary Fund (IMF) meetings in the US.

Mr Miliband told Sky News: “I think people will be furious that the government are taking people for fools.

“It is not a global phenomenon, there’s no other finance minister who is rushing back on a aeroplane early from the IMF meetings, there’s no other countries where its central bank have had to have an emergency buying spree, there’s no other country where it’s economic policy is falling apart at the seams.

“This is a collective meltdown on the part of the government and the people of the British public deserve so much better than what this government re putting this country through.”

Pollsters forced ‘increase graph height’ to accommodate Labour lead

Friday 14 October 2022 10:02 , Emily Atkinson

PA pollsters say they have been forced to increase the height of their opinion poll graphs to accommodate for Labour’s lead over the Conservative party.

Labour’s average vote share in opinion polls climbed above 50 per cent on 11 October. As of today, its share had reached 53 per cent.

Market overview this mornig

Friday 14 October 2022 09:50 , Emily Atkinson

Government bonds and the pound steadied at the start of London trading on Friday as the Bank of England’s bond-buying programme comes to a close.

Yields on UK 30-year gilts fell back by 1.6 per cent to 4.47 per cent, while 10-year gilt yields moved 1.8 per cent lower to 4.11 per cent.

Meanwhile, the pound was 0.3 per cent higher at 1.127 against the US dollar as trading sentiment improved.

Dorries lashes out over rumoured plot to replace Truss

Friday 14 October 2022 09:39 , Emily Atkinson

Nadine Dorries has lashed out at senior Tories reportedly considering replacing Liz Truss with a joint ticket of Rishi Sunak and Penny Mordaunt, accusing them of trying to “overturn democracy”.

The former Cabinet minister tweeted: “Those absurdly called grandee MPs (men) agitating to remove Liz Truss are all Sunak supporters.

“They agitated to remove borisjohnson and now they will continue plotting until they get their way.

“It’s a plot not to remove a PM but to overturn democracy. #BackLiz”

U-turn would be ‘very embarrassing’ for Kwarteng, says Tory peer

Friday 14 October 2022 09:25 , Emily Atkinson

A U-turn would be “very embarrassing” for Kwasi Kwarteng and will damage his authority - but it is “not inevitable” he will be forced to go, a Tory peer has said.

Speaking to Sky News, Lord Vaizey said the decision to row back on tax cuts is a “terrible dilemma” for the government.

“If he does a U-turn like this, it will be very damaging to his authority. Can he get through it? Who knows.

“The fact that people were speculating about the PM’s leadership this early in her premiership is not ideal but I think he’s just got to bite the bullet. He’s got to try to give the markets confidence in the British economy.

“And if he can do that then perhaps he can say: ‘Well, I had to do some difficult choices, slightly humiliating choices but the result is stabilisation and I can move forward.”’

‘Absolutely no plans’ to change corporation tax cuts, says Hands

Friday 14 October 2022 09:12 , Emily Atkinson

There are “absolutely no plans to change anything” in the mini-budget, including on corporation tax, Greg Hands has insisted.

The trade minister told LBC Radio: “The prime minister and the chancellor are absolutely determined to stick to the growth plan, to stick to the changes they outlined.

“There are absolutely no plans to change anything, except for the fact that there is going to be a medium-term fiscal plan.”

Pressed further, he said: “There’s no change to plans on corporation tax.”

It doesn’t look like the government is in control, says Tory peer

Friday 14 October 2022 09:01 , Emily Atkinson

Conservative peer Lord Ed Vaizey, who is the former minister for culture, said Kwasi Kwarteng cutting his trip to the US short is “not a good sign”.

Speaking to Sky News, he said: “It’s not a good sign, it doesn’t look like the government is in control.”

He added: “I’m afraid the chancellor coming back a day early doesn’t fill one with confidence.”

Lord Vaizey said he disagreed with international trade secretary Greg Hands, who told Sky that Mr Kwarteng’s early return is not unusual.

“It is quite unusual for this to happen,” he said.

On whether there will be a U-turn, Lord Vaizey said: “I think it looks inevitable. I mean, the government has absolutely no easy choices after the mini-budget caused such a catastrophic economic crisis.

“I think it’s inevitable there will be changes to the mini-budget. What is now being kind of muted is that there will be some sort of compromise that can still be presented as radical economics.”

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