UK’s Truss refuses to rule out welfare cuts to fund economic plan

Pressure builds on future benefit policy Truss, Quarter to set out full fiscal plan Truss refuses to rule out limits to welfare payments BIRMINGHAM, England Oct 4 (Reuters) – Britain’s new Prime Minister Liz Truss triggered a fresh row in her party on Tuesday by suggesting that she could limit increases in benefit payments by … Read more

UK’s Truss forced into humiliating tax U-turn

Truss had defended the policy on Sunday Quarteng now says it was a distraction Cut in highest tax rate was small part of overall plan Markets concerned about how plan was to be financed BIRMINGHAM, England, Oct 3 (Reuters) – British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn, reversing plans … Read more

UK’s Truss tries to reassure on economic plan

Defend’s economic plan, saying it’s right Also tries to reassure Says Kwarteng made decision on high tax rate BIRMINGHAM, England, Oct 2 (Reuters) – British Prime Minister Liz Truss tried to reassure her party and the public on Sunday by saying she should have done more to “lay the ground” for an economic plan that … Read more

Analysis: Under water: how the Bank of England threw markets a lifeline

Bank of England bought bonds after pension fund please Some UK pension funds faced problematic margin calls BoE support seen as giving window to build collateral British government’s unfunded tax plan spooked markets LONDON/NEW YORK, Oct 2 (Reuters) – Calls to the Bank of England saying some British pension funds were struggling to meet margin … Read more

S&P cuts UK rating outlook after tax cut plan

LONDON, Sept 30 (Reuters) – Ratings agency Standard & Poor’s cut the outlook for its AA credit rating for British sovereign debt on Friday to “negative” from “stable” as it judged Prime Minister Liz Truss’s tax cut plans would cause debt to keep rising. Finance Minister Kwasi Kwarteng announced around 45 billion pounds ($50 billion) … Read more

Dozens killed or wounded in Russian missile strike in Ukraine, Kyiv says

At least 25 killed in missile strike – Ukrainian officials Dead were civilians planning to enter Russia-held area Police say attacks involved at least three missiles ZAPORIZHZHIA, Ukraine, Sept 30 (Reuters) – Dozens of civilians were killed or wounded in what Kyiv said was a cynical Russian missile strike on a convoy of civilian cars … Read more

Biden administration changes student loan guidance, as Republican-led states file lawsuit

WASHINGTON, Sept 29 (Reuters) – The Biden administration changed its guidance on who qualifies for federal student loan forgiveness on Thursday, as seven Republican-led states filed a challenge to its student debt cancellation program. President Joe Biden said in August that the US government will forgive $10,000 in student loans for millions of debt-saddled former … Read more

UK’s Truss sticks to policy plan as she breaks silence after market rout

Truss says will not change course on UK policy Bond markets calmer after BoE intervention Investors warn of loss of faith in government LONDON, Sept 29 (Reuters) – British Prime Minister Liz Truss said she would stick to her controversial plan to reignite economic growth as she broke her silence on Thursday following nearly a … Read more

Sterling slides after BoE buys bonds, dollar hits 20-year high

NEW YORK/LONDON, Sept 28 (Reuters) – Sterling tumbled against the dollar on Wednesday before mating some losses after the Bank of England (BOE) said it would step in to prop up the gilt market, and the dollar index touched a fresh 20 -year high trading was volatile. The BOE said it would buy as many … Read more

UK lenders pull mortgages at record rate as market chaos worsens

LONDON, Sept 28 (Reuters) – A record 935 mortgage products were pulled in Britain overnight, financial services provider Moneyfacts said on Wednesday, as deepening turmoil in financial markets pushed more lenders to temporarily withdraw products for new customers. The volatility comes after the new UK government announced huge tax cuts funded by borrowing, leading to … Read more