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What are bonds, how are they different to gilts and where do they fit in the mini-budget crisis?

Sky News Wednesday, 28 September 2022
The Bank of England has made the very unusual move of buying 'long-dated gilts' to restore stability after Liz Truss and Kwasi Kwarteng's mini-budget sent the markets plummeting.
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Bank of England Bank of England Central bank of the United Kingdom

Behind-the-scenes dysfunction of Truss government laid bare by Bank of England governor

The degree of behind-the-scenes dysfunction in government ahead of September's mini-budget has come into clearer focus as the Bank of England governor described..
Sky News
BofE Governor: We predict inflation to fall after winter [Video]

BofE Governor: We predict inflation to fall after winter

Governor of the Bank of England Andrew Bailey predicts the rate of inflation will fall after winter. Speaking to the Treasury Committee, Bailey says "once we get though this winter" there should be a "pronounced fall" in inflation, below the bank's target Report by Nelsonr. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Credit: ODN    Duration: 00:26Published
UK Inflation Hits 41-Year High [Video]

UK Inflation Hits 41-Year High

UK Inflation , Hits 41-Year High. CNN reports that according to Britain's Office for National Statistics, the country's annual rate of inflation rose to 11.1% last month. That's up from September's rate of 10.1%. Gas and electricity prices continue to climb as food price inflation reaches 16.4%. Gas and electricity prices continue to climb as food price inflation reaches 16.4%. Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%, ONS chief economist Grant Fitzner, via statement. Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%, ONS chief economist Grant Fitzner, via statement. The cost of goods and services increased by 2% from September to October. The Bank of England projects that the U.K.'s recession will last through the first half of 2024 as it continues to raise borrowing costs. U.K. Finance Minister Jeremy Hunt is expected to announce spending cuts and tax increases while detailing the government's budget on Nov. 17. On the other side of the pond in America, . inflation appears to be cooling as the nation's annual Consumer Price Index rose at a slower pace of 7.7% in October

Credit: Wibbitz Top Stories    Duration: 01:30Published
BofE Governor: UK was hours from financial meltdown [Video]

BofE Governor: UK was hours from financial meltdown

Bank of England Governor, Andrew Bailey, has revealed to Channel 4 News that Britain was just “hours” from economic meltdown following Liz Truss’ mini-budget. Asked by Channel 4 News presenter and Investigations Editor, Cathy Newman, how close Britain came to financial Armageddon after the run on the pound, Bailey admitted: “I think at the point when we intervened I can tell you that the messages we were getting from the markets were that it was hours.” Report by Czubalam. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Credit: ODN    Duration: 00:47Published
BoE Governor on interest rise [Video]

BoE Governor on interest rise

Andrew Bailey, Governor of the Bank of England, speaks after the Bank of England raised interest rates again. Mr Bailey said despite the rise, the expect rates to come back down ‘quite rapidly’. Report by Browna. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Credit: ODN    Duration: 01:11Published

Kwasi Kwarteng Kwasi Kwarteng British politician (born 1975)

Labour: UK economic situation is a ‘very British crisis’ [Video]

Labour: UK economic situation is a ‘very British crisis’

Labour's Pat McFadden says that today's Autumn Statement is "testament to the government's economic failure", following Liz Truss and Kwasi Kwarteng's mini-budget at the end of September. The Shadow Chief Secretary to The Treasury says Chancellor Jeremy Hunt is trying to "blame global factors as much as possible for the announcements he's made today." Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Credit: ODN    Duration: 01:09Published
Labour: severance pay ‘goes against every sense of decency’ [Video]

Labour: severance pay ‘goes against every sense of decency’

Labour calls the severance pay given to Liz Truss and Kwasi Kwarteng a “golden goodbye”, saying it “goes against every sense of decency”, while the Conservatives argue it exists because of “the unpredictable nature of ministerial office”. Report by Wardl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Credit: ODN    Duration: 01:10Published
Severance payout: Truss and Kwarteng to pocket up to €19,000 for time in office [Video]

Severance payout: Truss and Kwarteng to pocket up to €19,000 for time in office

79 UK ministers and whips have resigned over both Boris Johnson and Liz Truss' tenure, 71 of whom are entitled to a payout of taxpayers' money.

Credit: euronews (in English)    Duration: 01:10Published
UK Prime Minister Liz Truss Resigns [Video]

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UK Prime Minister , Liz Truss Resigns. NBC News reports that after only six weeks in office, Truss resigned on Oct. 20. . That makes her Britain’s shortest-serving prime minister ever. I recognize that given the situation I cannot deliver the mandate on which I was elected by the Conservative Party, Liz Truss, via statement. I have therefore spoken to his majesty the king to notify him that I am resigning as leader of the Conservative Party, Liz Truss, via statement. I will remain as prime minister until a successor is chosen, Liz Truss, via statement. Kwasi Kwarteng, her finance minister, was fired just last week. Their "mini-budget" sent the U.K. into a political and economic tailspin. . NBC News reports that despite nearly all of the controversial policies having since been reversed by Kwarteng's successor, Jeremy Hunt, Britain is still dealing with the fallout. A leadership election is expected to take place over the next week. Whoever is selected will become Britain's fifth prime minister since the country decided to leave the EU

Credit: Wibbitz Top Stories    Duration: 01:30Published
Scottish Tory leader welcomes appointment of Jeremy Hunt [Video]

Scottish Tory leader welcomes appointment of Jeremy Hunt

The leader of the Scottish Conservatives has welcomed the appointment of Jeremy Hunt as Chancellor following the shock exit of Kwasi Kwarteng. Douglas Ross said: "I think we've seen already from the response that that is a very positive announcement, a positive change in the Cabinet and we need to see more of that in terms of getting this stability restored." Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Credit: ODN    Duration: 00:51Published

Liz Truss Liz Truss Prime Minister of the United Kingdom in 2022

Senior Tory joins growing rebellion trying to force PM into U-turn over onshore wind ban

Rishi Sunak looks set for another battle with his own MPs as a growing number of rebels join Boris Johnson and Liz Truss in trying to force him to drop a ban on..
Sky News
Labour: Tory backbenchers are the ‘anti-growth coalition’ [Video]

Labour: Tory backbenchers are the ‘anti-growth coalition’

Labour shadow minister Pat McFadden says that former prime minister Liz Truss was “unwittingly” referring to Conservative backbenchers when she spoke of an “anti-growth coalition”. The government is facing opposition from Tory MPs over house building targets in its flagship Levelling Up and Regeneration Bill. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Credit: ODN    Duration: 00:44Published

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