A former deputy governor of the Bank of England has predicted that the government will row back on its controversial tax cuts, on what he described as a "critical day" for Liz Truss.
Sir John Gieve said: "At some point they're going to have to U-turn on taxes.
That will be extremely painful politically for them to do but in a way, the longer they put that off, the more trouble they'll face in the markets." Report by Buseld.
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The Governor of the Bank of England has said inflation is still "far too high" as the bank once again raised interest rates in a bid to control soaring prices.
Following an unexpected jump in inflation in February, Andrew Bailey said: "We need to see it starting to come down progressively and get back to target." Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The governor of the Bank of England has said although the UK's economy is "not off to the races", he is now "more optimistic" that Britain could avoid going into recession.
Andrew Bailey sought to reassure the public that they would not see a repeat of the 2008 financial crisis, saying: "I'm confident that the banks in this country are in a much stronger position." Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Chancellor Jeremy Hunt says his spring budget must "support" the Bank of England's interest rate rise in an effort to stem inflation. Speaking to reporters during a visit to a shopping centre in Woking, he says: "We recognise it is very difficult for families, businesses, up and down the country when business rates go up. But much harder for them would be if we didn't take decisive steps to bring down inflation. That's why the Bank of England is absolutely right to do what they've done today.” Report by Patelr. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The Bank of England has once again pushed up interest rates, in the tenth hike in a row. Seven members of the Bank of England’s Monetary Policy Committee (MPC) voted to increase the base interest rate from 3.5% to 4% to help bring down double-digit inflation, with two voting to keep it unchanged. The decision comes after BoE Governor Andrew Bailey provided some optimism for the future of the UK economy as he insisted the country has turned a corner on rising inflation.
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Liz Truss has been accused of compiling a "list of shame" following reports the ex-prime minister is set to nominate four close supporters for peerages. Sky News
Sir Keir Starmer says that his “heart sinks” when he hears “more from Liz Truss” after the former prime minister wrote that she was never given a “realistic chance” to implement her radical tax-cutting agenda. The Labour leader adds: “All we’ve got is failed prime ministers arguing about who was the biggest failure.” Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Former prime minister Liz Truss is doorstepped by a reporter as she leaves her house on Monday morning. The Conservative backbench MP faced derision over the weekend for blaming the “left-wing economic establishment” for her record-breaking 49-day premiership. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Speaking on The Andrew Neil Show, Grant Shapps says Liz Truss failed as Prime Minister because she didn't look at all the issues in tandem.
Report by Etemadil. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Speaking on The Andrew Neil Show, George Osborne and Ed Balls pour scorn on Liz Truss' claims that she was brought down by the 'left-wing economic establishment'.
Report by Etemadil. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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