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 signalled the UK is still on course for an interest rate cut as official figures show a further easing in the pace of.. Sky News
Chief Cashier of the Bank of England Sarah John has welcomed the new bank notes featuring a portrait of His Majesty The King. The King welcomed Mrs John and Governor of the Bank of England Andrew Bailey to Buckingham Palace, where he was presented with ÂŁ5, ÂŁ10, ÂŁ20 and ÂŁ50 notes. These are the first notes which feature the image of His Majesty. Mrs John said it's "a great pleasure to be able to show the King what he's going to look like on the bank notes of the future." Mrs John revealed the bank notes will be released to the general public on the 5th of June. Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The King welcomed Bank of England Governor Andrew Bailey to Buckingham Palace, who presented him with the first bank notes featuring his portrait as monarch. The portrait of His Majesty which appears on the notes is based on a portrait that was provided by the Palace to the Bank of England.
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The Bank of England has voted to keep interest rates unchanged, but showed what was perhaps the clearest sign in years that cuts could come in the months ahead. Bank governor Andrew Bailey said the economy is “not yet at the point” where rates can be lowered, but things are “moving in the right direction”. For the first time since September 2021, no-one on the nine-person decision-making body that sets interest rates voted for an increase.
Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Chancellor Jeremy Hunt announces UK inflation fell to the lowest level in more than two years, to 3.4%. He would not be drawn on whether the fall would allow him to announce pre-election tax cuts in an autumn statement. Mr Hunt said: “What I’m really saying is that as inflation gets closer to its target, that opens the door for the Bank of England to consider bringing down interest rates, that brings down mortgage rates, that makes a very big difference. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Liz Truss has acknowledged she and her government lost the confidence of financial markets following the mini-budget of October 2022 – but has refused to.. Sky News
A government minister has said she won't be reading Liz Truss's memoir of her brief time in Downing Street as "that's a period I'm not interested in.. Sky News
William Wragg, chair of the public administration and constitutional reform committee, asked the prime minister if he is “part of the deep state,” referring to comments made by Liz Truss who claimed her mission to cut taxes were “sabotaged” by the “deep state.” Mr Sunak wryly responded: “I probably wouldn't tell you if I was, Will, would I?” Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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