It is critical that the government is honest about the current situation & plays its part in stabilising markets. It can keep a growth plan but needs to make changes. Not doing so will only continue further stress & strain on UK citizens.
No 10 tells me that Liz Truss is standing by Kwasi Kwarteng despite pressure on him to quit.
A spokesman said: "The PM and the Chancellor are working on the supply side reforms needed to grow the economy which will be announced in the coming weeks".
In the words of Norman Lamont on Black Wednesday: “today has been a very difficult day”. These are not circumstances beyond the control of Govt/Treasury . They were authored there. This inept madness cannot go on
Had a phone conversation with 🇬🇧 PM @trussliz. The UK has always been among the leaders in supporting Ukraine. We expect London’s leadership in reaction to Russian sham referenda as well. Defense and financial aid to Ukraine must be enhanced in response.
It's hard to see, in the real world, how the Tory Party conference can go ahead next week with the current situation as it is. But they'll still do it. Which I'm sort of glad about because it could become a surrealist masterpiece in many ways. #bbcpm
Three weeks in, most of which has been taken up by official death of the monarch stuff, there is a very real possibility that the Chancellor, and even perhaps the PM, will be forced to resign. This really is crazy stuff - even by the standards of Britain today. #bbcpm
Spare a thought for the new Trade Secretary Kemi Badenoch on board HMS Queen Elizabeth in New York Harbour as she delivers a keynote speech today telling an "audience of US investors why the UK is the best place in the world to invest".
I've heard Truss and Kwarteng talk endlessly about growth. But I've seen no evidence at all that they have the first idea of how to deliver it.
Are they hoping they can speak it into existence? #r4today
‘Cuts to stamp duty will get the housing market moving and support first-time buyers’
‘300 mortgage deals have been pulled by banks and building societies after fall in the pound fuelled forecasts of jump in interest rates to nearly 6%’
Tory MPs may be penning new letters of no confidence in Liz Truss but, as we report on @TheNewsDesk tonight, there's a little known 1922 Committee rule (confirmed by Sir Graham Brady) that a new leader can't be challenged during their first 12 months. So she's safe for a year.
🚨 NEW POLLING 🚨
Do you think it would be a good idea for the government to set up an energy company which is publicly owned, aiming to create low cost environmentally friendly energy?
Good Idea 72%
Bad idea 9%
Good Idea 72%
Bad idea 11%