Truss and Treasury secretary fail to reassure markets as bond yield rise, stock market tumbles and pound slides – business live | Bonds

Truss and Philp fail to reassure markets The prime minister, Liz Truss, and the Treasury’s no 2, Chris Philp, have both done a round of broadcast interviews this morning – but their comments appear to have done little to reassure markets. Government bond yields are rising again, the stock market has tumbled and the pound … Read more

Minister suggests benefits may not be uprated in line with inflation

The British government may not hike benefits in line with the rising inflation, treasury secretary Chris Philp has suggested, in a possible U-turn on former chancellor Rishi Sunak’s commitment. Mr Philp on Wednesday said that the pledge to uprate the benefits in line with inflation was under consideration after reports claimed that different departments were … Read more

Liz Truss defends mini-budget, saying she has to do ‘what I believe is right’ – UK politics live | Politics

Truss says she has to do ‘what I believe is right’ when asked about criticism of mini-budget Q: Can you reassure listeners that your judgment is better than that of people like the IMF and the Bank of England, who have criticised the min-budget? Truss says: I have to do what I believe is right … Read more

‘Unique’ autumn show predicted for UK trees – but decline may follow | Trees and forests

After a year of extreme weather, a “unique” show of golden browns and buttery yellows could light up the UK’s trees in the next few weeks, a conservation charity has predicted, while warning that the impact of the climate emergency could threaten the show in autumns to come. The National Trust said that some stressed … Read more

Pound news today: Calls for Liz Truss to ‘come out of hiding’ to fix ‘economic disaster’ – follow live

Bank of England will ‘not hesitate’ to raise interest rates amid market turmoil Liz Truss has been accused of hiding away while her tax giveaway mini-Budget caused economic turmoil. On Wednesday, the Bank of England was forced to intervene to prevent a crisis in the UK’s major pension funds. The bank’s decision to buy government … Read more

Two aircraft involved in ‘minor collision’ on runway at Heathrow | Heathrow airport

Two aircraft have been involved in a “minor collision” on the runway at Heathrow, the airport has said. Emergency services are at the scene but no injuries have been reported. An Icelandair plane and Korean Air aircraft are understood to have had a collision on the airfield at about 8pm on Wednesday, which is being … Read more

Liz Truss’s ‘favourite’ economist says chancellor ‘took his eye off ball’ and ‘overstepped the mark’ with mini-budget | Politics News

Prime Minister Liz Truss’s external adviser on the economy has told Sky News that the chancellor had “taken his eye off the ball” and “overstepped the mark” with his mini-budget. Gerard Lyons, who is often referred to as Ms Truss’s ‘favourite’ economist, said Chancellor Kwasi Kwarteng failed to adequately prepare the financial markets ahead of … Read more

English district councils warn support services for poorest face axe | Local government

A network of councils in England is warning support services for families hit hardest by the cost of living crisis face being axed amid an unexpected £400m bill caused by soaring inflation. Services that district councils have no legal obligation to provide – such as debt and benefits advice, hardship funds for families, homelessness prevention … Read more

Bank of England in £65bn scramble to avert financial crisis | Bank of England

The Bank of England has been forced into emergency action to halt a run on Britain’s pension funds after the impact of Kwasi Kwarteng’s ill-received mini budget prompted fears of a 2008-style financial crisis. Threadneedle Street said the fallout from a dramatic rise in government borrowing costs since the chancellor’s statement had left it with … Read more