Podcasts about chancellor kwasi kwarteng

On Nick Ferrari at Breakfast.The Culture Secretary, Lisa Nandy, discusses the legislation being put in place to stop ticket touting. Nick talks to a victim of the grooming gang scandal.Nick speaks to former Chancellor Kwasi Kwarteng about the state of the UK economy after Rachel Reeves budget, and whether her recent trip to China was necessary given the state of the UK economy.A mother who potty-trained her child by 6 months talks about the growing generation of 'lazy parents.'The show also unveils the UK's first drug consumption centre, which is due to open in Glasgow.All of this and more on Nick Ferrari: The Whole Show Podcast.

As the British Conservatives head to what may be the end of 14 years in power, One Decision speaks to some of the most influential voices from Britain's ruling party on what's gone wrong, what's gone right, and what lies ahead for the UK and its allies in the West. In the first of these conversations, Julia Macfarlane and former MI6 Chief Sir Richard Dearlove speak to the longtime rising star of the right and former Finance Minister Kwasi Kwarteng, who oversaw a brief period of huge instability with a controversial package of tax cuts and spending that sent the markets into turmoil. Kwarteng reflects on the disastrous 'mini-budget' that caused him to get sacked and ended Liz Truss's Premiership, if the Tories will lose the upcoming elections, and how his party has handled recent issues of racism and division in an increasingly fractious time. 

The Labour Party did its best to woo industry leaders at their annual business conference in London. It was a sold-out event with attendees from the likes of Microsoft and Aviva. We ask Bloomberg UK government reporter Emily Ashton if the party's pro-business makeover will pay off. One high-profile Labour recruit from the business world is Richard Walker, Executive Chairman of Iceland supermarkets and a former Conservative party donor, he tells us why he switched sides. Plus, advice from an unlikely source - former Chancellor Kwasi Kwarteng shares his perspective on how the next government should manage its money. Hosted by James Woolcock and Caroline Hepker.  See omnystudio.com/listener for privacy information.

On Nick Ferrari at Breakfast, we take your calls on Suella Braverman's scathing attack on Rishi Sunak's leadership. Nick speaks exclusively to former Chancellor Kwasi Kwarteng. The government awaits the judges rule on their Rwanda policy. All of this and more on the Nick Ferrari Whole Show Podcast.

Before we begin today's piece, a quick reminder for those who might find themselves in the Scottish neck of the woods this August, I am doing a show at the Edinburgh Fringe all about gold. It's from August 4th to 20th at 2pm. Please come if you are in town- you can get tickets here.Plus an added bit of history: it takes place in the room in which Adam Smith wrote Wealth of Nations. Hopefully, I will see you there. So, the pound …An alert just went off in my calendar: “start looking to short the pound”, it says. Why would one short strength?Look at the pound these last few months, it has been very strong, very strong indeed. You wouldn't know it to listen to many financial commentators, who so often seem consumed with national self-loathing, but against a basket of foreign currencies, the pound actually flirting with six-year highs (it's got a bit further to go against the euro and the US dollar, though, largely, we tend to think of pound-dollar, aka cable, as the defining measure). Charlie Morris of Bytetree argues that the pound has become the carry trade. (When you borrow at a low-interest rate in one currency and invest in another currency at a higher rate of return).We are in an equities bull market of sorts, and the pound, as the currency of a nation geared to finance, tends to be strong when financial assets are strong. During times of financial crisis, it is much weaker.Whatever the explanation for recent pound strength, I set the alert some three or four years ago - before the strength kicked in. What was I thinking?It's based on a cycle I've identified. As far as I know, I'm the first to observe this cycle, so, with Brand Frisby in mind, I've named it after myself: Frisby's Flux - the eight year cycle in the pound. Before I explain the cycle, let me issue a disclaimer. As outlined last week, it's easy to look back at history, find some arbitrary pattern and declare it a cycle. Real life in real time is often a very different matter. Nevertheless, cycles can help frame where we are in the grand scheme of things. My observation is that every eight years, the pound seems to crash. We start in 1976, the year of the IMF (International Monetary Fund) crisis. At one point, inflation reached 24%. The Labour government borrowed $3.9bn, at the time the largest loan ever requested. From high to low, sterling lost around 40%, reaching $1.60.But it recovered. By the early 1980s sterling was back above $2.40.Then came the next bear phase, in which the pound would drop by more than 55% and reach an all-time low against the dollar – $1.04. This was the era of the Falklands War and then the miners' strike. The low came shortly after 1984, in early 1985.On the other side of the trade, the US dollar was showing extraordinary strength – so much so that France, Germany, Japan, the US and the UK eventually colluded to depreciate it. This was the Plaza Accord of 1985. Again sterling would recover – this time to $2.Eight years on, in 1992, sterling hit another significant low. This was Black Wednesday, when the Bank of England took the UK out of the European Exchange Rate Mechanism (ERM). It fell from $2 to $1.40 – a 30% loss. The killing that George Soros made selling the pound sealed his reputation.Eight years later, around 2000, as the dotcom bubble collapsed, so the pound lost 20% of its value. (What did I say about the pound being geared to finance?).  But again it recovered. By 2007 it was above $2.10. Can you imagine? The pound above two bucks only 16 years ago.Then we got the financial crisis of 2008 and, yup, the pound lost 35%, hitting a low of $1.36.The next low came in 2016 with Brexit then the infamous Flash Crash of 2016, shortly after Theresa May's speech at the Conservative Party Conference. Having been above $1.70 at one point earlier in this cycle, it hit a low of $1.14, according to some measures. The overall drop from high to low was almost 35%.The subsequent bull market was probably the limpest in living memory. The 2016 low was retested in the Corona panic of 2020, but then we get a good rally to $1.42 by summer 2021.After that, with so much political upheaval, the pound turned down. When the Bank of England broadcast that it would be selling the UK gilts it had printed the money to buy during Quantitative Easing, and Chancellor Kwasi Kwarteng then gave us his low-tax budget, panic hit the markets and the pound hit an intraday low of a $1.04 (the same low it hit in 1985). Since then we have had quite some rally.Here's the illustration of everything I've just described. Don't you love charts? They get to the point much quicker.Did the 8-year cycle low come early? Was that it in 2022? Or can we expect it some time in 2024?When I first wrote about Frisby's Flux, as long ago as 2017 it may have been, I suggested that we should be looking for a high some time in 2022-2023, as an opportunity to go short. Hence why I put that notification in my calendar. This current rally might be providing us with just one such opportunity. Question is: how long does the rally go on?On a long-term basis, the pound at $1.28 is not exactly hugely overvalued. On a Big Mac Index basis (which measures relative currency value around the world based on the cost of a Big Mac) we are not far off fair value. As I say, cycles are easy to identify in the rear view mirror. They are much harder to trade in real time. Perhaps the trigger will be yet more dysfunctional politics. Perhaps the Bank of England will fall even further behind the inflation curve and rates will spike, triggering some kind of crisis, such as we saw in the lead up to 1992. Perhaps equities more generally turn bearish. We can only guess what the trigger might be. But Frisby's Flux, whatever it is worth, and that might be very little, is suggesting there might soon be an opportunity to go short the pound  looking for an eventual low in 2024.Interested in buying gold to protect yourself in these uncertain times? My current recommended bullion dealer in the UK is The Pure Gold Company, whether you are taking delivery or storing online. Premiums are low, quality of service is high. They deliver to the UK, US, Canada and Europe, or you can store your gold with them.The Flying Frisby is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

Before we begin today's piece, a quick reminder for those who might find themselves in the Scottish neck of the woods this August, I am doing a show at the Edinburgh Fringe all about gold. It's from August 4th to 20th at 2pm. Please come if you are in town- you can get tickets here.Plus an added bit of history: it takes place in the room in which Adam Smith wrote Wealth of Nations. Hopefully, I will see you there. So, the pound …An alert just went off in my calendar: “start looking to short the pound”, it says. Why would one short strength?Look at the pound these last few months, it has been very strong, very strong indeed. You wouldn't know it to listen to many financial commentators, who so often seem consumed with national self-loathing, but against a basket of foreign currencies, the pound actually flirting with six-year highs (it's got a bit further to go against the euro and the US dollar, though, largely, we tend to think of pound-dollar, aka cable, as the defining measure). Charlie Morris of Bytetree argues that the pound has become the carry trade. (When you borrow at a low-interest rate in one currency and invest in another currency at a higher rate of return).We are in an equities bull market of sorts, and the pound, as the currency of a nation geared to finance, tends to be strong when financial assets are strong. During times of financial crisis, it is much weaker.Whatever the explanation for recent pound strength, I set the alert some three or four years ago - before the strength kicked in. What was I thinking?It's based on a cycle I've identified. As far as I know, I'm the first to observe this cycle, so, with Brand Frisby in mind, I've named it after myself: Frisby's Flux - the eight year cycle in the pound. Before I explain the cycle, let me issue a disclaimer. As outlined last week, it's easy to look back at history, find some arbitrary pattern and declare it a cycle. Real life in real time is often a very different matter. Nevertheless, cycles can help frame where we are in the grand scheme of things. My observation is that every eight years, the pound seems to crash. We start in 1976, the year of the IMF (International Monetary Fund) crisis. At one point, inflation reached 24%. The Labour government borrowed $3.9bn, at the time the largest loan ever requested. From high to low, sterling lost around 40%, reaching $1.60.But it recovered. By the early 1980s sterling was back above $2.40.Then came the next bear phase, in which the pound would drop by more than 55% and reach an all-time low against the dollar – $1.04. This was the era of the Falklands War and then the miners' strike. The low came shortly after 1984, in early 1985.On the other side of the trade, the US dollar was showing extraordinary strength – so much so that France, Germany, Japan, the US and the UK eventually colluded to depreciate it. This was the Plaza Accord of 1985. Again sterling would recover – this time to $2.Eight years on, in 1992, sterling hit another significant low. This was Black Wednesday, when the Bank of England took the UK out of the European Exchange Rate Mechanism (ERM). It fell from $2 to $1.40 – a 30% loss. The killing that George Soros made selling the pound sealed his reputation.Eight years later, around 2000, as the dotcom bubble collapsed, so the pound lost 20% of its value. (What did I say about the pound being geared to finance?).  But again it recovered. By 2007 it was above $2.10. Can you imagine? The pound above two bucks only 16 years ago.Then we got the financial crisis of 2008 and, yup, the pound lost 35%, hitting a low of $1.36.The next low came in 2016 with Brexit then the infamous Flash Crash of 2016, shortly after Theresa May's speech at the Conservative Party Conference. Having been above $1.70 at one point earlier in this cycle, it hit a low of $1.14, according to some measures. The overall drop from high to low was almost 35%.The subsequent bull market was probably the limpest in living memory. The 2016 low was retested in the Corona panic of 2020, but then we get a good rally to $1.42 by summer 2021.After that, with so much political upheaval, the pound turned down. When the Bank of England broadcast that it would be selling the UK gilts it had printed the money to buy during Quantitative Easing, and Chancellor Kwasi Kwarteng then gave us his low-tax budget, panic hit the markets and the pound hit an intraday low of a $1.04 (the same low it hit in 1985). Since then we have had quite some rally.Here's the illustration of everything I've just described. Don't you love charts? They get to the point much quicker.Did the 8-year cycle low come early? Was that it in 2022? Or can we expect it some time in 2024?When I first wrote about Frisby's Flux, as long ago as 2017 it may have been, I suggested that we should be looking for a high some time in 2022-2023, as an opportunity to go short. Hence why I put that notification in my calendar. This current rally might be providing us with just one such opportunity. Question is: how long does the rally go on?On a long-term basis, the pound at $1.28 is not exactly hugely overvalued. On a Big Mac Index basis (which measures relative currency value around the world based on the cost of a Big Mac) we are not far off fair value. As I say, cycles are easy to identify in the rear view mirror. They are much harder to trade in real time. Perhaps the trigger will be yet more dysfunctional politics. Perhaps the Bank of England will fall even further behind the inflation curve and rates will spike, triggering some kind of crisis, such as we saw in the lead up to 1992. Perhaps equities more generally turn bearish. We can only guess what the trigger might be. But Frisby's Flux, whatever it is worth, and that might be very little, is suggesting there might soon be an opportunity to go short the pound  looking for an eventual low in 2024.Interested in buying gold to protect yourself in these uncertain times? My current recommended bullion dealer in the UK is The Pure Gold Company, whether you are taking delivery or storing online. Premiums are low, quality of service is high. They deliver to the UK, US, Canada and Europe, or you can store your gold with them.The Flying Frisby is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

Strap in, its Budget week and the Planet Normal rocket has got a first class ticket to the most eagerly anticipated financial breakdown of this Spring.Co-pilot Pearson has been sent off on a special mission (more on that to come) so Telegraph Associate Editor Ben Wright is keeping her seat warm. So: are we on course for a rocky economic ride?Liam is quietly optimistic that this ‘steady as she goes budget' is better than anticipated, and could help erase the scars of former Chancellor Kwasi Kwarteng's mini Autumn Budget. Whilst Ben worries that the Chancellor's calm ‘bedside manner' could be treating the symptoms rather than addressing the real problems.And both co-pilots ponder the position of the opposition and question whether Labour could be a safer pair of hands to move the country forwards into smoother economic waters.Read more from Liam: https://www.telegraph.co.uk/authors/liam-halligan/ |Read more from Ben: https://www.telegraph.co.uk/authors/b/ba-be/ben-wright/ |Listen to Chopper's Politics: https://www.playpodca.st/chopper |Need help subscribing or reviewing? Learn more about podcasts here: https://www.telegraph.co.uk/radio/podcasts/podcast-can-find-best-ones-listen/ |Email: planetnormal@telegraph.co.uk |For 30 days' free access to The Telegraph: https://www.telegraph.co.uk/normal |See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Host Ailbhe Rea tells the inside story of Liz Truss' chaotic, historic 49 days in No. 10 Downing Street, via candid interviews with those in the room where it happened.Speaking publicly for the first time about that turbulent period, Truss' former special adviser Hugh Bennett and ex-Chancellor Kwasi Kwarteng's former aide Celia McSwaine lift the lid on life inside Truss' Downing Street — and how it all went wrong in six short weeks. They are joined by Truss' former speechwriter Asa Bennett, her biographers Harry Cole and James Heale, and her political opponent, Labour's Pat McFadden. Using their voices alongside multiple off-record-interviews, Ailbhe retells one of the most extraordinary stories in modern British politics — the rise and fall of the 49-day prime minister. Hosted on Acast. See acast.com/privacy for more information.

Piers Morgan Uncensored hosted by Richard Tice and Isabel Oakeshott is joined by former Chancellor Kwasi Kwarteng in his first live extended interview since being sacked by Liz Truss. He speaks about Nicola Sturgeon's resignation, blaming the end of her eight-year leadership on her "woke agenda" and answers the trickiest question in politics - what is a woman?

When Liz Truss and her Chancellor Kwasi Kwarteng announced their mini-budget containing a series of unfunded tax cuts, it caused such alarm in the markets, especially amongst pension funds, that the Bank of England was forced to step in. Andrew Bailey, the Bank's Governor, held talks with representatives from the hours of having to implement emergency plans for a market meltdown. Treasury, Bank Chairmen, and the Office for Budget Responsibility to try to have the measures reversed, considering what they could see happening in real-time, Representatives of the OBR, whose report on the effect of the measures was ignored and remained unpublished, met with Kwarteng as they tried to impress on him the gravity of the situation. Although the UK economy is now sailing in calmer waters, the issue of balancing the books remains and is due to be addressed by Chancellor Jeremy Hunt next week when he presents a full budget that has been produced with full input from the OBR. It is expected that the £60 billion hole in the Government's finances will be closed by making cuts to public services and a series of tax increases. The split is believed to be £25 billion of tax increases and £35 billion of spending cuts.

WHAT ON EARTH is going on with British politics right now? Liz Truss lasted 44 days as Prime Minister, during which time her Chancellor Kwasi Kwarteng, delivered a mini-Budget, which Ms Truss approved of…and then she sacked him for doing what she asked him to do! Confused? How about this – a governing party with a majority of about 80 seats was struggling to get the legislation Liz Truss wanted through the House of Commons. So now, here we are, Rishi Sunak is Prime Minister. Unlike Liz Truss, Mr Sunak was a Brexiteer in the 2016 referendum, and the markets have reacted well to him becoming Prime Minister. Should we take comfort in the grown-ups being put back in charge after the Truss debacle? Or should we be wary? Mr Sunak has already put a block on future fracking projects, and he's committed to the appeasing the climate change cult with absurd ‘net zero' targets, much like Boris Johnson was. As for the new Chancellor Jeremy Hunt, this is a man who during the David Cameron years was in charge of the rollout of city TV channels – the business model was flawed from day one, lots of them have pretty much closed, and none have made much of an impact. During during his years as England's Health Secretary, Mr Hunt did little to endear himself to the medical profession. As Foreign Secretary, he shamefully supported Saudi Arabia's military intervention in Yemen – an ongoing seven-year conflict that the BBC doesn't bother to tell us about. Mr Hunt actively continued to support and endorse arms sales to Saudi Arabia. Fills you with confidence, doesn't it? Marcus Stead and Greg Lance-Watkins try to make sense of it all.

The Chancellor Kwasi Kwarteng has cut Stamp Duty for 200,000 homebuyers to stimulate the property market a day after the Bank of England (BoE) has raised the UK base interest rate from 1.75% to 2.25% to combat inflation and warning that the country “may” already be in recession. A recession is officially measured by two negative growth quarters, which has not yet been recorded. The independent BoE move follows the Federal Reserve's 0.75% hike this week. UK borrowing costs are now at their highest levels since 2008 putting pressure on mortgage holders and the housing market. The new rate rise alone could add up to £690 per annum or £57 per month to an average variable rate mortgage (on top of previous rate rises), although not all lenders follow the BoE base rates. Mortgage brokers are reporting long delays in obtaining an offer and fixed rate deals being pulled at short notice. Inflation has dipped slightly to 9.9% but is still at a 40-year high in most western countries. The pound fell again to $1.11, which means the markets have no confidence in the currency. Everything the UK imports is now being inflated by a weak pound. Watch video on YouTube - https://youtu.be/8d2RYNaV5jM How high will interest rates go? The Bank of England's Monetary Policy Committee (MPC) meets in less than two week on 3 November and could be forced to raise rates again. The markets expects rates to rise to 4.5% by next year, which could push mortgage rates to over 7%, a level I have not seen for 20 years. Now could be the time to get advice from a broker about fixing your mortgage rate for at least 3-5 years. If you are already in a fixed rate deal and have a year or two left, you might want to consider switching to a longer-term rate even if you have to pay a small ERC – early redemption charge or penalty. Talk to a broker to weigh up the costs and benefits or do your own calculations by factoring in an interest rate of around 4.5%. With 10% inflation and a weak pound, interest rates are on an upward trend, so take action now to protect yourself. Buy-to-Let yields will look very different at those levels, yet investors still see property as a safe long-term haven for their cash. Property values in most areas usually grow in the long term and inflation reduces the real value of a mortgage debt. There is still a shortage of suitable properties and demand for bricks and mortar. Highly geared property investors with large amounts of debt could get into trouble leading to more repossessions. A recession could see commercial landlords coming under pressure as business suffers, which means more opportunities for some investors. The government do not want the property market to crash and will be announcing measures to stimulate the market for fist-time buyers. The stock market is another story and has already started to slide this year. Rates for savers have barely moved. Some savers are turning to funding property transactions either through peer-to-peer lending platforms or direct to property investors – cutting out the banks. However, lending out your money in this way carries a far greater risk. Stamp Duty Cut Threshold raised from £125,000 to £250,000. First-time buyer nil rate band lifted to £425,000. 200,000 people will be taken out of Stamp Duty tax altogether. The April NI tax rise has been reversed saving employees and employers hundreds of pounds a year. Income tax reduced to 19% from April 2023 giving back £170 to 31 million people. Highest rate of 45% abolished. All goo d news but more money is effectively being printed and the national debt increased or deferred, which means paper currency is being devalued. Corporation tax rise cancelled. Bad news for HMO Landlords The government plans to introduce legislation to force landlords who include bills as part of the rent to “repay” the £400 rebate to the tenant! What can you do transform your finances and become financially free? Are you struggling with money or the cost-of-living crisis? To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home. Claim your free Wealth Accelerator Discovery Call with me: https://calendly.com/charleskelly/wealth-accelerator-discovery-call #freetraining #business #money #savemoney #buytoletinvestor #propertyinvestor #mortgages  #financialfreedom #economy #money #rentalproperty #buytolet #investing #property #houseprices #interestrates #inflation #wealth #peer-to-peerlending #taxcuts #kwasikwarteng #budget #stampduty  See omnystudio.com/listener for privacy information.

With the UK government seeing more changes in personnel than an average season at Chelsea FC and the economy on the verge of total collapse, we bring you a little update on the cornucopia of clownery that is British politics in 2022. After the announcement of former Chancellor Kwasi Kwarteng's neoliberal wet dream of a Growth Package sent the value of the Pound hurtling downwards, we have seen several weeks of unabated chaos, and of course the resignation of PM Liz Truss which happened in the time between the recording of this episode and its release. Happy times! /// SHOW NOTES /// /// CREDITS /// Hosts: Aarjan Guest: Mic Wright Production: Connor Music: Cardio /// The Dave Clarke Five - Sha Na Na Hey Hey Hey Kiss Him Goodbye

This a very timely conversation between host Andrew Laird and poverty and cost-of-living expert Helen Barnard. Helen is a Associate Director at the Joseph Rowntree Foundation and Research and Policy Director at Pro Bono Economics. Chances are you have heard Helen talking about the current crisis on the news. For context, as the podcast was recorded, the Chancellor Kwasi Kwarteng had just stepped aside and the “mini budget” was being unwound... Helen has just released a new book called “Want” which is part of a series styled as a new Beverage report. Andrew and Helen discuss the drivers of poverty and how Government should respond in the aftermath of the pandemic, which has surfaced and exacerbated a huge level of inequality in our society. They also discuss what the priorities should be at the various levels of government. Helen and Andrew are both Commissioners on Philippa Stroud's Poverty Strategy Commission which aims to develop concrete policy proposals in this area. They also talk about good policy making and how in order to make sustainable progress, people of differing views need to come together and try and reach consensus. It seems to there is a dangerous norm emerging that unless you agree with someone else on everything you can agree on nothing – this is the road to nowhere. Coalition building around specific topics is key to lasting progress.

The cards are beginning to fall for UK Prime Minister Liz Truss.  She's not only sacked Chancellor Kwasi Kwarteng, who only found out the news after reading a story in the Times, but the Kwartang was then replaced by former health secretary Jeremy Hunt, who did a big media round trashing the government's economic policies.  To call it a bloody mess would be an understatement. And Truss's MPs are sharpening their knives…  Former Minister Crispin Blunt has become the first Tory MP to break ranks and publicly call for the Prime Minister to go and he joins us now.  See omnystudio.com/listener for privacy information.

The Communist Party 20th Congress will accelerate a huge personnel reshuffle throughout the party and the state apparatus, affecting key policymakers including central bank governor Yi Gang, Guo Shuqing, the chief bank regulator, and Liu He, a Vice Premier known as Xi Jinping's "economic czar". David Wilder talks to Senior China Economist Julian Evans-Pritchard about who might replace these influential reformist voices within the government, but also what it will mean to be a reformist under Xi's more centralised and authoritarian decision-making process. Plus, Group Chief Economist Neil Shearing discusses whether Chancellor Kwasi Kwarteng's defenestration marks an end to the UK's crisis.      

jQuery(document).ready(function(){ cab.clickify(); }); Original Podcast with clickable words https://tinyurl.com/2k785dqv Contact: irishlingos@gmail.com Presented by Liz Truss to Chancellor Kwasi Kwarteng. A thópar tugtha ag Liz Truss don Seansailéir Kwasi Kwarteng. British Chancellor Kwasi Kwarteng has been fired from his position by Prime Minister Liz Truss in light of the financial markets' disapproval of his fiscal policies and the concurrence of Conservative MPs. Tá Seansailéir na Breataine Kwasi Kwarteng briste as a phost ag an bPríomh-Aire Liz Truss i bhfianaise neamhghlacadh na margaí airgeadais lena pholasaithe fioscacha agus chomhéirí fheisirí parlaiminte an Pháirtí Chaomhaigh. Former British Foreign Secretary Jeremy Hunt has been appointed Chancellor in his place. Tá iar- Rúnaí Gnóthaí Eachtracha na Breataine Jeremy Hunt ceaptha ina Sheansailéir ina áit. Liz Truss indicated that she regretted the departure of Kwasi Kwarteng and claimed that he had put the national interest before his own. Thug Liz Truss le fios go mb'oth léi imeacht Kwasi Kwarteng agus mhaígh go raibh an leas náisiúnta curtha aige roimh a leas féin. The story concerns how the mini-budget announced by Kwasi Kwarteng three weeks ago, shortly after Liz Truss was elected Prime Minister, was accepted and not accepted. Baineann an scéal leis an gcaoi ar glacadh agus nár glacadh leis an mionbhuiséad a d'fhógair Kwasi Kwarteng trí seachtaine ó shin, go gairid tar éis do Liz Truss a bheith tofa ina Príomh-Aire. According to the mini-budget - which the Chancellor and the Prime Minister agreed on - a wide range of tax cuts would be introduced and more sectors of the economy would be deregulated in the hope of bringing a new economic boom under Britain. De réir an mhionbhuiséid - a raibh an Seansailéir agus an Príomh-Aire ar aon intinn faoi - thabharfaí raon leathan ciorruithe cánach isteach agus dhírialófaí tuilleadh earnálacha den gheilleagar le súil borradh úr eacnamaíochta a chur faoin mBreatain. However, these policies shocked the financial markets, and the value of the pound fell, and the costs of mortgages and other loans rose. Bhain na polasaithe seo scanradh as lucht na margaí airgeadais, áfach, agus thit luach an phuint, agus d'ardaigh costais morgáistí agus iasachtaí eile. At a press event in the evening, Liz Truss announced that she now intends to go back on one of her policies and raise corporate tax as Boris Johnson had planned before her. Ag preasócáid tráthnóna, d'fhógair Liz Truss go bhfuil rún aici anois dul siar ar cheann dá polasaithe agus cáin chorparáideach a ardú mar a bhí beartaithe ag Boris Johnson roimpi. It is not clear, however, whether these events will be enough for Liz Truss to save herself from her Conservative Party escapades. Níl sé soiléir, ámh, an leor na himeachtaí seo le Liz Truss í féin a thabhairt slán óna heascairde sa Pháirtí Caomhach. The members of the party are not overjoyed, nor are they at risk of it, about what the recent polls have indicated. Ní róshásta, ná baol air, atá feisirí an pháirtí faoina bhfuil á dtabhairt le fios ag na pobalbhreitheanna le gairid. If those polls were true, and if there was a general election soon, the Tories would be thrashed. Dá mb'fhíor do na pobalbhreitheanna sin, agus dá mbeadh olltoghchán ann gan mhoill, dhéanfaí slad ar na Tóraithe. 118 days was the shortest period spent by anyone as British Prime Minister. 118 lá an tréimhse ba ghairide a chaith aon duine mar Phríomh-Aire na Breataine. It was the Tory George Canning in 1827. B'in é an Tóraí George Canning sa bhliain 1827. Liz Truss will not spend that many days in Downing Street until January 2 next year, if ever. Ní bheidh an méid sin laethanta caite ag Liz Truss i Sráid Downing go dtí 2 Eanáir na bliana seo chugainn, ma bhíonn. Kwasi Kwarteng in Downing Street after being sacked Kwasi Kwarteng i Sráid Downing tar éis dó a bheith briste as a phost

Prime Minister Liz Truss has sacked her Chancellor Kwasi Kwarteng and replaced him with Jeremy Hunt. By removing her closest ideological ally. Can she save herself?  Kate Andrews speaks to Katy Balls and James Forsyth. Produced by Natasha Feroze.

It's one of those flight tracker days here in Westminster as Chancellor Kwasi Kwarteng is about to land from a trip to the IMF in Washington, cut short last night. Is the government about to U-turn on its three-week-old mini budget? If so, will the Chancellor resign? Cindy Yu talks to James Forsyth and Fraser Nelson.

A busy end to the week, as UK Prime Minister Liz Truss sacked her Chancellor Kwasi Kwarteng and announced another U-turn in her government's tax cut plan. Find out exactly what happened and how markets reacted to the latest news. We also tie in the latest developments in the UK bond market after Bank of England Governor Andrew Bailey told pension funds “You have three days to get out". A brave move or asking for trouble?Finally, Thursday marked one of the largest intraday reversals in the US stock market on record. The initial move lower came after US Core CPI printed at a new 40-year high, but why did we rebound so quickly? Piers explains why the devil is always in detail!US earnings for your bank applications https://www.linkedin.com/posts/anthonycheung10_students-careers-applications-activity-6986660014237097984-4Xl0?utm_source=share&utm_medium=member_desktopFree daily newsletter https://amplifyme.com/market-makerFree Finance Accelerator simulation https://amplifyme.com/course/finance-acceleratorConnect with Anthony https://www.linkedin.com/in/anthonycheung10/Connect with Piers https://www.linkedin.com/in/pierscurran/ Hosted on Acast. See acast.com/privacy for more information.

Liz Truss has sacked her Chancellor Kwasi Kwarteng, and u-turned on her corporation tax cut. But without him, and the economic policy which defined her premiership, what does she stand for now? How long will she survive as Prime Minister and will she lead the Conservatives into the next election? Lewis is joined by Katy Balls, Deputy Political Editor of The Spectator, and Michael Jacobs, Professor of Political Economy at the University of Sheffield, and former Special Advisor to Gordon Brown. Production: Ellie Clifford and Gabriel Radus Deputy Editor: Tom Hughes For exclusive daily videos from The News Agents visit Global Player: https://www.globalplayer.com/videos/brands/news-agents/the-news-agents/ The News Agents is a Global Player Original and a Persephonica Production.

It's been another morning of high political drama across the water, with British prime minister Liz Truss sacking her chancellor Kwasi Kwarteng. Cindy Yu, Broadcast Editor with the Spectator, spoke with the programme.

Today's action-packed show comes to you live from the International Monetary Fund meeting in New York, which was abuzz with the news that UK Prime Minister Liz Truss had just fired Chancellor Kwasi Kwarteng and replaced him with Jeremy Hunt. Truss also revealed she was scrapping plans to reverse an increase in business taxes, a move that will save £18 billion ($20 billion), after a revolt by investors and members of her own Conservative Party worried about the impact of soaring government borrowing at a time of decades-high inflation.To learn more about how CNN protects listener privacy, visit cnn.com/privacy

Chancellor Kwasi Kwarteng has been sacked after only 38 days in office. Lizzy Burden is outside Downing Street, waiting to see Liz Truss at the iconic podium. Plus Bloomberg's Executive Editor David Merritt joins Caroline Hepker and James Woolcock in the studio, he says businesses are calling the UK "uninvestable". Labour Shadow Minister Tan Dhesi joins to stress the case for a new government and the Chief of Staff to former Chancellor George Osborne Rupert Harrison talks to Caroline Hepker and Tom Mackenzie about how to get out of a financial crisis.See omnystudio.com/listener for privacy information.

In this episode Mike discusses the 'shock' sacking of Kwasi Kwarteng and speculates on the return of Boris Johnson. PLEASE HELP US RISE ABOVE THE CIA ON APPLE PODCASTS BY LEAVING US A NICE 5 STAR REVIEW GOOD PEOPLE: https://tinyurl.com/ysp5y23v      If you would like to see full episodes first then please support our work by becoming a Patron via: www.patreon.com/cowdaily    MAKE A ONE OFF DONATION TO SUPPORT MTC'S WORK: https://tinyurl.com/y5ctx4ja    You can tune into the Cow Daily livestream every Tuesday night via Youtube: https://tinyurl.com/4djkz9t2    FULL EPISODES AVAILABLE VIA:   SPOTIFY: https://tinyurl.com/yw2unns3    APPLE PODCASTS: https://tinyurl.com/ysp5y23v    YOUTUBE: https://tinyurl.com/4djkz9t2    BECOME A SUPPORTER OF MTC'S WORK: https://tinyurl.com/5awruft6    TIK TOK: https://tinyurl.com/29c69mnu    MAILING LIST: https://tinyurl.com/46jk392v    FACEBOOK: https://tinyurl.com/yckj7mhn   TWITTER: https://tinyurl.com/24epkej6    INSTAGRAM: https://tinyurl.com/ybhzhcnn    WEBSITE: www.milkthecowpodcast.com    HOW TO LEAVE A REVIEW   Open Apple Podcast App. Go to the icons at the bottom of the screen and choose “search” Search for “Milk the Cow Podcast” Click on the SHOW, not the episode. Scroll all the way down to “Ratings and Reviews” Click on “Write a Review”   #milkthecow #cowdaily #mtc  #podcasting  #podcasts  #podcast   

It's been another morning of high political drama across the water, with British prime minister Liz Truss sacking her chancellor Kwasi Kwarteng. Cindy Yu, Broadcast Editor with the Spectator, spoke with the programme.

The war in Ukraine keeps looming over Europe's geopolitical landscape, with sanctions, energy price caps, and weapons supplies dominating debates at EU Council meetings. Ukraine's recently successful counter-offensive warrants a check-in on the war itself, and what it means for the continent's geopolitical standing as old Europe fades in influence, and new Europe's voice grows louder. The UK, one of Ukraine's strongest supporters, elected a new Prime Minister and was plunged into economic crisis almost immediately. Why did Liz Truss and Chancellor Kwasi Kwarteng opt for their economic strategy? Can the Conservatives rebound before the next election? Or will Sir Keir Starmer become the first Labour PM since Gordon Brown? This week Francois Valentin and Julian Graham dove into these topics in-depth. As always, please rate and review Uncommon Decency on Apple Podcasts, and send us your comments or questions either on Twitter at @UnDecencyPod or by e-mail at undecencypod@gmail.com. And please consider supporting the show through Patreon: https://www.patreon.com/undecencypod.

Data released by the Office for National Statistics shows the UK economy shrank by 0.3 per cent in August, meaning we're on the brink of a recession.ONS figures also showed GDP - a measure of the health and size of a country's economy - fell more sharply than had been predicted.While the majority of experts expected a flat August, news of the 0.3 per cent shrinkage follows growth of just 0.1 per cent in July.It comes after Bank of England governor Andrew Bailey warned its emergency intervention to shore up UK debt will end on Friday, leading to increasing worries about pension funds, which are significant holders of UK government debt and index-linked bonds.Now business secretary Jacob Rees-Mogg, also complaining about his own mortgage increase, is pointing the finger at the Bank's interest rate policy and global markets for the whole sorry situation, trying to deflect blame away from Chancellor Kwasi Kwarteng's mini-Budget.All these toxic economic ingredients made for a particularly fractious Prime Minister's Questions as PM Liz Truss faced off against Sir Keir Starmer at the dispatch box.So, what kind of a financial mess are we in, and how are Londoners coping on the ground ahead of bleak winter?To help us navigate the latest economic small print and discuss the challenges ahead, the Leader's joined by Evening Standard business editor Jonathan Prynn. Hosted on Acast. See acast.com/privacy for more information.

As commuters headed for morning trains, the Bank of England made a bombshell announcement - it's stepping in again to try and restore market conditions following the chaos after the Chancellor Kwasi Kwarteng's mini-Budget.The Bank announced at 7am it would expand buying emergency gilts, amid “material risk” warnings to the UK economy's stability caused by “dysfunction” from the mini-Budget fallout.Bank chiefs say the institution would buy up to £5 billion of index-linked debt, known as ‘linkers', alongside its previously announced purchase of up to £65 billion worth of conventional long-dated government bonds.It comes after the Bank's first emergency intervention when the mini-Budget sparked a tumble in the pound - leading to fears some pension funds could collapse.All this follows wage figures showing a gulf between earnings and inflation, and shoppers face paying £643 more a year for food.So, what's on Bank of England governor Andrew Bailey's mind, how safe are pension funds and why are we still not being told what the Office for Budget Responsibility thinks?Deputy Prime Minister Thérèse Coffey responded to the move that she was “confident” that people's pensions are safe.To find out what all this means for the pound in your pocket and the winter ahead, we're joined by Dr Grace Lordan, a labour economist at the London School of Economics.We discuss gilts, personal finance, government stalling and hopes for Kwarteng's forthcoming Halloween budget. Hosted on Acast. See acast.com/privacy for more information.

What the actual *hell* is going on with the UK economy? What were Chancellor Kwasi Kwarteng's new policies, why did the OBR and the Bank of England object so much? And did he seriously not even consult with the Cabinet on this? Get the full rundown - on simple terms - with Julia Belle. Julia is also joined by financial journalist, author and editor John Hatfield. This episode was co-produced by Hanna Andersen. If you liked the episode and you want to support Julia, check out her Patreon page. Follow Julia on Instagram and Twitter @juliabelle_x and follow the Bare Naked Politics Instagram page to ask questions and get  updates, explainers and teasers.

It's been a turbulent two weeks for the British economy, with Chancellor Kwasi Kwarteng's ‘mini-budget' sending sterling plummeting, gilt yields soaring and prompting an intervention from the Bank of England that successfully brought yields down. As the dust settles, what conclusions can investors draw – and where next for UK fiscal and monetary policy?  Andrew Lowry, European Content Manager at LGIM, sits down with Senior European Economist Hetal Mehta to take stock of a dramatic fortnight on the markets. For professional investors only. Capital at risk.

Chancellor Kwasi Kwarteng will set out his plan to get UK debt falling earlier than planned after markets reacted badly to his package of tax cuts. Mr. Kwarteng said he wanted to move forward with no distractions. Prime Minister Liz Truss says that abolishing the top rate of tax was only a tiny part of the plan for economic growth. Mr Kwarteng acknowledged the turbulence caused by his mini-budget, which saw the pound's value plummet, borrowing costs soar, and the Bank of England bail out pension funds.

After plunging the pound with a disastrous mini budget, Downing Street has now reversed plans to scrap the 45pc top rate of tax. But the crisis has put the necks of the new Prime Minister Liz Truss and Chancellor Kwasi Kwarteng on the line after just four weeks. Host: Fionnán Sheahan Guests; Donal O'Donovan and Enda Brady See omnystudio.com/listener for privacy information.

On this Tuesday episode of THE POLITICRAT daily podcast: Omar Moore on the contempt and crashing of UK government by the Tories; Chancellor Kwasi Kwarteng's callously cynical speech at the Conservative Party Conference in Birmingham. Plus: Remembering Sacheen Littlefeather, who passed away over the weekend at 75. October 4, 2022. The AUTONOMY t-shirt series—buy yours here: https://bit.ly/3yD89AL Planned Parenthood: https://plannedparenthood.org Register to vote NOW: https://vote.org The ENOUGH/END GUN VIOLENCE t-shirts on sale here: https://bit.ly/3zsVDFU Donate to the Man Up Organization: https://manupinc.org FREE: SUBSCRIBE NOW TO THE BRAND NEW POLITICRAT DAILY PODCAST NEWSLETTER!! Extra content, audio, analysis, exclusive essays for subscribers only, plus special offers and discounts on merchandise at The Politicrat Daily Podcast online store. Something new and informative EVERY DAY!! Subscribe FREE at https://politicrat.substack.com Buy podcast merchandise (all designed by Omar Moore) and lots more at The Politicrat Daily Podcast Store: https://the-politicrat.myshopify.com The Politicrat YouTube page: bit.ly/3bfWk6V The Politicrat Facebook page: bit.ly/3bU1O7c The Politicrat blog: https://politicrat.politics.blog Join Omar on Fanbase NOW! Download the Fanbase social media app today. PLEASE SUBSCRIBE to this to this podcast! Follow/tweet Omar at: https://twitter.com/thepopcornreel.

The UK Conservative Party has done a huge U-turn - backtracking on cutting the top tax rate after just ten days. Chancellor Kwasi Kwarteng said the party had listened to the public. The humiliating decision came just a day after Prime Minister Liz Truss defended her party's policy. Jonathan Reilly is the Westminster editor of The Sun, and he joins us to discuss the troubles.  See omnystudio.com/listener for privacy information.

Broadcaster and guest columnist for The Politics Jonathan Green talks all things federal politics. Award-winning climate scientist and writer Dr Joëlle Gergis, delves into her new book, Humanity's Moment: A Climate Scientist's Case for Hope. Joëlle is an Australian Lead Author of the UN's Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report and an advisor to the Climate Council. Dr Andrew Walter, Professor of International Relations at the University of Melbourne, stops by to chat about the latest in UK politics, including the mini-budget that caused the British pound to plummet to an all-time low and in the end led to the demise of new PM Liz Truss and Chancellor Kwasi Kwarteng.

Anthony Browne, Conservative MP and member of the Treasury Select Committee, says the Chancellor Kwasi Kwarteng "did the job" in his speech to the party conference on Monday, addressing the government U-turn on scrapping the top rate of income tax. On the issue of increasing welfare payments in line with inflation, he told Bloomberg's Caroline Hepker that no decision had been made yet, but he feels "uncomfortable uprating, or balancing the books, on the backs on the lowest paid".See omnystudio.com/listener for privacy information.

On the second morning of the Conservative Party conference in Birmingham, the Chancellor Kwasi Kwarteng has said he's ditching the government's plan to scrap the 45p top rate of income tax. The Prime Minister had said the previous morning that she was "absolutely committed" to the policy. Today's Nick Robinson spoke to the new Chancellor Kwasi Kwarteng, with analysis from the BBC's political editor Chris Mason. (Image: Kwasi Kwarteng, Image credit: TOLGA AKMEN/EPA-EFE/REX/Shutterstock)

Chancellor Kwasi Kwarteng and PM Liz Truss have made a U-turn on the decision to give the wealthiest 1% of earners a tax cut after facing a backlash. On the Sky News Daily, Niall Paterson explores the political consequences of the U-turn with political correspondent Liz Bates and discusses how the markets are responding with economics editor Ed Conway. Plus, Catherine MacLeod, a No.11 special adviser during the 2008 recession, explains how a government should react during a time of financial crisis.Podcast producers - Rosie GillottDigital producer - David ChipakupakuEditor - Philly Beaumont

The government had planned to cut the 45p rate on people earning more than £150K a year

Hosts Guy Johnson and Alix Steel discuss Chancellor Kwasi Kwarteng and Prime Minister Liz Truss' about-face on tax policy just ten days after announcing it with Bloomberg's James Woolcock and Bloomberg's David Goodman. They also speak with Bloomberg Intelligence Analyst Iwona Hovenko for an update on the housing market, Bloomberg Opinion's John Authers on Credit Suisse and Bloomberg's Ed Ludlow on Tesla.

See omnystudio.com/listener for privacy information.

Sign up for my Daily Fintech or Daily Digital Banking Newsletters here. Check out my latest podcast episode below: This podcast episode is sponsored by PayRetailers, leading European paytech firm in Latin America, dedicated to creating a fast and simple payment process for merchants and shoppers. With a flexible and highly scalable proprietary technology architecture, we innovate rapidly in response to market demand for online businesses of all sizes. Visit www.payretailers.com Welcome to your daily FinTech news! In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here. NEWS HIGHLIGHT Habito and Atom Bank withdrew UK mortgages in the wake of Chancellor Kwasi Kwarteng's mini-budget on Friday that triggered turmoil in the financial markets. They are not alone, with 40% of available UK mortgages withdrawn by lenders. Thousands of borrowers are searching for options to avoid property sales. Link here FINTECH NEWS #BreakingNews Eight US states file individual cease-and-desist orders against Nexo. Nexo Group is a crypto-lending platform. The filings state that the company offered investors interest-earning accounts without first registering them as securities. The orders prevent Nexo from offering this product to residents until it meets the necessary registration requirements. Link here #Insights The concept of BNPL in business-to-business. Traditional solutions like invoice factoring and discounting have been used to manage the issue by lending against receivables. Link here FinTech 2022 Trend Report. Vauban from Carta breaks down the most active investors for potential co-investors and strategy ideas, and segments with the most attention. Link here

Prime Minister Liz Truss and Chancellor Kwasi Kwarteng are set to meet with the head of the Office for Budget Responsibility, known as the OBR and the country's independent forecaster, to discuss the situation. One of the reasons the markets reacted so badly to the chancellor's tax cutting plans released a week ago is that there was no accompanying economic forecast from the Office for Budget responsibility. Last night, the OBR confirmed that it was ready to produce an updated assessment of public finances to be published with the mini-budget a week ago, as is usual practice, but the offer was rejected. Today's Mishal Husain and Justin Webb spoke to Mel Stride, Conservative MP and Chair of the Treasury Select Committee and Andrew Griffith, the Financial Secretary to the Treasury. (IMAGE CREDIT: Chris Radburn/PA Wire)

The S&P 500 slumps to a new low for this year, weighed down by Apple's broad declines. U.S. markets are set for the third consecutive negative quarter. However, Morgan Stanley CEO James Gorman tells our U.S. colleagues that he sees no signs of panic from investors. UK PM Liz Truss and Chancellor Kwasi Kwarteng are to have and emergency meeting with the OBR but Downing Street insists its mini-budget tax cuts are essential. Chinese manufacturing shows signs of recovery but the Caixin survey shows that services are struggling from a sharp slowdown. And in energy news, Germany outlines a €200bn package to shield consumers from soaring gas prices. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Prime Minister's next big hurdle is facing her own party at the Conservative conference this weekend. Bloomberg's Lizzy Burden joins Stephen Carroll and Yuan Potts to discuss the pressure on Liz Truss and the Chancellor Kwasi Kwarteng after this week's market turmoil. Former Bank of England and IMF economist Paul Mortimer-Lee tells us how the government could try to regain the confidence of markets. Plus: two opposing views on Trussonomics from the Resolution Foundation and the Institute of Economic Affairs. See omnystudio.com/listener for privacy information.

Former Bank of England and IMF economist, Paul Mortimer-Lee, says the Chancellor Kwasi Kwarteng and the Bank must address the UK's "huge credibility gap" in financial markets. He tells Bloomberg's Caroline Hepker and Stephen Carroll that the mini-budget announced last Friday will boost growth in the short-term, but won't be a supply-side "miracle". Mortimer-Lee, who's now a research fellow at the National Institute of Economic and Social Research, said the package "is not a magic formula to return to growth."See omnystudio.com/listener for privacy information.

MICHAEL Hello and our usual very warm welcome to Five in the Eye – the weekly news review show on Colourful Radio. This is me – Michael Ohajuru – and you're listening to episode 0377. Which means you're either streaming us online, via apps or tuned in on DAB in London and the South East of England! PHIL And this is Phil Woodford joining Michael via Zoom and welcoming a very special guest for his first time on the show. We're delighted to host Wade Newell-Stephenson today! Hi there, Wade! WADE Hi Phil, hello Michael. It's good to be here on Five in the Eye. And I can reveal that our top story is going to be the fall-out from the mini-Budget a week ago. It turned out not to be so ‘mini', with many big announcements about tax cuts and spending plans that spooked the markets. MICHAEL And what's story number two? Well, we're going to take a look at a report from the Black Equity Organisation, which has conducted a big opinion poll of people in the community about their experiences of life in the UK. It comes in a week when Labour MP Rupa Huq was suspended by her party for saying that Chancellor Kwasi Kwarteng was only ‘superficially' Black. PHIL For our third story, we're looking at energy usage and costs. The French – ooh la la – have switched off the lights on the world-famous Eiffel Tower to keep their electric down. And Michael has shown Wade and me that he is wrapping up very warm at Ohajuru Towers! WADE Story number four this week is about Darth Vader. James Earl Jones, who voiced the menacing Star Wars character is stepping back at the age of 91. But artificial intelligence is going to recreate his younger voice for future movies! MICHAEL And finally this week, to wrap up the five, the plunging pound in the past week has led to a number of jokes and memes circulating online. PHIL Yes, you could say they've gained some kind of currency. And that's this week's Five in the Eye!

Financial markets remain rattled nearly a week after the Chancellor's 'mini-budget', but Prime Minister Liz Truss and Chancellor Kwasi Kwarteng are sticking to their guns on their economic announcements, saying international pressures have had an impact on its reception. As the Bank of England intervenes by buying bonds, what does the current economic turmoil mean for pensions and mortgages, and what are the knock-on effects for Scotland? As Labour come off a conference high, what does this weekend's Tory conference have in store for the Prime Minister? Mairi Spowage, Director of the Fraser of Allander Institute at the University of Strathclyde joins the team to explain some of the mechanisms behind what's happening.

Back in 2007 comedian Susan Murray phoned me up with a question.She was just arranging a new mortgage and she wanted to know where I thought interest rates were going. Should she get a fixed or a variable rate mortgage?I couldn't make that decision for her, of course. But I could see there were underlying problems with the economy – quite serious ones – so the safest option, if there was affordable, seemed to be a fixed-rate mortgage. In the event something goes seriously wrong in the broader economy, at least she was protected against spiralling interest rates.Susan went and fixed her mortgage at 6%. Turns out it was pretty much the top of the market for mortgage rates. They duly plunged as central banks slashed rates and then printed money following the financial crisis. She's never forgiven me. “Cost me a ruddy fortune that bloke” she always complains whenever my name comes up.Cheaper mortgages mean more expensive housesI may have seen 2008 coming – I was such a gold bug at the time – but I did not  foresee quantitative easing nor the extent to which interest rates would fall. Money got so cheap.By September 2021, barely a year ago, you could get a five-year fixed rate deal for 1.3%. It seems inconceivable today that money could be so cheap. To be fair, it seemed almost inconceivable at the time. No wonder everyone levered themselves up the eyeballs.I have long argued that, more than anything, it is cheap money that has driven up house prices. Everywhere you look the standard solution to unaffordable housing is that we need to build more, especially in and around London. But London has been a building site for a decade or more. Goodness knows how many new build flats there now are, but all that new build hasn't brought prices down. As I'm forever quoting: between 1997 and 2007 the housing stock grew by 10%, but the population only grew by 5%. If house prices were a function of supply and demand, they should have fallen slightly over this period. They didn't. They rose by more than 300%.Then you see that mortgage lending over the same period went up by 370% and you quickly realise it was newly created money that pushed up prices in a decade of loose lending, which gave birth to the national obsession that is house prices. Houses were no longer places to live, but financial assets. If you introduce new debt into a market, the higher prices will go. Look at student loans.Mortgage lending doubled again in the ten years from 2009 to 2019 and house prices rose by over 50%.Cut off the tap that is cheap money, and house prices will quickly come to levels concomitant with earnings. The two have long since been distant friends.In 1995 the house price to income ratio was below three – even in London it was only just above. Now it's seven. The average house is seven times average income. In London it's 11. And we wonder why families have got so small.Are interest rates only going one way from here?With inflation spiralling, bond rates rising and the US dollar spiking, money is suddenly not so cheap any more. And it's getting more and more expensive. The UK is not alone in this, by any means, but the problem is more acute here because our economy is so geared to house prices.The Bank of England has made an absolute mess of protecting the currency, declaring it will not hesitate, while hesitating. Rather like the way it broadcast its gold sales to the market between 1999 and 2002, thereby sending the gold price to all time lows around $250/oz, so it is now broadcasting its gilt sales and quantitative tightening – and it has sent that particular market plunging too. The announcement sparked the sharp sell-off in gilts that began the day before Chancellor Kwasi Kwarteng's mini-Budget. It's as though the two departments – the Treasury and the Bank of England – don't coordinate.The trigger may have been the Bank of England's announcement, or Kwarteng's budget. Whatever. The cause is over ten years of QE, zero interest policies and all the rest of it.It's interesting through. At the first signs of panic, they started printing again. That tells us where they will go. Yesterday morning I would have said that interest rates can only going to go one way, and that means the cheap money taps that drive house prices to such unaffordable levels are now being turned off. Lenders clearly felt the same way. I gather over 900 mortgage products were removed from the market in under 24 hours. Smashing the record around 400 set during the Covid panic.But then the Bank of England started printing again.The UK housing market, particularly in and around London, has been an irrational, insatiable monster for decades. Anyone who calls the top has ended up with egg on their face. But we are levered up to the eyeballs. It's not just a matter of no more cheap money coming in. There is also the other side of the coin, something I remember from 1989-1993. People can't make their interest payments, so they start to sell. If house prices come down 10% or 15%, it's often the case that the house becomes less valuable than the debt – negative equity strikes. I really like Kwarteng's Budget. I think he has made the right choices. Cutting taxes is good. But a falling housing market, no matter how much growth there is elsewhere, will see the Tories kicked out at the next election. How do they prop up the housing market without cheap money? I'm sure they'll find a way. They always do. Or will they?If you are worried about what is going on and want to buy physical gold or silver, my recommended bullion dealer is the Pure Gold Company with whom I have an affiliation deal. More here. My guide to buying bitcoin is here:Thank you to all those who came to my lecture with funny bits, How Heavy?, last night. What a great evening. Next West End show is November 23 at Crazy Coqs - that's not a lecture, but me and the band with lots of unacceptable songs. Tickets here.The Flying Frisby is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.This article first appeared at Moneyweek. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

Terry Whitehead 29th September 2022 Europe must prepare for 'previously unimaginable' threats to its offshore and undersea infrastructure, Germany's interior minister has said today, after the Nord Stream pipe was blown up in a suspected Russian attack. Leaders have already begun scrambling to shore up their defences with NATO chief Jens Stoltenberg in Denmark today for talks which he said 'addressed the protection of critical infrastructure' while Norway said it was deploying the military to protect its oil and gas rigs. The Spanish government is planning to impose a temporary tax on the wealthiest 1% of the country's population, starting from next year amid soaring inflation, Budget Minister María Jesús Montero said on Thursday. She acknowledged that she was negotiating with the PSOE socialists' junior coalition partner, the left-wing Podemos group, who had the initiative in its electoral programme. Why has the pound dropped? The pound has plummeted in direct reaction to Chancellor Kwasi Kwarteng's so-called mini-budget on Friday, which announced the biggest tax cuts in the past 50 years. Why has it got worse over the weekend? While there was an initial fall after the chancellor's announcement, sterling started to rally slightly. The Danish monarch has removed prince and princess as well as 'His/Her Highness' titles from Nikolai, 23, Felix, 20, Henrik, 13, and Athena, ten. A statement on Wednesday said Queen Margrethe hopes the move will allow the siblings to 'shape their own lives without being limited by the special considerations and duties' that a formal affiliation with the Danish Royal Family involves. The world's second-largest fresh produce wholesale market in Rungin near Orly airport in the southern suburbs of Paris has been reportedly been totally destroyed today, Sunday, September 25, after a massive fire broke out. Italy Silvio Berlusconi has sparked fury by claiming Vladimir Putin was 'pushed' into invading Ukraine and only wants to put 'decent people' in charge of Kyiv. the nationalist Giorgia Meloni is swept into power on Sunday's vote. The Brothers of Italy leader has been dominating the polls despite a number of gaffes in her campaign, which saw her forced to suspend a party candidate for praising Hitler and a close associate accused of performing a Nazi salute. he Royal Air Force has admitted 'mistakes were made' following claims it pressured a recruitment boss to prioritise women and ethnic minorities over white men as part of a diversity drive.Claims first emerged last month that the RAF's head of recruitment had refused to follow an order to prioritise particular candidates because she believed it was 'unlawful' Peter Hitchens Like a man who has had his head severed but doesn't realise it, much of Britain still has not grasped the significance of the huge constitutional changes brought in by Brown and Blair after 1997. Judges in an English court warned a few years ago in a case about Christian foster parents who couldn't agree to the modern view of homosexuality: ‘Although historically this country is part of the Christian West, and although it has an established church which is Christian, there have been enormous changes in the social and religious life of our country over the last century… We sit as secular judges serving a multicultural community of many faiths............But can a ‘multicultural community of many faiths' put up with a ceremony which requires the new monarch to assent to the demand made to his mother in 1953: ‘Will you to the utmost of your power maintain the Laws of God and the true profession of the Gospel? Will you to the utmost of your power maintain in the United Kingdom the Protestant Reformed Religion established by law?' If so, the promise will be empty, as King Charles well knows. It is quite obvious that, in the 70-year gap between the two ceremonies, the entire country has been utterly changed, divorced or unwed rather than married, committed to personal autonomy rather than to self restraint, vaguely republican rather than vaguely monarchist, filled with competing cultures rather than sharing a single one...............

The Pound in the UK is continuing to slide, and the Bank of England has stepped in to buy government bonds in a bid to calm the market.  It follows the ongoing fallout of Chancellor Kwasi Kwarteng's mini budget that is anything but mini - the tax cut plan has even prompted the International Monetary Fund to make a rare public attack on a leading global economy  Mehreen Khan is the economics editor for the Times and she joins us with the latest.See omnystudio.com/listener for privacy information.

Back in 2007 comedian Susan Murray phoned me up with a question.She was just arranging a new mortgage and she wanted to know where I thought interest rates were going. Should she get a fixed or a variable rate mortgage?I couldn't make that decision for her, of course. But I could see there were underlying problems with the economy – quite serious ones – so the safest option, if there was affordable, seemed to be a fixed-rate mortgage. In the event something goes seriously wrong in the broader economy, at least she was protected against spiralling interest rates.Susan went and fixed her mortgage at 6%. Turns out it was pretty much the top of the market for mortgage rates. They duly plunged as central banks slashed rates and then printed money following the financial crisis. She's never forgiven me. “Cost me a ruddy fortune that bloke” she always complains whenever my name comes up.Cheaper mortgages mean more expensive housesI may have seen 2008 coming – I was such a gold bug at the time – but I did not  foresee quantitative easing nor the extent to which interest rates would fall. Money got so cheap.By September 2021, barely a year ago, you could get a five-year fixed rate deal for 1.3%. It seems inconceivable today that money could be so cheap. To be fair, it seemed almost inconceivable at the time. No wonder everyone levered themselves up the eyeballs.I have long argued that, more than anything, it is cheap money that has driven up house prices. Everywhere you look the standard solution to unaffordable housing is that we need to build more, especially in and around London. But London has been a building site for a decade or more. Goodness knows how many new build flats there now are, but all that new build hasn't brought prices down. As I'm forever quoting: between 1997 and 2007 the housing stock grew by 10%, but the population only grew by 5%. If house prices were a function of supply and demand, they should have fallen slightly over this period. They didn't. They rose by more than 300%.Then you see that mortgage lending over the same period went up by 370% and you quickly realise it was newly created money that pushed up prices in a decade of loose lending, which gave birth to the national obsession that is house prices. Houses were no longer places to live, but financial assets. If you introduce new debt into a market, the higher prices will go. Look at student loans.Mortgage lending doubled again in the ten years from 2009 to 2019 and house prices rose by over 50%.Cut off the tap that is cheap money, and house prices will quickly come to levels concomitant with earnings. The two have long since been distant friends.In 1995 the house price to income ratio was below three – even in London it was only just above. Now it's seven. The average house is seven times average income. In London it's 11. And we wonder why families have got so small.Are interest rates only going one way from here?With inflation spiralling, bond rates rising and the US dollar spiking, money is suddenly not so cheap any more. And it's getting more and more expensive. The UK is not alone in this, by any means, but the problem is more acute here because our economy is so geared to house prices.The Bank of England has made an absolute mess of protecting the currency, declaring it will not hesitate, while hesitating. Rather like the way it broadcast its gold sales to the market between 1999 and 2002, thereby sending the gold price to all time lows around $250/oz, so it is now broadcasting its gilt sales and quantitative tightening – and it has sent that particular market plunging too. The announcement sparked the sharp sell-off in gilts that began the day before Chancellor Kwasi Kwarteng's mini-Budget. It's as though the two departments – the Treasury and the Bank of England – don't coordinate.The trigger may have been the Bank of England's announcement, or Kwarteng's budget. Whatever. The cause is over ten years of QE, zero interest policies and all the rest of it.It's interesting through. At the first signs of panic, they started printing again. That tells us where they will go. Yesterday morning I would have said that interest rates can only going to go one way, and that means the cheap money taps that drive house prices to such unaffordable levels are now being turned off. Lenders clearly felt the same way. I gather over 900 mortgage products were removed from the market in under 24 hours. Smashing the record around 400 set during the Covid panic.But then the Bank of England started printing again.The UK housing market, particularly in and around London, has been an irrational, insatiable monster for decades. Anyone who calls the top has ended up with egg on their face. But we are levered up to the eyeballs. It's not just a matter of no more cheap money coming in. There is also the other side of the coin, something I remember from 1989-1993. People can't make their interest payments, so they start to sell. If house prices come down 10% or 15%, it's often the case that the house becomes less valuable than the debt – negative equity strikes. I really like Kwarteng's Budget. I think he has made the right choices. Cutting taxes is good. But a falling housing market, no matter how much growth there is elsewhere, will see the Tories kicked out at the next election. How do they prop up the housing market without cheap money? I'm sure they'll find a way. They always do. Or will they?If you are worried about what is going on and want to buy physical gold or silver, my recommended bullion dealer is the Pure Gold Company with whom I have an affiliation deal. More here. My guide to buying bitcoin is here:Thank you to all those who came to my lecture with funny bits, How Heavy?, last night. What a great evening. Next West End show is November 23 at Crazy Coqs - that's not a lecture, but me and the band with lots of unacceptable songs. Tickets here.The Flying Frisby is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.This article first appeared at Moneyweek. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit frisby.substack.com/subscribe

On this Wednesday episode of THE POLITICRAT daily podcast: Omar Moore on the calculated and manufactured tanking by the Tories (specifically Chancellor Kwasi Kwarteng) of the British pound and what it means long term for the working class, working poor and middle class in the United Kingdom. September 28, 2022. The IFS report: https://bit.ly/3xNSFu1 | The Guardian story on the FCA: https://bit.ly/3RhmQ3L The AUTONOMY t-shirt series—buy yours here: https://bit.ly/3yD89AL Planned Parenthood: https://plannedparenthood.org Register to vote NOW: https://vote.org The ENOUGH/END GUN VIOLENCE t-shirts on sale here: https://bit.ly/3zsVDFU Donate to the Man Up Organization: https://manupinc.org FREE: SUBSCRIBE NOW TO THE BRAND NEW POLITICRAT DAILY PODCAST NEWSLETTER!! Extra content, audio, analysis, exclusive essays for subscribers only, plus special offers and discounts on merchandise at The Politicrat Daily Podcast online store. Something new and informative EVERY DAY!! Subscribe FREE at https://politicrat.substack.com Buy podcast merchandise (all designed by Omar Moore) and lots more at The Politicrat Daily Podcast Store: https://the-politicrat.myshopify.com The Politicrat YouTube page: bit.ly/3bfWk6V The Politicrat Facebook page: bit.ly/3bU1O7c The Politicrat blog: https://politicrat.politics.blog Join Omar on Fanbase NOW! Download the Fanbase social media app today. PLEASE SUBSCRIBE to this to this podcast! Follow/tweet Omar at: https://twitter.com/thepopcornreel.

Chancellor Kwasi Kwarteng set out the government's economic plans in a so-called mini budget. But his tax cuts and plans for government borrowing are some of the biggest in living memory.Tortoise is a news start-up devoted to slow journalism. We take our time to tell stories that really matter. If you want more slow and considered journalism, you can become a member of Tortoise to get access to more of our stories, contribute to our journalism and join exclusive events.Just go to tortoisemedia.com/friend and use the code Claudia50 to get a year's digital membership for £50. Hosted on Acast. See acast.com/privacy for more information.

Labour leader Keir Starmer makes his keynote speech to the party conference, as a new YouGov poll gives them a 17-point lead over the Conservatives. Our reporter Emily Ashton brings us a preview from Liverpool. Bloomberg Opinion columnist Therese Raphael joins Stephen Carroll and Caroline Hepker to discuss the credibility challenge facing Chancellor Kwasi Kwarteng as he meets City leaders. Plus: Ray Boulger of mortgage brokers John Charcol tells us that UK mortgage rates are jumping. See omnystudio.com/listener for privacy information.

Interest rates to rise AGAIN after pound £££ fell to AL TIME LOW against US dollar $$$ The Bank of England may have to raise base interest rates again to prevent pound sterling from collapsing against the US dollar after it fell to an all-time low of just over parity 1.03 this week following the Friday's mini-budget. Please LIKE and SHARE this free content and watch until the end for a special offer. Last week, the Chancellor Kwasi Kwarteng cut taxes, as well as Stamp Duty for 200,000 homebuyers to stimulate the property market a day after the Bank of England (BoE) raised the UK base interest rate from 1.75% to 2.25% to combat inflation warning that the country “may” already be in recession. The independent BoE move followed the Federal Reserve's 0.75% hike last week putting further pressure on UK bonds and sterling. Mortgage lenders have pulled fixed rate deals in anticipation of an early rate rise. How high will interest rates go? The Bank of England's Monetary Policy Committee (MPC) meets in less than two week on 3 November and could be forced to raise rates again. The markets expects rates to rise to 4.5% by next year, which could push mortgage rates to over 7%, a level I have not seen for 20 years. Now could be the time to get advice from a broker about fixing your mortgage rate for at least 3-5 years. If you are already in a fixed rate deal and have a year or two left, you might want to consider switching to a longer-term rate even if you have to pay a small ERC – early redemption charge or penalty. Talk to a broker to weigh up the costs and benefits or do your own calculations by factoring in an interest rate of around 4.5%. With 10% inflation and a weak pound, interest rates are on an upward trend, so take action now to protect yourself. What can you do transform your finances and become financially free? Are you struggling with money or the cost-of-living crisis? To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home. Claim your free Wealth Accelerator Discovery Call with me: https://calendly.com/charleskelly/wealth-accelerator-discovery-call #freetraining #business #money #savemoney #buytoletinvestor #propertyinvestor #mortgages #financialfreedom #economy #money #buytolet #investing #property #houseprices #interestrates #inflation #wealth #taxcuts #kwasikwarteng

We are live in Rome where the centre-right coalition have won a clear majority with 43 per cent of the vote. Fratelli d'Italia leader Giorgia Meloni is now set to be Italy's next prime minister. The opposition Democratic Party has conceded defeat with the fractured centre-left bloc struggling in the polls. In forex news, sterling falls to its lowest level against the dollar since 1971 as investors fear Chancellor Kwasi Kwarteng's tax cuts cluster will increase the UK's debt burden. The Dow has hit its lowest point this year as the global sell-off continues.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chancellor Kwasi Kwarteng's tax-slashing plan for growth stunned MPs, commentators and economists alike on Friday - and sent the value of the pound plummeting. So just how big a gamble is his vision for the economy? Does his plan for easing the cost of energy crisis add up? And how long does Liz Truss have to convince voters that her policies will deliver growth?  The IfG economics team of Tom Pope, Giles Wilkes and Olly Bartrum assembled to make sense of a huge day in Parliament. Presented by Hannah White. This is a recording of a Twitter Spaces conversation 

In this special episode of the Today's Conveyancer Podcast host David Opie discusses the ins and outs of the announcement by Chancellor Kwasi Kwarteng to cut Stamp Duty rates in the mini-budget on Friday 23rd September. David is joined by conveyancing industry veteran Lloyd Davies, Managing Director of Convey Law and Chairman of The Conveyancing Foundation. Lloyd lends his years of experience in the industry to the discussion, providing his thoughts on the rate cuts, alongside the overall package of tax cuts, as well as considering the current state of play with the continued war in Ukraine, interest rate rises, relaxation of mortgage rules, inflation, recession and supply and demand.Are we heading for recession? Or will the SDLT cut “over-stimulate an already stimulated market” and create further capacity issues for the property market? And what does that mean for conveyancers up and down the country? Listen in to hear Lloyd's thoughts.  The Today's Conveyancer podcast can be found on your preferred podcast provider and also at www.todaysconveyancer.co.uk. Subscribe and listen in for all the latest conveyancing industry news and views.

Chancellor Kwasi Kwarteng has unveiled the biggest package of tax cuts in 50 years, as he hailed a new era for the UK economy. Income tax and the stamp duty on home purchases will be cut and planned rises in business taxes have been scrapped. Mr. Kwarteng says a major change of direction was needed to kick start economic growth however Labour says it would not solve the cost-of-living crisis and was a plan to reward the already wealthy He says high tax rates damage Britain's competitiveness reducing the incentive to work and for businesses to invest.

See omnystudio.com/listener for privacy information.

On Friday, Chancellor Kwasi Kwarteng revealed the details of his mini-budget. Audrey Carville discusses who the measures will help the most and what might be the knock-on consequences with her panel of Irwin Armstrong, Dr Esmond Birnie, Bumper Graham and Professor Deirdre Heenan.

The Sophy Ridge on Sunday podcast comes from Liverpool this week, where Labour's party conference is taking place. On this episode, Sophy is joined by our political correspondent Liz Bates as they discuss reaction to the Tories' mini-budget from new Chancellor Kwasi Kwarteng and fears over potential general strike action as well as today's interviews – featuring Labour's Energy and Climate Change Secretary and former party leader Ed Miliband, Greater Manchester mayor Andy Burnham, trade union general secretaries Christina McAnea, from Unison, and Mick Lynch, from the RMT. Annie Joyce – senior podcast producer Paul Stanworth – editor

From the BBC World Service: After President Vladimir Putin announces mobilization of hundreds of thousands of reservists, Serbia experiences an influx of Russians hoping to avoid the war in Ukraine. U.K. Chancellor Kwasi Kwarteng slashes taxes for high earners in a “mini-budget” the government says will boost growth. And is Italy lurching to the right? The BBC’s Mark Lowen travels to Sicily ahead of elections on Sunday.

From the BBC World Service: After President Vladimir Putin announces mobilization of hundreds of thousands of reservists, Serbia experiences an influx of Russians hoping to avoid the war in Ukraine. U.K. Chancellor Kwasi Kwarteng slashes taxes for high earners in a “mini-budget” the government says will boost growth. And is Italy lurching to the right? The BBC’s Mark Lowen travels to Sicily ahead of elections on Sunday.

Chancellor Kwasi Kwarteng unveils the biggest package of tax cuts in 50 years, before being questioned by Chris on his thinking. We hear what the chancellor has to say, as well as Chris's thoughts, and those of the Financial Times' Clear Barrett and former Bank of England Chief Economist, Andy Haldane. Also pop star sensation Dua Lipa stops by to talk about making social media algorithms kinder, if there's still a place for livestreaming in the music industry post-lockdown, and her new podcast. This episode of Newscast was made by Chris Flynn with Miranda Slade and Alix Pickles. The technical producer was Emma Crowe. The editor is Jonathan Aspinwall.

Let's get Fiscal. Matt Chorley dives into the Chancellor Kwasi Kwarteng's fiscal statement and what it all means with the Times' Political Editor Steven Swinford and experts from the Institute of Economic Affairs, Institute of Directors, Institute for Fiscal Studies and the Resolution Foundation.Melanie Reid and James Forsyth also react and discuss the fiscal event. Hosted on Acast. See acast.com/privacy for more information.

From levelling up to trickling down: Chancellor Kwasi Kwarteng's announcements today signal a seismic shift in policy from the new government. But will his and Liz Truss' gamble on future growth pay off, how does it affect the public, and how will Labour respond?To unpack the announcement Christopher Hope is joined in the studio by Whitehall Correspondent Tony Diver and Associate Editor Gordon Rayner.For 30 days' free access to The Telegraph: https://www.telegraph.co.uk/chopper |Sign up to the Chopper's Politics newsletter: https://www.telegraph.co.uk/politicsnewsletter|Email: chopperspolitics@telegraph.co.uk |See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street is in the red for a third consecutive day while European equities hit an 18-month low amid a slew of central bank tightening measures. Italy's political parties hold their last rallies ahead of Sunday's snap election. Brothers of Italy leader Giorgia Meloni says her party is ready to govern. The BoE is split with the UK government with one voting member questioning policy in tackling inflation. Chancellor Kwasi Kwarteng is set to slash taxes in his mini-budget. And at the UN, Russian foreign minister Sergei Lavrov walks out of the Security Council over alleged war crimes committed in Ukraine by Russia forces. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We react after new Chancellor Kwasi Kwarteng unveiled the biggest package of tax cuts in 50 years. In this episode we answer what the announcements mean for you and your money. Read more about https://www.which.co.uk/news/article/mini-budget-what-does-the-governments-growth-plan-mean-for-your-money-aEvHn0w0IGyw (how the mini-budget could impact you), find out about the https://www.which.co.uk/news/article/energy-bill-support-confirmed-for-customers-in-northern-ireland-and-off-grid-homes-a04GF8X8Ei4N (energy support announced for Northern Ireland) or https://signup.which.co.uk/wlp-money-newsletter (sign up to our free Money newsletter).

Britain's new Chancellor Kwasi Kwarteng delivered a blistering mini-Budget this week that was anything that small. A wave of tax cuts were unleashed. Some had been heavily trailed, such as spiking the National Insurance hike and a stamp duty reduction, but there were also two rabbits out of the hat: a cut in basic rate income tax to 19p from April and abolishing the 45p income tax rate too. Those tax cuts joined a wave of spending commitments, most notably the huge energy price guarantee bailout for Britain's households and businesses. Paul Johnson, of the IFS, said: 'Mr Kwarteng is not just gambling on a new strategy, he is betting the house.' On this week's podcast, Georgie Frost, Lee Boyce and Simon Lambert discuss what the going for growth mini-Budget means for people, how much they may save in tax, and whether it will work or cause the UK economy even more problems down the line. One thing was clear in the aftermath, markets didn't like the break from the orthodoxy that they saw: the pound tumbled below $1.10 and UK gilt yields jumped. But how much does that have to do with the mini-Budget and how much does it have to do with the Bank of England's rate decision that delivered a bumper rise of 0.5 percentage points, which was still considered small next to the US Federal Reserve's 0.75 percentage point bazooka? And finally, we've heard lots of the glass half full verdicts on our current economic situation but what is the glass half full one? Simon has a crack.

Description: In this week's Talking Money, Rory discusses the new mini budget outlined by the Chancellor Kwasi Kwarteng and what it means for businesses and families across the U.K.

Chris, James and Ed talk through the main headlines from Chancellor Kwasi Kwarteng's mini-budget, including the energy bill relief scheme, investment zones, tax cuts, and more! 

The Chancellor Kwasi Kwarteng has cut Stamp Duty for 200,000 homebuyers to stimulate the property market a day after the Bank of England (BoE) has raised the UK base interest rate from 1.75% to 2.25% to combat inflation and warning that the country “may” already be in recession. A recession is officially measured by two negative growth quarters, which has not yet been recorded. The independent BoE move follows the Federal Reserve's 0.75% hike this week. UK borrowing costs are now at their highest levels since 2008 putting pressure on mortgage holders and the housing market. The new rate rise alone could add up to £690 per annum or £57 per month to an average variable rate mortgage (on top of previous rate rises), although not all lenders follow the BoE base rates. Watch video on YouTube - https://youtu.be/8d2RYNaV5jM How high will interest rates go? The Bank of England's Monetary Policy Committee (MPC) meets in less than two week on 3 November and could be forced to raise rates again. The markets expects rates to rise to 4.5% by next year, which could push mortgage rates to over 7%, a level I have not seen for 20 years. Now could be the time to get advice from a broker about fixing your mortgage rate for at least 3-5 years. Stamp Duty Cut · Threshold raised from £125,000 to £250,000. · First-time buyer nil rate band lifted to £425,000. · 200,000 people will be taken out of Stamp Duty tax altogether. The April NI tax rise has been reversed saving employees and employers hundreds of pounds a year. Income tax reduced to 19% from April 2023 giving back £170 to 31 million people. Highest rate of 45% abolished. All goo d news but more money is effectively being printed and the national debt increased or deferred, which means paper currency is being devalued. Corporation tax rise cancelled. Bad news for HMO Landlords The government plans to introduce legislation to force landlords who include bills as part of the rent to “repay” the £400 rebate to the tenant! What can you do transform your finances and become financially free? Are you struggling with money or the cost-of-living crisis? To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home. Claim your free Wealth Accelerator Discovery Call with me: https://calendly.com/charleskelly/wealth-accelerator-discovery-call

The economic chips are down, and Prime Minister Truss looks set to bet on lowering tax. The Prime Minister and her Chancellor Kwasi Kwarteng will lay out their plans this week in a "mini-budget", with a focus on tax cuts, but critics say it isn't enough. As the Bank of England puts up interest rates, a potential recession looms (or may have already arrived), and living standards are dropping at the fastest rate in decades, the team discuss the new Prime Minister's massive to-do list, the opposition reaction, and the start of Conference season.

Chancellor Kwasi Kwarteng will set out the government's economic plans in a mini budget. The focus will be on growing the economy. This is how he will try to do it and who will benefit.Tortoise is a news start-up devoted to slow journalism. We take our time to tell stories that really matter. If you want more slow and considered journalism, you can become a member of Tortoise to get access to more of our stories, contribute to our journalism and join exclusive events.Just go to tortoisemedia.com/friend and use the code Tomini50 to get a year's digital membership for £50. Hosted on Acast. See acast.com/privacy for more information.

The new Chancellor Kwasi Kwarteng will lay out details of his 'fiscal event', or mini-budget on Friday, which will include a raft of tax cuts. Carl Emmerson, deputy director of the Institute for Fiscal Studies tells Bloomberg's Stephen Carroll and Tom Mackenzie they could put the public finances on an "unsustainable path". We discuss the challenges and expectations facing the Chancellor with Bloomberg's David Merritt and Opinion columnist Marcus Ashworth. Plus, the CEO of industry group UKHospitality Kate Nicholls tells us why businesses need more support, on top of the energy package unveiled on Wednesday. See omnystudio.com/listener for privacy information.

Can the new prime minister cut taxes and spend big to curb soaring energy bills and get people through the cost of living crisis this winter? Conservative MP and chair of the treasury select committee Mel Stride and leading economist Paul Johnson from the Institute of Fiscal Studies join PoliticsHome's Alain Tolhurst to discuss how Liz Truss might seek to square this seemingly impossible circle as Chancellor Kwasi Kwarteng prepares to lay out his first big spending plans. Presented by Alain Tolhurst, produced by Nick Hilton for Podot, edited by Laura Silver

Following the Queen's funeral, it is time to get back to the reality of the crisis we are facing in the UK. UK interest rates set to rise again this week by the biggest margin in 33 years, as pound slides against the US dollar. Sterling has fallen to a 37 year low against the US dollar, the reserve currency of the world.  This means that the UK is paying 15-20% more for imports, such as oil, on top of all the other factors causing prices to rise at the fastest rate since the early 80s.  More misery than expected for mortgage holders when the Bank of England monetary policy committee meets this week (following a delay for the Queen's period of mourning) to set UK base interest rates. The new Chancellor Kwasi Kwarteng will announce his first mini-budget on Friday. Rates could rise by at least 0.5%-0.75% or even 1% this week. A 0.75% hike would mean that the average mortgage holder, with a loan of £138,000, will be paying an additional £728per annum (based on a variable rate loan). Whilst most mortgage holders have a fixed rate mortgage, when these deals come to an end, borrowers will suffer a steep rise in monthly payments. The days of low interest rates and cheap borrowing have come to an end for the time being.  The Federal reserve has been aggressively raising interest rates to come back inflation which has strengthened the dollar and weakened sterling and the euro.   Higher interest rates means that buy-to-let investors taking out a mortgage will need to carefully examine the viability of rental properties based on increased loan repayments. Average yields will be hit by higher mortgage costs which have doubled in many cases.  Mortgage lenders are already factoring in higher interest rates when calculating affordability and borrowing levels. Higher rates usually results in lower mortgage loans for borrowers. Businesses borrowers also face huge additional costs on top of the cost of running the businesses with higher oil and power prices. Insolvencies in England and Wales are up as thousands of businesses go to the wall. Higher interest rates and tighter monetary policies, designed to control inflation, will cause the worldwide economy to slow down. Unfortunately, low paid workers and small businesses get hit hardest as if you can survive very long during a recession.   In the last 10 years, consumers have taken on enormous amounts of cheap and plentiful debt on their homes, as well as to purchase luxury items such as cars, boats and recreational vehicles. This is all very well as long as they have income to service the debt when income slowdown people get into trouble and business for debt collectors and bailiffs starts the boom. Expect to see more repossessions of homes and cars next year. In my S.M.A.R.T money course, I always stress that borrowing to buy consumer goods - which go down in value - is a bad idea.   Now is the time to prepare for the economic winter ahead. Get your house in order and fasten your seatbelts for a rough ride ahead.  When times are good, and borrowing is cheap everyone buys more on credit and the economy expends. But the cycle never lasts, as we cannot keep on borrowing and creating money out of thin air forever…It hasn't worked in the past and it will not work now. The party is over! Inflation is running out of control, which means the central banks will have to tighten monetary policy and pull back the reins on the economy – slow down the economy causing a recession.  Now is the time to learn how to manage your money and prepare for the financial winter. Do you have any savings? Do you know how to invest or where to invest your money to build financial freedom? For how long could you pay your bills if you lost your job? Are you fed up struggling? What can you do transform your finances and become financially free? To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home. Claim your free Wealth Accelerator Discovery Call with me: https://calendly.com/charleskelly/wealth-accelerator-discovery-call #freetraining #business #money #savemoney #buytoletinvestor #propertyinvestor #mortgages #secondincome #financialfreedom #economy #money #rentalproperty #buytolet #investing #property #houseprices #NRLA #rentalproperty #rentcontrol #inflation See omnystudio.com/listener for privacy information.

Liz Truss has taken her robotic speaking style too far as she trundles around like a Dalek yelling “deregulate, deregulate!” What red tape are she and Chancellor Kwasi Kwarteng actually going to cut? Plus, we discuss the Overton Window of protest. Will tighter crackdowns on demonstrators persist as the mourning period ends? And, finally we discuss outdoor brand Patagonia's owner giving away the company – what's that all about? “The focus on growth seems completely mad. We've had growth – but that didn't lead to people being better off.” – Miatta Fahnbulleh “The public has high expectations but the government is going to experiment with something that has been tried and failed.” – Miatta Fahnbulleh  “They think leaving money sloshing at the top will have a halo effect on the rest of the economy.” – Alex Andreou “I wouldn't go as far as saying this is the wrong time, but I'm not saying it is the right time to protest either.” – Alex Andreou  https://www.patreon.com/bunkercast  Presented by Andrew Harrison with Alex Andreou, Gavin Esler and Miatta Fahnbulleh. Producers: Jacob Archbold and Jelena Sofronijevic . Assistant producer Kasia Tomasiewicz. Music by Kenny Dickinson. Audio production by Alex Rees. Lead producer: Jacob Jarvis. Group Editor: Andrew Harrison. The Bunker is a Podmasters production. Learn more about your ad choices. Visit megaphone.fm/adchoices

Preparations are well under way for the Queen's funeral next week, but which world leaders will be in attendance? Will they all be able to behave themselves?  Also on the podcast, as the new Chancellor Kwasi Kwarteng works quietly in the background, is his idea to scrap caps on banker's bonuses a risk worth taking?  Cindy Yu speaks with James Forsyth and Katy Balls.  Produced by Cindy Yu and Oscar Edmondson. 

While Liz Truss's economic agenda has markets worried, some parts of the City are convinced that the new prime minister and her cabinet will promote the views of the square mile and financial services in a way that hasn't been the case for some time. In this week's In The City, David Merritt and Francine Lacqua speak to reporters Katherine Griffiths and Will Shaw about Truss's strategy for winning over London's financial professionals. Plus, Lord Gerry Grimstone on his relationship with Truss and Chancellor Kwasi Kwarteng and Baroness Camilla Cavendish on her expectations for the Truss government. Get the latest in your inbox with The Readout from Allegra Stratton https://www.bloomberg.com/account/newsletters/readout See omnystudio.com/listener for privacy information.

Since my last episode quite a lot has happened. We have a new prime minister in the UK, there's a new green bill in the United States, Russia turns off its gas supplies to Europe and Pakistan turns from drought to catastrophic floods. The new prime minister has promised to sort out the energy crisis within a week and as he leaves office, Boris Johnson appears to have committed the incoming administration to building a new nuclear power station at Sizewell. That won't be in time to solve the current crisis and in any case the Greens believe that the solution is simply to nationalise the energy companies. Meanwhile incoming Chancellor Kwasi Kwarteng raises doubts about the truth of the green credentials of Drax power station, which has received multi billions of pounds for burning wood. There's feedback from patrons and listeners, Tommy Wiedmann and Carol Dance, and finally will the United States' Artemis mission ever get off the ground, and if it does, is it a good thing?