British Pound Economy Latest: Kmacheng has been accused of playing games with the UK economy by decentralized nations

Leaders of devolved governments have called for an urgent meeting with Chancellor Kwasi Kwarteng over his “disastrous” mini-budget and fears of a new era of austerity.

The finance ministers of Scotland, Wales and Northern Ireland have warned that the Liz Truss Government’s “big gamble” on borrowing-driven tax cuts will mean a decade of spending cuts.

In a joint letter, they shared their concern over reports that all ministries were being asked to make cuts – noting that inflation had already weakened the decentralization of budgeting.

It comes as Prime Minister Liz Truss said her economic plan includes “short-term disruptions” as the Welsh secretary said “rigorous” spending cuts are imminent.

Her comments come as S&P’s ratings for the UK changed its outlook from stable to negative on Friday.

Writing in The Sun, Ms Truss admitted that “not everyone will like what we do” but “we need to get things done faster in this country”.

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Truss “undermined” the government’s credibility, says the ex-treasury chief

Former Treasury Secretary Lord Turnbull accused Liz Truss and Kwasi Kwarteng of undermining the Bank of England, the OBR and the Treasury. adam woods reports.

“Truss and Kwarteng have disparaged and disrespected all three in different ways, fatally undermining the government’s credibility in the financial markets,” he wrote in the Times.

“The government’s continued refusal yesterday to fill the information gap shows that it still does not understand what is behind the problem.”

Maryam Zakir-HussainOctober 1, 2022 11:35 am

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Decentralized nations call for meeting with Kwasi Kwarteng over austerity fears

Leaders of devolved governments have called for an urgent meeting with Chancellor Kwasi Kwarteng over his “disastrous” mini-budget and fears of a new era of austerity.

The finance ministers of Scotland, Wales and Northern Ireland have warned that the Liz Truss Government’s “big gamble” on borrowing-driven tax cuts will mean a decade of spending cuts.

In a joint letter, they shared their concern over reports that all ministries were being asked to make cuts – noting that inflation had already weakened the decentralization of budgeting.

Politics writer adam woods has more:

Decentralized nations call for meeting with Kwasi Kwarteng over austerity fears

Ministers from Scotland, Wales and Northern Ireland warn a “huge game” on tax breaks could result in significant spending cuts

Maryam Zakir-HussainOctober 1, 2022 11:05

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Ministers are “dragging their feet” when introducing black history into the curriculum, the teacher warns

Teachers have accused the government of delaying the inclusion of black history in the national curriculum.

At the start of Black History Month, the President of the National Education Union (NEU) questioned why it is taking the government two years to commit to making the curriculum more inclusive.

Currently, black history is not part of the national curriculum, meaning it is not taught as a compulsory part of UK schools – something campaigners and teachers have been campaigning for for a number of years.

Read more from our race correspondent Nadine Weiss:

Ministers are reluctant to include black history in the curriculum, says the head of school

Exclusive: “The government is making good noises at the moment – but it really hasn’t been acted on and it wasn’t fast enough,” says NEU boss

Maryam Zakir-HussainOctober 1, 2022 10:50 am

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Taxing the richest 1% to pay green funds will make society ‘more equal’, says Green Party co-leader

Green Party co-leader Adrian Ramsay said the party’s call for a tax on the richest one percent of society to pay a green fund was aimed at “making our society more equal”.

The tax would result in the country’s richest people putting 1 percent of their money into a “fund for creating a greener society.”

Mr Ramsay told ` Breakfast: “We are calling for this at a time of economic and political crisis. We have seen economic chaos caused by a mini-budget that has made our society more unequal.

“This is about making our society more equal.”

Maryam Zakir-HussainOctober 1, 2022 10:00

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Liz Truss admits the UK is facing economic ‘disruptions’ because of the mini-budget

Liz Truss has admitted her Chancellor Kwasi Kwarteng’s mini-budget caused “disruption” as she vowed to “do things differently” to previous Conservative leaders.

As the Tories prepare for their annual conference, the prime minister warned the country was facing a “tough winter” as she clarified she had no plans to change her radical borrowing-driven tax cut agenda.

“I know there was disruption, but it was really, really important that we could help the families as quickly as possible,” the prime minister told broadcasters on Friday, noting the cap on the cost per unit of energy.

Liz Truss admits the UK is facing economic ‘disruptions’ because of the mini-budget

Doing things differently means “short-term disruption,” says PM

Maryam Zakir-HussainOctober 1, 2022 09:35

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Mick Lynch apologizes to London Marathon runners for rail strikes but blames government

RMT General Secretary Mick Lynch has apologized to the public, including those taking part in the London Marathon, as they face transport difficulties due to rail strikes.

Speaking to ` Breakfast, Mr Lynch said the union didn’t want to cause people any inconvenience but warned that the government had sparked the row.

When asked if he would apologize to the public, he said: “Absolutely. We don’t want to bother the public and we’re really sorry that this is happening.

“But the government started this argument. They are (blaming) us for the challenges of cutting our jobs, cutting our pensions and cutting our wages against inflation.”

Mr Lynch said he had spoken to new Transport Secretary Anne-Marie Trevelyan, who seemed “very pleasant”, but added that a change in attitude at the negotiating table was needed.

He added: “Grant Shapps hasn’t allowed a compromise so I’m hoping there’s a change of mood and a change of attitude.”

Maryam Zakir-HussainOctober 1, 2022 09:10

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Cabinet minister proposes ‘rigorous’ spending cuts

Welsh Minister Robert Buckland admitted there had been “some turbulence” in markets this week – but insisted the government was sticking to the plan to “stimulate growth”.

While economists and union leaders warned against a return to austerity, the cabinet minister hinted that public spending cuts were on the way adam woods writes.

“We intend to be extremely tough when it comes to cutting public spending,” Buckland told Sky News – and said there would be spending announcements in the coming weeks.

The minister said the government wanted to reassure the market that it would “try to balance the books in a sensible way” that departments were “as efficient and as lean as possible”.

Maryam Zakir-HussainOctober 1, 2022 09:06

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Greens are calling for a £75bn tax burden on polluters and the wealthy

Greens have called for a £75 billion emergency tax package targeting polluters and the country’s richest people to fund a nationwide insulation and renewable energy scheme.

At the party’s annual conference in Harrogate, co-leader Carla Denyer called for a new wealth tax for the top 1% of households – starting with a marginal rate of 1% for those with £3.4million and going up to 10% for those aged 3 .4 million pounds sterling 18.2 million and up.

She said there should be a “dirty profits tax” on oil and gas in the North Sea, which would serve as a stepping stone to a permanent carbon tax on polluting industries.

Greens are calling for a £75bn tax burden on polluters and the wealthy

The party said a new levy on the wealthiest 1% could help fund a nationwide insulation and renewable energy program.

Maryam Zakir-HussainOctober 1, 2022 08:50

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Energy bills soar to record high as price cap is lifted

Families have been urged to take a photo of their meter reading and do whatever they can to reduce their energy consumption as prices rise from Saturday.

The amount a household pays for each kilowatt-hour of electricity they use has risen to 34p from the already record-breaking 28p paid by families.

Gas prices rise under the new price cap from 7p to 10p per kilowatt hour.

That means the typical UK household spends around £2,500 on their energy bill – but those who use a lot of gas and electricity obviously pay more.

Just a year earlier gas was 4p per kilowatt-hour for capped customers and electricity was 21p.

Energy bills soar to record high as price cap is lifted

The amount a household pays for each kilowatt hour of electricity consumed rises to 34p

Maryam Zakir-HussainOctober 1, 2022 8:30 am

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Kwarteng defends mini-budget and says country has ‘no other choice’

The chancellor has defended his mini-budget by saying the government “had no choice” but to do “something else” to stimulate the economy.

When the prime minister admitted the strategy had caused “disruptions,” Kwasi Kmachen said the public expected public spending to be tightly controlled.

“British taxpayers expect their government to be as efficient and effective as possible and we will deliver on that expectation,” he wrote in The Daily Telegraph.

“Not all of the measures we announced last week will be universally popular. But we had to do something else. We had no other choice.”

Kwarteng insists he had “no choice” but to do something else with the economy

Chancellor’s comments come as Liz Truss admits government has caused “disruption” to markets

Maryam Zakir-HussainOctober 1, 2022 08:10