All the latest analysis of the day's news and stories
In office, Liz Truss promised to be the ‘disruptor in chief’. Unfortunately, most of that disruption has proved to be in the markets and the polls as her short-lived revolution tanked the standing of both her currency and her party. With Labour and mortgage rates on the rise, Truss’s authority has disappeared within days. She’s
Jeremy Hunt – ‘The Prime Minister is in charge’ To say things do not look rosy for Liz Truss would be quite the understatement. With the government now on its second Chancellor in as many months, and its once flagship policies being hastily swept under the carpet, the Conservative party appears to be in damage
Liz Truss’s gaoler has just done another BBC interview. Jeremy Hunt continued to try and give himself maximum room for manoeuvre, saying ‘I’m not taking anything off the table’. He repeated his message: We are going to have to take some very difficult decisions both on spending and on tax. Spending is not going to
Joe Biden, ice cream in hand as so often, yesterday pronounced on Liz Truss’s tax reform disaster. ‘I wasn’t the only one that thought it was a mistake,’ said Joe Biden, sounding every bit the wise old man of global politics. ‘I think that the idea of cutting taxes on the super-wealthy at a time
Jeremy Hunt has no mandate to lead Britain. He couldn’t muster sufficient Tory MPs behind him to properly enter the last leadership contest. He was beaten overwhelmingly in the one before that. He was a key part of the failed Theresa May administration that lost a parliamentary majority at a general election. He played no
In politics, where there’s death, there’s life. And as Liz Truss’s premiership crumbles before our eyes, all attention in SW1 is which lucky legislator gets to replace her. Second time Sunak? The people’s Penny? Back again Boris? Or perhaps the man who many wanted to run this summer but ended up dropping out: Ben Wallace,
Kwasi Kwarteng’s letter to Liz Truss was outwardly loyal. But he made it quite clear he had been sacked for trying to implement her ‘vision’. Friends of the former Chancellor are now suggesting that it was the Prime Minister who was the moving force behind the mini-Budget’s most disastrous measure: the abolition of the 45p rate.
When Rishi Sunak resigned over Boris Johnson’s leadership, he acknowledged that it might be the end of his political career. His dreams of leading the Tory party already seemed over, thanks to his wealthy wife’s non-dom status. In a few short weeks, the Tory party did something quite extraordinary, and forgot about all that. Setting
There is a common misconception that the leaders of nuclear states have a ‘red button’ that can unleash Armageddon. As Vladimir Putin continues to hint at the use of non-strategic (‘tactical’) nuclear weapons in Ukraine, there is some comfort in the knowledge that it is not so easy. Ironically, launching the kind of strategic nuclear
Jeremy Hunt is a man who thinks he is in clear charge of government fiscal policy. After Liz Truss’s press conference yesterday which abandoned the corporation tax cut and opened the way to spending cuts, there were briefings to the papers that no more U-turns were coming. But on the media round on Saturday morning,
He will control spending, reverse the few remaining tax cuts that are still in the works, and bring in every kind of official body imaginable to check over all the figures. Jeremy Hunt made the best of a very difficult hand of cards in his first outing as Chancellor on Saturday morning. He was calm,
When Jeremy Hunt received a message early yesterday morning from a ‘Liz Truss’ wanting to talk to him, he assumed he was being pranked. He later found out it was indeed the prime minister and she wanted to make him Chancellor. He has totally reset her economic policy this morning, so maybe the prank is
This morning on the media round, Jeremy Hunt followed in the footsteps of Tory chancellors before him warning about the ‘very difficult decisions’ that lie ahead. The new chancellor’s language and tone could easily be compared to George Osborne after the financial crisis, explaining to the country why government spending needed to be curbed. Or
If there is anything that the swift overturning of Prime Minister Liz Truss’s purported free market revolution has taught us, it is the utter lack of enthusiasm for economic liberalisation à la Reagan and Thatcher across the West right now. Yes, the lousy roll-out of the mini-budget by Truss’s now ex-Chancellor Kwasi Kwarteng played a role
The markets did not crash, so there was not a Black Friday in the way some had envisaged. But this certainly was Black Friday for the Tories, a new low in the party’s history, a debacle to rival Black Wednesday but with none of the economic dividends. A new Prime Minister sacks a Chancellor for
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Isabel Hardman, James Forsyth and Fraser Nelson discuss the appropriate units of time in which to measure the remainder of the Prime Minister’s tenure…
Liz Truss made two big moves on Friday in a bid to calm the markets and save her premiership. The first was to announce that she was ditching plans to cancel the scheduled corporation tax rise. The second was that she had sacked her chancellor and long standing ally Kwasi Kwarteng – bringing Jeremy Hunt
Contrary to popular myth, on the English side of the Channel, at least, the French can queue. Across the country thousands of men and women have for days sat patiently in their vehicles waiting their turn to fill up their tanks with petrol. Tempers have frayed on occasion, which is no surprise given what is
Thousands of Russians are fleeing from Putin’s forced mobilisation. To escape from a call-up – and probable death sentence – on the frontlines of Ukraine, men and women are leaving behind their friends, families and possessions. They must dodge patrols and mobile check points at the borders to catch those trying to evade the call up.
Putin’s war in Ukraine is not going his way. As the screw tightens on him, what options does he have left up his sleeve? There remains, of course, the possibility that Putin could, at some point, choose to deploy nuclear weapons – he himself has threatened this enough times. But there is also Belarus. Controlled by
Pity the fans of Trabzonspor, a football club from Turkey’s Black Sea region. In May, the team was crowned champions of the Super Lig, Turkey’s answer to the Premier League, for the sixth time in their history. Three months later, they lost to FC Copenhagen in the Champions’ League play-offs meaning that, for the first
After two major U-turns over last month’s mini-Budget and the sacking of a chancellor, what’s left of Liz Truss’s economic agenda? Parts of it remain intact. But it’s now shaping up to be significantly different from what the Prime Minister intended when she entered Downing Street. The key assumption behind Trussonomics as it was developed
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Freddy Gray talks to Dr Samuel Gregg, a scholar at the Acton Institute and Distinguished Fellow of the American Institute for Economic Research, about his new book The Next American Economy: Nation, State, and Markets in an Uncertain World.
How does this end? That’s the question being asked by Tory MPs as Liz Truss’s government finds itself in turmoil once again. The Prime Minister’s decision to axe her chancellor and U-turn on a plan to ditch the corporation tax has only added to nerves in the Conservative party as to how sustainable the current
The National Gallery is home to Van Gogh’s still life Sunflowers. It’s an oil on canvas that, according to the Times, has been valued at £75 million. It is a cherished work of modern European art and one of the most important to come from the post-impressionist movement. This morning, two activists from Just Stop
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Liz Truss has delivered an 8-minute long press conference confirming the latest corporation tax U-turn and insisting she will stay on as Prime Minister. Did it do enough to reassure voters and calm the markets? Cindy Yu speaks to James Forsyth and Fraser Nelson. Produced by Cindy Yu and Natasha Feroze.
Liz Truss’s Downing Street press conference has made everything worse, as far as Tory MPs are concerned. As soon as it was over, a number of backbenchers who had supported Truss for leader were locked into a call with Thérèse Coffey, the PM’s closest friend in Parliament and the Deputy Prime Minister. Those on the
Is Liz Truss the new Theresa May? A fortnight ago that question seemed unduly insulting to the Prime Minister. Now it seems unduly insulting to the Maybot, whose stage-dancing at Tory conference appears a triumph of liquid movement when compared to the curtsying of the Trussborg at royal audiences. Clumsy is as clumsy does, and Truss
Liz Truss has just confirmed that she is U-turning on another part of her government’s not-so-mini Budget. After sacking her chancellor Kwasi Kwarteng this morning, the Prime Minister used a Downing Street press conference to say that she will now keep the increase in corporation tax, despite promising to ditch it. This ought to raise
A pair of Just Stop Oil activists walked into the National Gallery this morning and threw tomato soup over Van Gogh’s Sunflowers. ‘What is worth more? Art or life?’, one of the demonstrators yelled as she glued herself to the wall. This isn’t the first time a work of art has been targeted by environmentalists. In July, eco-protesters glued
So far this week, 128 Russian missiles have been fired at Ukraine. Half were intercepted by air defences, according to figures from Ukrainian authorities, but all too many of the others hit their target: power stations. This is a new phase in war, an anti-humanitarian campaign to cut supplies of water, electricity and leave the
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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.
Last week, I wrote here that 14 October was the key date in British politics, because the expiry of the Bank of England’s gilt-buying programme would force the Government to act to lower gilt yields. Be in no doubt: the sacking of Kwasi Kwarteng today is a consequence of the Bank’s refusal to go on