![]() ![]() ![]() She also clearly backtracked from the threats to end the Bank of England's control over monetary policy, which she had made during her campaign to become Party Leader over the summer. Truss tried hard in her speech to stress that she won't let inflation get out of hand. In a TV interview earlier in the day, Truss had pointedly declined to answer a question on whether she still trusted her finance chief, Kwasi Kwarteng, to make the right decisions. over 60 billion pounds over the next year, even after Truss abandoned her plan to scrap the 45% income tax bracket for the U.K.'s top 2% of earners.Įconomists have criticized the plans as likely to fuel inflation, which is currently running at nearly 10%, while her income tax plans went down badly with her own party's lawmakers, many of whom criticized them for doling out tax cuts to the wealthy at a time of general hardship. The tax cuts and energy subsidies announced by Truss's Treasury chief Kwasi Kwarteng are still set to cost the U.K. At the same time, the yield on the benchmark 10-Year government bond, or gilt, rose back above 4%, after Truss stuck to her previously-announced policies without offering any detail on how she intends to keep borrowing under control. ![]() Prime Minister Liz Truss failed to dispel doubts about her ability to safeguard the country's finances in a keynote speech.īy 08:00 ET (12:00 GMT), the pound had slumped 1.2% against the dollar to $1.1326, from an intraday high of nearly $1.15 earlier. government bonds fell on Wednesday as U.K. Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close ![]()
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