mini-budget, Archives

Moneyfacts reports that average two-year fixed mortgage rate is now 6.66%, highest since 2008 Full story: Record UK pay growth adds to pressure for interest …

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Mortgage rates soar to cusp of mini-budget peak

July 11, 2023

Lenders will be questioned in front of MPs on Tuesday as homeowners face higher monthly payments.

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Mortgage ‘misery’ as average five-year deal above 6% for first time since Truss’s disastrous mini-Budget

July 4, 2023

Rishi Sunak under pressure to offer more support to homeowners facing ‘rolling financial thunder’

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More mortgage pain for homeowners as rates rise to highest since Truss mini-Budget disaster

June 13, 2023

Bank of England is under pressure to act next week

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UK mortgage market contracts for fifth month after Liz Truss mini-budget

March 1, 2023

Approvals at lowest since 2009 – bar during Covid lockdown – as demand for new homes continues to fall Britain’s mortgage market has contracted for …

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Liz Truss admits she didn’t understand ‘tinderbox’ pension problem prior to mini-Budget disaster

February 6, 2023

Former PM says she has no desire to return to No 10 and vows to keep pushing for tax cuts

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Liz Truss’s claim she was not warned about mini-budget risks ‘misleading’

February 5, 2023

Senior economists and ex-chancellor George Osborne round on former PM after she says Treasury officials raised no concerns Senior economists and the former chancellor George …

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Liz Truss and I ‘got carried away’ writing mini-budget, admits Kwasi Kwarteng

December 10, 2022

Sacked chancellor says he and ex-PM failed to consider political and economic consequences Kwasi Kwarteng has admitted he and Liz Truss “got carried away” when …

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Mini-budget an ‘international embarrassment’ says NatWest boss

December 6, 2022

UK’s reputation ‘scarred’, Howard Davies tells staff, as he also warns of government plans to boost competitiveness The chairman of NatWest has told staff he …

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Dowden paid £8,398 fee by firm of Kwarteng mini-budget party host

November 28, 2022

Payment for ‘policy advice’ came from company of hedge fund manager who organised September champagne reception UK politics live – latest news updates The cabinet …

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Tax rises for everyone and big hikes to energy bills in Jeremy Hunt’s mini-Budget

November 13, 2022

Chancellor’s aim is to bring down inflation and make recession ‘as short and shallow as possible’

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Revealed: the £30bn cost of Liz Truss’s disastrous mini-budget

November 12, 2022

Analysis shows former PM was responsible for half of the Treasury’s £60bn fiscal hole as chancellor prepares to announce cuts in Thursday’s budget Liz Truss’s …

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Hunt dismisses Kwarteng’s claim that mini-budget not to blame for state of UK finances – UK politics live

November 11, 2022

Latest updates: chancellor says ‘we’ve learned that you can’t fund spending or borrowing without showing how you are going to pay for it’ Angela Rayner, …

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Kwarteng told Truss to ‘slow down’ radical measures after mini-budget

November 10, 2022

Former chancellor says he warned Truss she would be out in two months if she ‘carried on like this’ Kwasi Kwarteng has said he told …

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UK was ‘hours’ from potential financial meltdown after mini-Budget, Bailey confirms

November 3, 2022

Andrew Bailey said Bank had to step in to mitigate a ‘very real threat to financial stability’

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UK ‘hours’ from potential financial meltdown after mini-budget, Bailey confirms

November 3, 2022

The Bank of England Governor said the Bank had to step in ‘quickly’ and ‘decisively’ to mitigate a ‘very real threat to financial stability’.

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Rishi Sunak warned against return to austerity with public spending cuts at next mini-Budget OLD

November 1, 2022

Think tank finds PM has ‘fiscal space’ to deliver support totalling billions in cost of living crisis

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House prices fall after mini-budget, says Nationwide

November 1, 2022

The turmoil sparked by Liz Truss’s mini-budget hit housing sales, according to Nationwide.

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UK house prices fall for first time in 15 months after Liz Truss mini-budget

November 1, 2022

Average price of a property drops to £268,282 in October as interest rate rises hit affordability UK house prices fell for the first time in …

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Pound hits highest level since before mini-budget

October 25, 2022

It comes as investors welcomed the appointment of Rishi Sunak and the dollar fell.

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Pounds surges to highest level since Truss mini-budget as Sunak replaces her as PM

October 25, 2022

Gilt yields have almost returned to their position before the Truss mini-budget

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Sterling rises to highest level since before Liz Truss’s mini-budget – business live

October 25, 2022

Live, rolling coverage of business, economics and financial markets as business group warns on austerity ‘doom loop’ and investors buy UK bonds HSBC chief executive …

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Average new mortgage bills up more than £500 a month in wake of mini-Budget, Labour claim

October 22, 2022

Estimated 113,000 households had to renegotiate rates before U-turn on Kwarteng package

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Liz Truss ignored economists’ stark warnings over mini-budget

October 21, 2022

Pair sympathetic to her growth agenda told Truss before she became PM that plans needed to be handled with care Liz Truss ignored stark warnings …

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The mini-budget that broke Britain – and Liz Truss

October 20, 2022

From soaring mortgage costs to a sterling slump, the fiscal event set off a chain of chaos that led to PM’s downfall Liz Truss resigns …

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Bank of England ‘blindsided’ by unexpected elements of mini-budget

October 19, 2022

The deputy governor of the Bank of England has said that the Government did not fully brief the Bank on its mini-budget before it was …

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Bank of England wasn’t briefed on mini-budget

October 19, 2022

The government did not tell the Bank about its tax cut plans, says deputy governor Sir Jon Cunliffe.

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BT’s pension fund ‘fell by £11bn’ after mini-budget

October 18, 2022

Report from one of the UK’s largest schemes is an early indicator of scale of the financial impact on retirement funds BT’s pension scheme has …

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Minister tries to defend Truss by saying cabinet failed to realise mini-budget would backfire – UK politics live

October 18, 2022

Latest updates: James Heappey, defence minister, also claims that Truss deserves credit for admitting she made mistake Labour says James Heappey’s admission that no one …

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Martin Lewis calls for immediate increase in benefits after Jeremy Hunt rips up mini-Budget

October 17, 2022

Personal finance guru calls on government to hike benefits in line with latest inflation figures

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Winners and losers from Jeremy Hunt’s mini-Budget U-turn

October 17, 2022

Chancellor announces measures he says will bring in £32bn a year for the Treasury

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Why was most of mini-budget scrapped and what happens next?

October 17, 2022

We look at the reasons why Jeremy Hunt is taking action and the economic consequences Jeremy Hunt has said he will scrap most of the …

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What’s left of the mini-Budget? Full list of scrapped policies as Jeremy Hunt tears up Liz Truss plan

October 17, 2022

‘Almost all’ tax plans that have not started to go through parliament are being axed, new chancellor says

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Jeremy Hunt reverses income tax break for millions in latest U-turn on Truss’s mini-Budget

October 17, 2022

Almost all measures from Kwasi Kwarteng’s mini-Budget junked

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Jeremy Hunt: We will reverse almost all mini-budget tax cuts

October 17, 2022

Support for household and business energy bills beyond April will also be reviewed, chancellor announces.

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Labour says Hunt’s decision to bring forward full overhaul of mini-budget ‘evidence of panic’ – UK politics live

October 17, 2022

Latest updates: chancellor Jeremy Hunt is set to make a statement this morning reversing more of his predecessor’s mini-budget According to the Sun’s Harry Cole, …

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Jeremy Hunt says Truss and Kwarteng’s mini-budget went ‘too far, too fast’

October 16, 2022

New chancellor says his budget would focus on “growth underpinned by stability”

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Mini-budget went ‘too far, too fast’, says new Chancellor

October 15, 2022

Political and economic circles spent Saturday sizing up Jeremy Hunt, the new Chancellor.

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Tory donors turn on Liz Truss even as Jeremy Hunt rips up disastrous mini-Budget

October 15, 2022

‘Time is running out’ to remove the prime minister, says top Conservative donor. ‘The more we dig this hole the deeper it is going to …

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Mini-budget will likely mean higher interest rates, warns Bank of England governor

October 15, 2022

Andrew Bailey says UK borrowers can expect to feel impact of Truss government’s tax and spending decisions UK borrowers can expect to face higher interest …

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Jeremy Hunt says ‘difficult’ cuts needed and hints taxes will rise after mini-Budget ‘mistakes’

October 15, 2022

Liz Truss’s new chancellor Jeremy Hunt has warned of “difficult” spending cuts ahead after he admitted that “mistakes” were made in last month’s mini-Budget.

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Kwasi Kwarteng heads back to Westminster early as Tory discontent over mini-budget grows – UK politics live

October 14, 2022

Chancellor makes early return from IMF meeting in Washington amid rumours around his job and that of prime minister Liz Truss The former culture secretary, …

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Mini-budget U-turn on the table as pressure mounts

October 13, 2022

Discussions are ongoing but many Tory MPs believe a U-turn on aspects of the economic plan is now inevitable.

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Kwarteng sidesteps questions on mini-budget U-turn

October 13, 2022

Asked about speculation he could drop parts of his plan, the chancellor says “our position hasn’t changed”.

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Government bonds and pound rally amid pressure for mini-budget U-turn

October 13, 2022

The pound made gains on Thursday as the Bank of England’s bond-buying plan neared its deadline.

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Liz Truss pledges no public spending cuts as she defends mini-budget

October 12, 2022

The PM defends the mini-budget, saying she “absolutely” plans to stick to her campaign pledge.

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Jacob Rees-Mogg attacked over mini-budget claims

October 12, 2022

The business secretary is criticised for blaming market turmoil on the UK’s failure to raise interest rates fast enough.

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PMQs: Liz Truss faces MPs for first time since mini-budget sparked financial chaos – live

October 12, 2022

PM appears at second PMQs and first since mini-budget triggered alarm in markets Sajid Javid, the former Tory chancellor, has been speaking at an event …

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No 10 orders review of Kwarteng’s mini-Budget following market turmoil

October 11, 2022

Staffers told to undertake line-by-line scrutiny to see if changes are needed

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Thérèse Coffey refuses to dispute IFS report saying spending cuts worth £60bn needed to compensate for mini-budget – UK politics live

October 11, 2022

Latest updates: Deputy PM says she is not going to get into hypotheticals when challenged over potential spending cuts Thérèse Coffey, the health secretary and …

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OBR forecasts likely to show £60bn-£70bn hole after Kwarteng’s mini-budget

October 7, 2022

Predictions handed to chancellor expected to paint gloomy picture for UK economy amid slowing growth outlook and sweeping tax cuts Kwasi Kwarteng has been handed …

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Liz Truss to warn change brings disruption in Tory conference speech as Cleverly admits mini-budget was ‘bitter medicine’ – live

October 5, 2022

Prime minister due to give keynote speech in Birmingham at 11am This is from my colleague Pippa Crerar on the “whenever there is change, there …

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Kwasi Kwarteng blames ‘pressure’ of Queen’s death for controversial mini-Budget

October 4, 2022

Kwasi Kwarteng appeared to blame the “pressure” of Queen Elizabeth II’s death for his government’s botched mini-Budget.

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Kwasi Kwarteng blames ‘pressure’ of Queen’s death for botched mini-budget

October 4, 2022

Chancellor also sparks fresh confusion over next financial statement, saying: ‘It’s going to be 23 November’ – despite Treasury briefing it has been brought forward

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New poll gives Labour 25-point lead after disastrous mini-Budget

October 3, 2022

A new poll has given Labour a 25-point lead over Conservatives, setting Sir Keir Starmer on track for a landslide victory at the next general …

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Pound rebounds to levels seen before mini-budget chaos as Chancellor U-turns

October 3, 2022

Sterling surged to 1.13 US dollars at one stage, recovering ground lost in the market turmoil sparked by Kwasi Kwarteng’s infamous mini-budget.

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Tory MPs threaten rebellion against Liz Truss over mini-budget

October 2, 2022

Party conference overshadowed by fears that refusing to do a U-turn on tax and spending cuts will kill off election chances Liz Truss is struggling …

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Liz Truss admits mistakes over mini-budget but stands by tax-cutting package

October 2, 2022

The Prime Minister said she had not laid the ground properly for the plan.

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Liz Truss blames poor communication for market chaos after mini-Budget

October 2, 2022

‘We should have laid the ground better’, says PM

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Kwasi Kwarteng ‘met with hedge fund managers hours after mini-Budget’

October 1, 2022

Financiers allegedly boasted chancellor was a ‘useful idiot’ after drinks reception

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Truss’s approval rating plummets following mini-budget turmoil

October 1, 2022

Half the public believe Chancellor Kwasi Kwarteng should quit after tax cuts cause havoc in the markets.

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Ministers vow ‘spending discipline’ after mini-budget market chaos

October 1, 2022

Liz Truss said the Government is committed to ‘sound money’ after the pound slumped to a record low against the dollar.

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Half of UK’s professionals to look for new job as result of mini-Budget, survey finds

September 30, 2022

The research found 28% of respondents were already looking for a new role.

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BBC Question Time: ‘My mortgage offer went to 10.4% after mini-budget’

September 30, 2022

A first-time buyer tells BBC One’s Question Time four mortgage offers were withdrawn after market turmoil.

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Liz Truss to hold meeting with OBR amid market alarm at mini-Budget

September 29, 2022

OBR says it offered to produce forecast for mini-Budget but Treasury declined

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Mini-budget: PM to meet head of OBR following market turmoil

September 29, 2022

Liz Truss and the Chancellor Kwasi Kwarteng will meet the independent forecaster the OBR on Friday.

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‘This is the right plan’: Liz Truss stands by mini-Budget despite criticism

September 29, 2022

Liz Truss has stood by her new government’s mini-Budget despite criticism and the turmoil caused in the market since its announcement last week.

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Liz Truss breaks silence about mini-budget turmoil in local radio interview round – UK politics live

September 29, 2022

Prime minister giving interviews to regional stations in first appearance after days of economic upheaval Liz Truss is on Radio Norfolk now, being interviewed by …

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Minister rejects U-turn on tax-cutting mini-Budget

September 28, 2022

Financial Secretary to the Treasury Andrew Griffith said they were the “right plans” for economic growth.

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Truss mini-budget blasted as ‘inept madness’ by senior Tory

September 28, 2022

MP compares chaos following Kwasi Kwarteng tax giveaway to Black Wednesday

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Labour demands recall of Parliament after Kwarteng’s mini-budget triggers chaos

September 28, 2022

Labour leader Sir Keir Starmer said the Government should abandon the measures announced by Kwasi Kwarteng before more damage is done.

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Bank launches emergency intervention in markets after Kwarteng mini-budget

September 28, 2022

Bank of England takes urgent steps to buy long-dated UK government bonds Business live updates: pound tumbles despite Bank move The Bank of England has …

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Keir Starmer says government should urgently reconsider mini-budget plans in light of IMF criticism – live

September 28, 2022

Labour leader says Truss must respond, as Angela Rayner prepares to close party conference Q: When would you get debt falling as a proprotion of …

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Bank of England forced to intervene as pound crashes to all-time low after ‘disastrous’ mini-Budget

September 26, 2022

Emergency action fails to prop up pound, leaving Liz Truss facing political crisis after just three weeks in power

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The Papers: ‘Tax wars’ over mini-budget, and ‘Tory jitters’

September 26, 2022

Politicians and celebrities react to last week’s mini-budget, which continues to dominate the papers.

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Pound hits fresh 37-year low after mini-budget rocks markets

September 25, 2022

Odds of sterling hitting parity with dollar jump, as analysts say UK bond market ‘getting smoked’ by giveaway The pound has hit a new 37-year …

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Fallout and reaction to Chancellor Kwasi Kwarteng’s mini-budget

September 24, 2022

There have been mixed reactions to chancellor Kwasi Kwarteng’s mini-budget, with a gamble on a ‘trickle-down economics’ plan hoping to improve long-term finances.

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Mini-budget 2022: what it means for you

September 23, 2022

High earners are the big winners in the chancellor’s tax giveaway, while people on universal credit risk losing income Continue reading…

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‘Tourists want to spend’: shoppers in London share views on the mini-budget

September 23, 2022

High-end shopping districts could benefit from duty-free shopping and the scrapping of the 45% tax band Mini-budget 2022: what does it mean for your money?The …

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Kwarteng accused of reckless mini-budget for the rich as pound plummets

September 23, 2022

Strategy of sweeping tax cuts gets hostile reception from markets and economic thinktanks, leaving some Tory MPs aghast Kwasi Kwarteng has been accused of delivering …

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Tory backbenchers despair at ‘toxic’ mini-budget

September 23, 2022

Divisions of leadership contest return to the fore as some MPs criticise extra borrowing to pay for tax cuts Politics live: reaction to the mini-budget …

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Banks among biggest beneficiaries of Kwarteng’s mini-budget

September 23, 2022

From scrapping the cap on bonuses to slashing red tape, the chancellor unveils a raft of policies he says will boost economic growth Banks will …

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Pound sinks as markets react to mini-budget

September 23, 2022

UK stocks also fell after the chancellor outlined a series of tax cuts and economic measures.

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Mini-budget 2022: what does it mean for your money?

September 23, 2022

From income tax to stamp duty and national insurance, how Kwasi Kwarteng’s announcements could affect you Kwarteng scraps top 45% rate of income tax and …

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Does Kwasi Kwarteng’s mini-budget offer any solutions to Britain’s crises? Our panel decides | Katy Balls and others

September 23, 2022

The chancellor has delivered swingeing tax cuts and an end to the cap on bankers’ bonuses. Will this just benefit the rich? Imagine if Labour …

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Bankers’ bonus cap scrapped by Kwasi Kwarteng in mini-budget

September 23, 2022

The cap limiting bankers’ bonuses to 200 per cent of annual salary has been scrapped by chancellor Kwasi Kwarteng in his mini-budget.

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Kwasi Kwarteng announces sweeping tax cuts in mini-budget

September 23, 2022

Chancellor scraps top 45% rate of income tax and cuts stamp duty Kwasi Kwarteng’s mini-budget: key points at a glanceLive updates: Kwasi Kwarteng announces mini-budget …

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Kwasi Kwarteng’s mini-budget: key points at a glance

September 23, 2022

The chancellor has delivered his mini-budget – here are the main points, with political analysis Kwasi Kwarteng says the government was never going to let …

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Chancellor Kwasi Kwarteng vows to end ‘cycle of stagnation’ in mini-budget

September 23, 2022

Kwasi Kwarteng is expected to announce the biggest tax cuts since 1988 in his mini-budget.

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Mini-budget 2022: chancellor Kwasi Kwarteng to unveil tax cuts as Labour calls it ‘another zigzag on path of policy failure’ – live

September 23, 2022

Predictions that today’s fiscal event – expected at 9.30am – could be biggest package of tax cuts since 1988 From Sky’s Ed Conway Pat McFadden, …

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Saying mini-budget is ‘trickle-down economics’ is leftwing nonsense, says minister

September 23, 2022

Levelling up secretary Simon Clarke hits out at critics before chancellor’s budget announcement The levelling up secretary has described the suggestion that the chancellor’s mini-budget …

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What time is the mini-budget today and what to expect from Kwasi Kwarteng’s announcement

September 23, 2022

Kwasi Kwarteng will vow to ‘turn vicious cycle of stagnation into virtuous cycle of growth’

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Mini-budget 2022 – latest: Kwasi Kwarteng to unveil plan to cut taxes and reduce energy bills

September 23, 2022

Chancellor expected to scrap cap on bankers’ bonuses and cut stamp duty and VAT

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Mini-budget 2022 – latest: Kwasi Kwarteng to unveil plan to cut taxes and reduce energy bills

September 23, 2022

Chancellor also expected to scrap cap on bankers’ bonuses and cut stamp duty and VAT

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Mini-budget: Tax cuts for millions set to be unveiled

September 23, 2022

Kwasi Kwarteng will borrow billions to boost growth and limit the impact of soaring bills

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Kwarteng to announce £30bn of tax cuts in mini-budget – reports

September 17, 2022

Chancellor expected on Friday to outline proposals to deal with cost of living crisis and boost growth Kwasi Kwarteng is preparing to announce £30bn of …

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