UK PM Truss Stands by Chancellor Kwarteng Amid Currency Crisis

https://sputniknews.com/20220929/uk-pm-truss-stands-by-chancellor-kwarteng-amid-currency-crisis-1101334238.html

UK PM Truss Stands by Chancellor Kwarteng Amid Currency Crisis

UK PM Truss Stands by Chancellor Kwarteng Amid Currency Crisis

Sterling has slumped against the dollar since last Friday, when Chancellor of the Exchequer Kwasi Kwarteng announced the costs of subsidizing household and… 29.09.2022, Sputnik International

2022-09-29T12:20+0000

2022-09-29T12:20+0000

2022-09-29T12:20+0000

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British Prime Minister Liz Truss has stood by the chancellor of the exchequer after calls from her to sack him.A Downing Street spokesman told Guardian political editor Pippa Crerar that Truss was resisting pressure from opposition MPs and some Conservative backbenchers to sack Kwasi Kwarteng after the pound tumbled against the US dollar. That followed Kwarteng unveiling his tax-cutting mini-budget on Friday, which contained measures to subsidize soaring energy prices — caused by Western sanctions on Russia — at the cost of increased public borrowing.”The PM and the Chancellor are working on the supply side reforms needed to grow the economy which will be announced in the coming weeks,” Crerar quoted the spokesman as saying in a tweet.The White House weighed into the row on Wednesday, urging the Truss government to show “fiscal prudence”. of England moved swiftly to buy up government debt bonds after a run on the financial instruments threatened to bankrupt many pension funds. Opposition leader Sir Keir Starmer, currently enjoying the Parliamentary Autumn recess at his Labor Party’s conference in Liverpool, demanded on Wednesday that Parliament was recalled to debate the crisis.Starmer said Trus had “lost control” and was a “danger” to the economy. The euro, Canadian and Australian dollars and the Japanese yen have all seen similar declines against the dollar since last Friday.Already volatile stock markets on both sides of the Atlantic were thrown into further turmoil this week following the presumed sabotage of the Nord Stream 1 and 2 natural gas pipelines from Russia.

https://sputniknews.com/20220929/conservative-mps-press-truss-to-fire-kwarteng-or-face-rebellion-amid-uk-financial-market-turmoil-1101328129.html

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Sterling has slumped against the dollar since last Friday, when Chancellor of the Exchequer Kwasi Kwarteng announced the costs of subsidizing household and business fuel bills. The euro, Canadian and Australian dollars and the Japanese yen have all seen similar declines.

British Prime Minister Liz Truss has stood by the chancellor of the exchequer after calls from her to sack him.

A Downing Street spokesman told guardian political editor Pippa Crerar that Truss was resisting pressure from opposition MPs and some Conservative backbenchers to sack Kwasi Kwarteng after the pound tumbled against the US dollar.

That followed Kwarteng unveiling his tax-cutting mini-budget on Friday, which contained measures to subsidize soaring energy prices — caused by Western sanctions on Russia — at the cost of increased public borrowing.
“The PM and the Chancellor are working on the supply side reforms needed to grow the economy which will be announced in the coming weeks,” Crerar quoted the spokesman as saying in a tweet.

The White House weighed into the row on Wednesday, urging the Truss government to show “fiscal prudence”.

Meanwhile the Bank of England moved swiftly to buy up government debt bonds after a run on the threatened financial instruments to bankrupt many pension funds.

Opposition leader Sir Keir Starmer, currently enjoying the Parliamentary Autumn recess at his Labor Party’s conference in Liverpool, demanded on Wednesday that Parliament be recalled to debate the crisis.

Starmer said Truss had “lost control” and was a “danger” to the economy.

Britain's Secretary of State for International Trade Elizabeth Truss arrives for a Cabinet meeting at 10 Downing Street in London, Wednesday, Oct.  16, 2019 - Sputnik International, 1920, 09.29.2022

Conservative MPs Press Truss to Fire Kwarteng or Face Rebellion Amid UK Financial Market Turmoil

The euro, Canadian and Australian dollars and the Japanese yen have all seen similar declines against the dollar since last Friday.

Already volatile stock markets on both sides of the Atlantic were thrown into further turmoil this week following the presumed sabotage of the Nord Stream 1 and 2 natural gas pipelines from Russia.

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