Liz Truss treasury news: Bank of England steps up intervention amid ‘risk to stability’

Liz Truss echoes Keir Starmer’s economic slogan ‘growth, growth, growth’

That Bank of England has been forced to step up its emergency intervention for the second day in a row to prevent a “fire sale” in UK government bonds and market dysfunction, which it warned posed a “significant risk to UK financial stability”.

But Deputy Prime Minister Therese Coffey insisted people “should be confident” about the health of the economy, saying Chancellor Kwasi Kwarteng’s had tabled his new fiscal plan because he “decided we are in a good state”.

It came as experts warned about it Liz Truss and Mr Kwarteng will be forced to impose a “savage” £60bn strictures hit unless they roll back more of their tax cuts.

Britain is headed for recession until 2024 and Mr Kwarteng will be forced to either abandon his mini-budget gifts or cut public services by around 15 per cent. Department of Fiscal Studies (IFS) said.

And Tory MPs warned there would be strong opposition to the latter option, with a former minister NarratorThe independent: “There’s no way Tory MPs are going to tolerate austerity in a post-Covid cost of living crisis. Liz has driven herself into a dead end.”

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Exclusive: Government ‘ignoring’ official advice to increase sick pay for NHS staff with long-term Covid

The government has been accused of abandoning those who risked their lives during the pandemic by “ignoring” an official recommendation to pay NHS staff who have been left unable to work for long periods of time due to Covid.

Ministers were reportedly told in July by the Workers’ Compensation Advisory Council that health workers who end up with long-term incapacitating conditions from Covid-19 should qualify for workers’ compensation disability benefits.

But there has been no change in policy and the government says it is yet to consider the recommendations.

Our political correspondent Jon Stone has the exclusive report:

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Coffey fails to say how government will pay for ‘£60 billion black hole’

Therese Coffey has failed to set out any plans for how the Government will pay for a £60bn “black hole” identified by the Institute for Fiscal Studies, my colleague Holly Patrick reports.

The deputy prime minister said: “It’s not for me to say. It’s their forecasts. The chancellor will speak at the end of the month with the medium-term financial plan.”

Therese Coffey fails to say how the government will pay for the ‘£60bn. black hole’, which IFS has prepared

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Truss will be ‘ship that passes in the night’, says Jamie Oliver

Jamie Oliver has said Liz Truss will be a “ship that passes in the night” and warns the Tory party needs an injection of kindness.

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Starmer loses chief of staff as part of party restructuring

Sir Keir Starmer has restructured his party in a bid to put Labor on “electoral footing”, which will see policy and communications roles move from the leader’s office to Labor headquarters, reporting to general secretary David Evans.

The party’s London headquarters will move immediately from the Southside building in Victoria Street in Westminster.

The leader’s chief of staff Sam White will leave as part of the amalgamation of roles from Sir Keir’s office and party headquarters.

“Sam has played an incredible role in taking our business to the next level. Under his leadership the team has become better and stronger,” said Sir Keir. But “with the merger, running the manager’s office will be a smaller role than Sam signed up for , and we both agree that as we make this change, now is the right time to go”.

Apart from the departure of Mr White, who was named chief of staff last summer, no other jobs are at risk.

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Bank of England action sees gilt rates fall – but pound stays down

The Bank of England has said it will now expand the scope of its bond-buying program to include the purchase of index-linked gilts – a type of UK government bond that tracks inflation

On Monday, the central bank doubled its daily bond purchase limit to DKK 10 billion. pound, while Chancellor Kwasi Kwarteng put forward his new fiscal plan and independent economic forecasts for October 31 in an attempt to calm turbulent markets.

The bank’s latest action helped lower yields on long-dated gilts on Tuesday morning in welcome relief after yields on 30-year government bonds hit 4.7pc on Monday. – the highest level since the bank was forced to intervene in the market last month to stop. pension funds from collapsing.

But the pound remained under pressure, standing at $1.10 despite the bank’s extra measures.

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Kwarteng held secret meetings with Saudi oil companies

Chancellor Kwasi Kwarteng is facing questions after it emerged he held secret meetings in January with senior figures from Saudi Arabia’s oil companies while he was business secretary.

Documents released to The Guardian via Freedom of Information (FoI) requests show, in a two-day visit to the kingdom, Mr Kwarteng held talks with the chief executive of Saudi Aramco, the chief executive of Sabic and the chairman of the Alfanar Group, with some of his flights in the realm covered by Saudi Aramco.

However, the Department for Business, Energy and Industrial Strategy (BEIS) had not disclosed the details of Mr Kwarteng’s discussions when transparency documents on ministerial meetings were initially published.

A government spokesman blamed an “administrative oversight” for the initial failure to declare the talks in the usual way, with records since updated.

Our political correspondent Adam Forrest has the report:

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Starmer ‘puts Labor on electoral footing’ as government ‘could fall at any time’

Sir Keir Starmer has carried out a long-planned reshuffle of key roles within Labor which he said would put it on the brink of a general election – as he claimed Liz Truss’ government “could fall at any time”.

He told Labor staff: “The collapse of the government has given us a huge chance. The instability means they could fall at any time. That’s why we need to get on the electoral foot now.”

The leader said his party needed to “seize the opportunity we have and show the British people that we are the party that can take our country forward”.

“These changes to party structures that will move us into the electoral base,” Sir Keir said. “We’ve been planning this for a while but the scale of the Tory collapse has brought it forward.”

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Liz Truss accused of ‘betraying’ tenants as ban on no-fault evictions could be lifted

Reports of a government U-turn to end no-fault evictions would be a “truly devastating blow”, a charity has said.

Matt Downie, chief executive of Crisis said: “How can it be right that stopping unnecessary and unwarranted evictions is not a priority? This u-turn betrays an election promise and complicates disaster.”

Our political correspondent Adam Forrest has more:

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Diselected Labor MP hits out at ‘manufactured political circus’

Labor MP Sam Tarry has demanded further details of the vote that led to his withdrawal as a candidate, calling it a “manufactured political circus”.

The former frontbencher said he was “completely gutted” by the result at Ilford South on Monday night, where he failed to see off a challenge from the leader of Redbridge Council, Jas Athwal.

He said he was “extremely concerned” by the result, saying it did not reflect the feeling his campaign team got or the “careful data” they collected.

“I am taking some time to consider what is next, but to be sure of the integrity of the result, I am asking the party to share with me the full information about who cast electronic votes, by what method and when they were cast. ,” he said.

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Talking about nuclear weapons is ‘very dangerous’, says GCHQ chief

GCHQ director Sir Jeremy Fleming has warned that talk of nuclear weapons in relation to Russia’s war with Ukraine is “very dangerous”.

The intelligence chief told BBC Radio 4’s Today program: “I think any talk about nuclear weapons is very dangerous and we have to be very careful how we talk about it.”

Suggesting that GCHQ has seen no signs that Russia is preparing to use nuclear weapons, he added: “They [Russia] stays within the doctrine that we understand for their use, including for nuclear weapons.

“I would hope that we would see indicators if they started to go down that road. But let’s be absolutely clear about it – if they are considering it, it would be a disaster in the way that a lot of people have been talking about.”

Further clarifying that part of GCHQ’s role is to look for these indicators, Sir Jeremy said: “It is partly to look for these indicators, yes.”

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