Liz Truss is embarked on a course of sheer madness, taking the Bank of England with her

The Bank of England’s emergency purchase of gilts buys a reprieve of thirteen days at enormous institutional risk. The rescue was a last resort to avert a doom loop in the pensions system and the £1 trillion mortgage market. It solves nothing in itself. The Bank has been put in the invidious position of having … Read more

Pound slumps and FTSE down 2pc as Mark Carney says Truss ‘undercutting’ Bank of England

Good morning.  Sterling has retreated again today after a sharp bounce against the dollar on Wednesday. The pound jumped the most since mid-June on Wednesday, pulling the euro with it, after the Bank of England conducted the first of its emergency bond-buyback operations, worth more than £1 billion. This morning, sterling was 0.9pc lower at $1.0789 by … Read more

Russia forced to use its own accident-prone jet technology as sanctions hit airlines

Russia is attempting to revive its accident-prone Cold War-era aviation industry after being pummelled by Western sanctions. State engineer Rostec said it would make 1,000 airliners by 2030 in an effort to end Russia’s reliance on Boeing and Airbus planes. Western sanctions means parts from these companies can no longer be supplied to Russia after … Read more

White House seeks to tackle food insecurity at first hunger conference since 1969

CNN  —  Groceries cost 13.5% more than they did a year ago. Nearly 25 million adults live in households where there isn’t always enough to eat. Some 40% of food banks saw increased demand this summer. At a time when the affordability of food is in the spotlight, the Biden administration is hosting a White … Read more

Fears of imminent pension crisis forced Bank of England’s £65bn market intervention

Good morning. The pound has sunk back into the red after two major interventions last night reignited investor concerns about the UK’s tax-cutting Budget. In an extraordinary development, the IMF urged Prime Minister Liz Truss to reverse her economic policies – pointing particularly to the decision to scrap the higher rate of income tax. Ratings … Read more

Kwarteng in daily talks with Andrew Bailey amid market turmoil

5 things to start your day 1)  Markets doubt Bailey can avoid emergency rate rise after plunge in pound The Bank of England Governor has failed to convince traders that action can wait until November after the pound plunged on Monday. 2) Mortgage payments to surge by almost £10,000 a year if interest rates hit 6pc Markets are betting on … Read more

What is the healthiest bread?

Sign up for CNN’s Eat, But Better: Mediterranean Style. Our eight-part guide shows you a delicious expert-backed eating lifestyle that will boost your health for life. CNN  —  One of the foods many people hate to love is bread. It tastes so good, but we often get messages that, nutritionally, it’s so bad. There are … Read more

Bank of England preparing emergency intervention after pound slumps to all-time low

Chancellor Kwasi Kwarteng must do more to reassure markets about his plans for the economy after the pound’s slump, a top adviser to Liz Truss has said. Gerard Lyons, an external adviser to the Prime Minister, told Bloomberg: “He needs to reaffirm that tax cuts are only part of the story, not the full story. … Read more

Scottish fund managers and US bankers to flock to London as Kwarteng fires up the City

Meanwhile the tax disparity has sparked consternation in Scotland about the effect on Edinburgh, the major financial centre north of the border. Benny Higgins, a Scottish banker and former business adviser to Nicola Sturgeon, said: “A 1p gap may be seen by me and my peers as tolerable and understandable, but a 6p gap would … Read more

Britain runs low on ammo as Ukraine bombards Kremlin forces

As she prepared to address the United Nations, Liz Truss last week committed the UK to spending at least £2.3bn next year on military aid to help Ukraine repel Kremlin forces. The promise came as Vladimir Putin sought to mobilise 300,000 reservists in hope sheer numbers can overcome the combination of Ukrainian determination and Western … Read more