Prime Minister of Denmark Mette Frederiksen arrived in Downing Street for a meeting with Liz Truss, Pennsylvania reports.
Frederiksen was greeted outside by Truss, who ignored a barked question from reporters: “Are you restoring austerity?” – It’s a little after 9am.
The two shook hands on the doorstep of 10 Downing Street, accompanied by their cat Larry.
Their meeting then moved inside, where they briefly posed for pictures in the State Room.
UK needs to prepare for new era of austerity, warns Simon Clarke
Simon Clarke, Level Up Minister and a key ally of Liz Truss, told The Times that the market turmoil following the government’s tax cut mini-budget is past and the UK needs to prepare for a new era of austerity. warned.
Despite the turmoil in financial markets, Clark said the truss was “amazingly resilient” and urged the government to continue the spirit of Margaret Thatcher and advance the vision.
A 38-year-old man said:
If there’s one word to describe Liz at this point, it’s intentional. She knew this was not a comfortable process.
He said the prime minister was “enjoying the chance” to enact policies “that she believes are right.”
Clark added that Western countries have been living in “a fool’s paradise” for too long and that government spending will be cut to ensure “perfect alignment with the tax-cut economy.”
My big concern in politics is that Western Europe lives in a fool’s paradise. So we continue to think that we are less productive than other countries, yet still enjoy a very large welfare state, and that the two are somehow compatible on the medium. long term.
it’s not. Ultimately, if you want these powerful public services, you have to pay for them, so you have to address this precisely. I think it’s important to consider how to ensure that the
Welsh Secretary of State Sir Robert Buckland said the government was “absolutely committed” to fiscal responsibility after financial market turmoil following Prime Minister Kwasi Kwarten’s £45 billion mini-budget tax cut.
A week after the pound fell to an all-time low against the dollar, Mr Bucklund said ministers were committed to raising tax revenues needed to pay for public services, PA reports.
Speaking to BBC Radio 4 Today, he said:
The pound, yen and euro have fallen against the dollar over the past few months. I don’t think it’s fair to say that Friday was the only cause of turbulence.
There was some confusion. I don’t deny it, but what I see is that if you look more closely at this package, there is a commitment to bring in the tax revenue that needs to be paid for public services and public spending. But at the same time, the country has shown that it needs to grow its economy to pay for public services in the future. I make no apologies for that.
He said further details will be revealed when the prime minister unveils the medium-term financial plan on November 23.
As for the government’s medium-term plan, like its predecessors, I think it will give the market a high degree of comfort that this government is fully committed to its fiscal responsibilities.
Jedi Daja Otte
Voters, Conservatives and pundits were disappointed by a “fiscal event” when Mr. Kwarteng announced last Friday that he would scrap the top 45% tax rate.
But what do high-income people who benefit from tax cuts think about it? We spoke to a few to find out.
“I feel sick and embarrassed”
“I am furious! This is at a time when people are already suffering so much Energy prices NHS Education Transport All issues needing urgent attention Lack of legal assistance says Not even Low fees paid to legal aid practitioners Lack of affordable housing, child care, etc.
“Truss and Quarteng don’t seem to understand or feel. It’s embarrassing I will donate it to charity I will donate it to NSPCC because more children will be neglected I didn’t ask for this I don’t need it I I don’t want people to think I would vote for such a stunt.. It’s appalling. Sorry for our country. Claire, 60, solicitor from Dorset
“High taxes prevent diligence”
“I think it’s great that the Tory got rid of the top rate. It felt like Christmas. The tax rate of 45% is already high, but when you factor in national insurance, city taxes, and student loan repayments, it’s a big deal.” , one of the heaviest tax burdens in the world.Such a system stifles hard work and economic success and discourages people from taking business risks that benefit the economy. The efficiency and quality of the are laughably bad.Invest most of it, spend some on your increased living expenses, and invest the rest in your new home.”
Patrick, 36 years old Surrey Risk Manager
Read more here:
The Greens are in the middle of their annual meeting today, with co-leader Adrian Ramsay appearing on the BBC Breakfast.
He says the party’s demand to tax the wealthiest 1% of society will pay for the Environmental Fund, which aims to “make our society more equal.”
Under this plan, the richest people in the country donate 1% of their money to the Fund for a Greener Society.
We are asking for this in times of economic and political crisis.
We have seen the economic turmoil caused by small budgets making our society more unequal.
This is to try to make our society more equal.
UK householders are ready to ignite their utility bills later. A wave of cost-of-living protests will cause bills to skyrocket, coinciding with the surge in gas and electricity unit prices.
The economic crisis will worsen this week as financial market turmoil and higher mortgage rates loom, with dozens of rallies from Plymouth to Aberdeen and mail and rail workers also going on strike, organizers said. people predict.
Among those wielding lighters is a grassroots movement that has received nearly 200,000 pledges from householders ready to cancel direct debits unless the government does more to protect the poorest families. Includes some Don’t Pay UK supporters.
Protests are being coordinated among multiple community organizations and trade unions to maximize impact.
We will cover the protests live on this blog at a later date.
PM admits ‘turmoil’ following mini-budget
Like the prime minister, he used Saturday’s newspaper column to defend the government’s course of action.
Liz Truss has admitted that a mini-budget submitted by her government last week caused “chaos” in the face of heavy criticism, including scathing condemnation from the IMF. A series of economic shocks followed, including the pound. Hit an all-time low against the dollar.
In the Sun article, Mr Truss did not mention the changes to the 45-pence rate and the removal of caps on bankers’ bonuses, which were also included in Mr Kwarten’s announcement. she said:
For too long we have been debating how to divide the economic pie instead of making it bigger.
The status quo is not working. For too long we have been held back by low growth and high taxes. We need to get things done faster in this country.
So I’m going to do something different. It involves difficult decisions and, in the short term, turmoil.
Not everyone likes what we’re doing, but I want to reassure the public that our government has a clear plan that I believe is right for the country.
On Friday, she told the station:
I know there was some confusion, but it was really, really important that I was able to get help from my family as soon as possible.
It is important to me to get the UK economy on track, keep taxes low, encourage investment in our country and get us through this difficult time.
Kwarteng: I had no choice
good morning. Kwasi Kwarten has tried to defend the government’s course of action as the effects of the prime minister’s mini-budget continue, the pound crashes and markets sway.
Writing in the Daily Telegraph:
UK taxpayers expect their government to work as efficiently and effectively as possible and we deliver on that expectation.
Not all of the measures announced last week will be widely adopted. But we had to do something different.
I had no other choice.
His announcement a little over a week ago included lowering the top earner’s income tax from 45p to 40p in pounds. Other taxpayers can get money from the U-turn with a one-pence reduction in income tax and a rise in national insurance. The prime minister said they all help drive growth.
However, there was a strong market response to the package, which was the biggest tax cut in 50 years. The Bank of England then spent billions of pounds to buy government debt to strengthen the pension system. It also indicated that interest rates could rise significantly, which has led to a surge in mortgage rates, and lenders are attracting more deals.
In response to market reaction, Kwarteng added:
In the face of extreme volatility in global markets, and even as major currencies struggle against the incredibly strong US dollar, we want financial markets and investors to know that our plans are sound, credible, and drive growth. indicates that it works.
Stay in touch throughout the day for the latest political news and developments.