However, after a meeting with Chancellor Kwasi Kwarteng yesterday, Ms Truss agreed the Treasury would issue a statement promising further details on 23 November on how the government would ensure borrowing would not spiral out of control.
In effect this gives the government eight weeks to come up with a plan to stabilise the markets – likely to involve spending cuts in Whitehall, public services, investment and probably welfare.
The government will reject claims circulating in Whitehall that the meeting between Ms Truss and Mr Kwarteng was “argumentative” and descended into a “shouting match”.
This comes as the chancellor plans to hold further emergency meetings with global bankers this week to discourage them speculating on the pound.
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2:32
Why has the pound fallen to a record low?
Chancellor ‘more sympathetic’ to Bank’s concerns
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There is deep concern in the City that Treasury ministers are still gunning for Andrew Bailey, the governor of the Bank of England, and his two most senior lieutenants, with some believing that removing this team from office would dent Britain’s global reputation for stability.
Sky News can confirm that Monday’s meeting between chancellor and prime minister concentrated on whether to issue a statement and what to say, with the two sides initially taking different positions.
One source said that the chancellor was more sympathetic to the Bank’s concerns than the PM.
The prime minister’s team were aware that the Bank of England was going to issue a statement after the close of markets on Monday.
In the end, the Treasury issued an almost simultaneous statement promising to release economic forecasts by the Office for Budget Responsibility and a plan on debt on 23 November.
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1:54
Why does the weak pound matter?
‘This needs to be explained better’
Tory MPs have expressed huge concern at what some of them regard as a reckless gamble, spending billions of pounds on tax cuts for the rich, which has spooked the markets.
Some in Number 10 are believed to blame the Tory unrest on the failure of ministers and their teams to properly explain their plans.
“Some around Truss think this all just needs to be explained better,” said one business source familiar with the conversations in Number 10.
Some in government are understood to see the market assault on the pound and government debt as a plot by the left, something which has surprised city traders.
A man wrongly jailed for 17 years for a rape he did not commit has said it is “too little too late” after receiving an apology from the Criminal Cases Review Commission (CCRC).
Andrew Malkinson was jailed in 2003 but eventually released in December 2020.
His charges were quashed last year after new DNA evidence potentially linked another man to the crime.
The CCRC has now offered Mr Malkinson an unreserved apology after the completion of a report from an independent review by Chris Henley KC into the handling of the case.
But reacting to the apology, Mr Malkinson said the time for CCRC chairman Helen Pitcher OBE to apologise was when he was exonerated last summer.
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2:50
Malkinson: Wrongly imprisoned for rape
“The CCRC’s delay in apologising to me added significantly to the mental turmoil I am experiencing as I continue to fight for accountability for what was done to me,” Mr Malkinson said.
“The CCRC’s failings caused me a world of pain. Even the police apologised straight away. It feels like Helen Pitcher is only apologising now because the CCRC has been found out, and the last escape hatch has now closed on them.”
He said his lawyer had written to Ms Pitcher last September requesting an apology, to which she refused.
He added: “It is hard for me to see the sincerity in an apology after all this time – when you are truly sorry for what you have done, you respond immediately and instinctively, it wells up in you.”
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Earlier on Thursday, Ms Pitcher released a statement saying: “Mr Henley’s report makes sobering reading, and it is clear from his findings that the commission failed Andrew Malkinson. For this, I am deeply sorry. I have written to Mr Malkinson to offer him my sincere regret and an unreserved apology on behalf of the commission.
Addressing beliefs that she was unwilling to apologise, Ms Pitcher added: “For me, offering a genuine apology required a clear understanding of the circumstances in which the commission failed Mr Malkinson. We now have that.
“Nobody can ever begin to imagine the devastating impact that Mr Malkinson’s wrongful conviction has had on his life, and I can only apologise for the additional harm caused to him by our handling of his case.”
Mr Malkinson had applied for his case to be reviewed by the CCRC in 2009, but at the conclusion of its review in 2012 the commission refused to order further forensic testing or refer the case for appeal, amid concerns over costs.
Critical DNA evidence had been available since 2007, but no match was found on the police database at the time.
Since Mr Malkinson had his conviction quashed, dozens of rape and murder convictions from before 2016 are set to undergo fresh DNA testing to identify potential miscarriages of justice.
The CCRC said it has re-examined nearly 5,500 cases that it previously rejected in the light of improvement in DNA analysis techniques.
Its initial trawl last summer found around a quarter of the cases are those where the identity of the offender is challenged.
Focusing on those, it says there are potentially several dozen cases where DNA samples could be retested using the DNA 17 technique, first introduced in 2014.
Dozens of people around the world have been arrested after police disrupted a UK-founded website scamming victims on an industrial scale.
LabHost, a site set up in 2021, tricked as many as 70,000 UK victims, obtaining 480,000 card numbers and 64,000 PINs worldwide, the Metropolitan Police said.
It was created by a criminal network and enabled more than 2,000 users to set up phishing websites designed to steal personal information such as email addresses, passwords and bank details.
Criminal subscribers could log on and choose from existing sites or request bespoke pages replicating those of trusted brands such as banks, healthcare agencies and postal services.
The website even provided a tutorial to cater for wannabe fraudsters with limited IT knowledge, with a robotic voice saying at the end: “Stay safe and good spamming”.
Those subscribing to worldwide membership – meaning they could target victims all around the world – paid between £200 and £300 a month.
Since it began, the site has received just under £1m in payments from criminal users.
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But just after it was seized and disrupted, its 800 customers got a message telling them that police knew who they were and what they were doing.
Thirty-seven people were arrested around the world, including some at Manchester and Luton airports, as well as in Essex and London.
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Detectives have also contacted up to 25,000 UK-based victims to tell them their data has been compromised.
Police began investigating LabHost in June 2022 after they were tipped off by the Cyber Defence Alliance – a group of British-based banks and law enforcement agencies which share intelligence.
Dame Lynne Owens, deputy commissioner of the Metropolitan Police Service, said: “Online fraudsters think they can act with impunity. They believe they can hide behind digital identities and platforms such as LabHost and have absolute confidence these sites are impenetrable by policing.
“But this operation and others over the last year show how law enforcement worldwide can, and will, come together with one another and private sector partners to dismantle international fraud networks at source.”
Adrian Searle, director of the National Economic Crime Centre in the NCA, said: “This operation again demonstrates that UK law enforcement has the capability and intent to identify, disrupt and completely compromise criminal services that are targeting the UK on an industrial scale.”