Connect with us

Published

on

Prime Minister Liz Truss’s external adviser on the economy has told Sky News that the chancellor had “taken his eye off the ball” and “overstepped the mark” with his mini-budget.

Gerard Lyons, who is often referred to as Ms Truss’s ‘favourite’ economist, said Chancellor Kwasi Kwarteng failed to adequately prepare the financial markets ahead of his announcement.

Speaking on The Take With Sophy Ridge, Mr Lyons said: “The chancellor, whilst he had focused on the general public and on British businesses, he had not really prepared the financial markets fully.

“And I think he had taken his eye off the ball slightly, shall we say, in having not prepared the markets for what he was doing in the budget and I felt that he overstepped the mark last week.

“So it was a combination of all three factors – the febrile markets because of the global backdrop, the actions of the Bank of England last Thursday but let’s be in no doubt, it was primarily the mini-budget last Friday that triggered this latest series of events.”

Asked if he had had any conversations with Ms Truss or her team, Mr Lyons said he had “made my thoughts known”. He said he was “highlighting in my writing… about the febrile state of the markets and the need to keep the markets onside”.

Pushed on whether they had taken his advice, he said: “Well, sometimes people listen, sometimes they don’t, but there were positives that came out of it. But as we saw last Friday, there was just not enough in line with what the markets had been prepped for and were expecting.”

More on Cost Of Living

Please use Chrome browser for a more accessible video player

Gerard Lyons: Mini budget not what the markets were expecting

Despite his remarks, Mr Lyons said the budget was “very positive in many respects”.

He said it was “very much on a pro-growth agenda” which was needed to “break out of this low-growth phrase”.

Mr Lyons’s remarks about the chancellor failing to prepare the financial markets were contrasted by a minister who told deputy political editor Sam Coates it was “bulls***t” to say market movement was related to the mini-budget announcement.

And on The Take with Sophy Ridge, chief secretary to the Treasury Chris Philp denied the government had any responsibility and said there would be no change of course.

Please use Chrome browser for a more accessible video player

Chief Sec bullish on tax cuts

Read more:
Ed Conway on the Bank’s extraordinary response
Liz Truss is a ‘danger to the economy’, Starmer says
Government departments asked for ‘efficiency savings’

“Getting Britain’s economy growing is so important. Important to raise wages and important to pay the tax bills of the future,” he said.

Mr Philp suggested benefits may not be hiked in line with spiralling inflation. He said a commitment by former chancellor Rishi Sunak to uprate benefits in line with inflation was under consideration amid reports different government departments have been asked to draw up plans for efficiency savings.

Mr Philp told ITV’s Peston: “We are going to look for efficiencies wherever we can find them.”

But he said the Treasury would not commit to an expected uprating of benefits in line with inflation.

Pressed about the decision, he said: “I am not going to make policy commitments on live TV, it is going to be considered in the normal way, we will make a decision and it will be announced I am sure in the first instance to the House of Commons.”

On Wednesday the Bank of England was forced to launch an emergency government bond-buying programme to prevent borrowing costs from spiralling out of control and stave off a “material risk to UK financial stability”.

The Bank will buy as many long-dated government bonds as needed between now and 14 October in a bid to stabilise financial markets.

The announcement had an immediate effect on the market, with data showing 30-year bond yields fell back to 4.3%, having risen to levels above 5% not seen since 2002 earlier on Wednesday. There were similar falls for 20-year yields.

Ms Truss is expected to face public questioning about her economic plans for the first time on Thursday as she tours regional BBC radio stations in a morning round of interviews. Neither the prime minister nor the chancellor were anywhere to be seen on heard on the economy on Wednesday.

Continue Reading

UK

What is freezing rain and what makes it so dangerous?

Published

on

By

What is freezing rain and what makes it so dangerous?

An amber warning for snow and ice, with the risk of freezing rain, covers most of Wales and central England until midday on Sunday.

Freezing rain, which makes up what are commonly known as ice storms in North America, is a rarity in the UK because the conditions for it are quite specific, according to the Met Office.

But what is it and how is it different to snow?

Freezing rain is rainfall that has become “supercooled” as it falls from the sky.

Up to 30cm of snow expected in parts of UK – follow live

It starts when snow, ice, sleet or hail high up in the atmosphere melts into rain when it falls through the layers of warmer air below.

If the rain then passes through a sub-zero layer of air just above the ground, it can remain liquid and instead become “supercooled”. This is the key to freezing rain.

More on Extreme Weather

Supercooled water will freeze on impact – forming a clear layer of ice on cold surfaces such as trees, roads and power lines.

Why is it dangerous?

It’s once it hits the surface and turns to ice that it can pose a real threat.

The ice is very clear, often referred to as black ice, because it is so difficult to see, making it treacherous for pedestrians and drivers.

Freezing rain settled on a car. Pic: iStock
Image:
Freezing rain on a car. Pic: iStock

Sky News meteorologist Kirsty McCabe explains: “The supercooled rain hits the ground and freezes instantly on impact, and that creates a thin layer of ice, also known as glaze, and it’s clear, so you can’t see the ice, which makes it really treacherous.”

If it hits power lines or tree branches, depending on how much rain there has been, the weight of the ice can cause them to break off because they can’t support the weight.

It can also make it difficult to open your car door if there is enough of it.

Get the five-day forecast where you are

Where is it expected to fall?

From 6pm on Saturday to midday on Sunday an amber warning for snow and ice, with the risk of freezing rain, covers most of Wales and central England, including the Midlands and Liverpool and Manchester in the North West.

But McCabe says it’s Wales where people should be particularly wary of freezing rain.

What precautions should people take?

The best thing people can do is take extra care when travelling. As it is so hard to see, it’s difficult to judge just how icy road surfaces are.

The RAC says freezing rain is arguably the most treacherous of all conditions for motorists.

They urge people not to drive unless necessary, but say those who do need to should check they have plenty of fuel and oil and check their tyre treads.

They also encourage drivers to make sure their lights are working and check they have screenwash.

Continue Reading

UK

King deeply saddened by death of Briton in New Orleans attack – as reports say victim is stepson of ex-royal nanny

Published

on

By

King Charles deeply saddened by death of Briton in New Orleans attack - as reports say victim is stepson of ex-royal nanny

The King is deeply saddened by the death of a British man who was killed in the attack in New Orleans on New Year’s Day – amid reports he was the stepson of an ex-royal nanny.

Edward Pettifer, from Chelsea, west London, was fatally injured in the tragedy, the Metropolitan Police confirmed.

Sky News understands the King was made aware of Mr Pettifer’s death through official channels, was deeply saddened, and has been in touch with the family to share personal condolences.

The 31-year-old’s family said they were “devastated” by his death.

“He was a wonderful son, brother, grandson, nephew and a friend to so many,” the family said in a statement.

“We will all miss him terribly. Our thoughts are with the other families who have lost their family members due to this terrible attack. We request that we can grieve the loss of Ed as a family in private.”

New Orleans’ coroner said the preliminary cause of death for Mr Pettifer was blunt force injuries.

Police vehicles are parked near the site of a fatal truck attack in New Orleans, Louisiana, on Jan. 1, 2025. At least 15 people were killed and dozens injured in a suspected terrorist attack earlier in the day when a pickup truck was driven into a crowd celebrating New Year's Day in a popular tourist spot in the southern U.S. city, according to U.S. media. (Kyodo via AP Images) ==Kyodo
Image:
Emergency crews at the scene of the attack. Pic: AP

FBI agents at the scene of the attack in New Orleans. Pic: Reuters
Image:
FBI agents at the scene. Pic: Reuters

Fourteen people were killed and dozens injured when 42-year-old army veteran Shamsud-Din Jabbar’s rented truck rammed into people in New Orleans’ famous Bourbon Street in the early hours of New Year’s Day.

Jabbar was killed in a shootout with police.

The Federal Bureau of Investigation (FBI) said the attack was “premeditated” and an “evil” act of terrorism, and added Jabbar was “100% inspired by ISIS”, also known as Islamic State.

An IS flag that was attached to the pick-up truck that was driven down Bourbon Street
Image:
An IS flag was attached to the pick-up truck that was driven down Bourbon Street

The preliminary cause of death for all the victims was blunt force injuries, according to the New Orleans coroner.

The coroner has identified most of those killed in the attack, with efforts continuing to identify the final female victim.

• Edward Pettifer, 31, from Chelsea, west London
• Andrew Dauphin, 26, from Montgomery, Alabama
• Kareem Badawi, 23, from Baton Rouge, Louisiana
• Brandon Taylor, 43, from Harvey, Louisiana
• Hubert Gauthreaux, 21, from Gretna, Louisiana
• Matthew Tenedorio, 25, from Picayune, Mississippi
• Ni’Kyra Dedeaux, 18, from Gulfport, Mississippi
• Nicole Perez, 27, from Metairie, Louisiana
• Reggie Hunter, 37, from Prairieville, Louisiana
• Martin Bech, 27, from New York City, New York
• Terrence Kennedy, 63, from New Orleans, Louisiana
• Elliot Wilkinson, 40, from Slidell, Louisiana
• William DiMaio, 25, from Holmdel, New Jersey

Victims of the New Orleans attack, clockwise from top left: Reggie Hunter, Martin 'Tiger' Bech, Nicole Perez and Matthew Tenedorio
Image:
Some of the victims of the New Orleans attack, clockwise from top left: Reggie Hunter, Martin ‘Tiger’ Bech, Nicole Perez and Matthew Tenedorio

Billy DiMaio (L) and Terrence Kennedy
Image:
William DiMaio (left) and Terrence Kennedy

Read more:
What we know about suspect

British man, aspiring nurse and Princeton University football player among victims
Did New Orleans authorities fail the victims of the New Year terror attack?

An Islamic State (IS) flag, weapons, and what appeared to be an improvised explosive device (IED) were found in the vehicle used in the attack, the FBI said.

The suspect posted five videos on social media before the rampage in support of IS, the agency added.

In his first clip, Jabbar said he was planning to harm his own family and friends, but was concerned headlines would not focus on the “war between the believers and disbelievers”, said Christopher Raia, deputy assistant director of the FBI’s counter-terrorism division.

Jabbar also joined IS “before this summer”, and provided a will, the FBI chief said.

Please use Chrome browser for a more accessible video player

The half-brother of the attack suspect said ‘this wasn’t the man I knew’

In an interview with a Texas-based TV station, owned by Sky News’ partner network NBC News, Jabbar’s younger half-brother said he was thinking about all those impacted by the attack.

Abdur-Rahim Jabbar said: “This is a tragedy. We’re all grieving about this.”

The suspect was a Muslim, with his sibling adding: “This wasn’t the man I knew. This wasn’t the father, the son that I knew.

“And that also, this isn’t any representation of Islam or Muslims or the Muslim community.”

Continue Reading

UK

Stargazers treated to rare sight as Venus appears beside crescent Moon

Published

on

By

Stargazers treated to rare sight as Venus appears beside crescent Moon

Stargazers spied an unusual sight on Friday night, as Venus appeared beside a crescent moon.

The planet could be seen with the naked eye in locations lucky enough to have clear skies and incredible pictures show it seemingly shining.

Venus is often called the Morning or Evening Star, as it can easily be mistaken for a bright star.

 03 January 2025, Brandenburg, Sieversdorf: The 16 percent visible crescent moon can be seen together with Venus (at the top of the image) in the early evening sky. After the sun and the moon, the planet Venus is the brightest astronomical object in the night sky. Photo by: Patrick Pleul/picture-alliance/dpa/AP Images
Image:
The view from Sieversdorf, Germany. Pic: AP

03 January 2025, Brandenburg, Sieversdorf: The 16 percent visible crescent moon can be seen together with Venus (at the top of the image) in the early evening sky. After the sun and the moon, the planet Venus is the brightest astronomical object in the night sky. Photo by: Patrick Pleul/picture-alliance/dpa/AP Images
A crescent moon and the planet Venus straddle a cross on top of Quebec Baptist Church in Ellaville, Georgia, U.S. January 3, 2025. REUTERS/Sam Wolfe
Image:
The Moon and Venus straddle a cross on top of Quebec Baptist Church in Ellaville, Georgia. Pic: Reuters

January looks set to be a good month for stargazers and astronomers, as numerous celestial phenomena will be visible across the coming weeks.

The Quadrantid meteor shower is at its peak this weekend and visible until 12 January.

A crescent moon and the planet Venus are seen next to an oak tree in Ellaville, Georgia, U.S. January 3, 2025. REUTERS/Sam Wolfe
Image:
Venus – seen here from Georgia, USA – didn’t appear as bright when viewed from the States. Pic: Reuters

On 16 January, there’s a strong chance you’ll be able to see Mars as the red planet will be in “opposition”, meaning Earth will be directly between it and the sun.

Just under a week later, on 21 January, you could see five planets – Saturn, Venus, Uranus, Jupiter and Mars – in the night sky after 9pm, according to the Royal Observatory Greenwich.

More from Sky News:
NASA spacecraft survives approach to the sun
Stranded astronauts send message from space

Four of the planets should be visible to the naked eye, but seeing Uranus will require a telescope or very dark skies.

Anyone hoping to spot celestial phenomena is advised to find a stargazing spot away from light pollution and to allow at least 15 minutes for your eyes to adjust to the darkness.

Continue Reading

Trending