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

Two killed in stabbing at business premises in London

Published

on

By

Two killed in stabbing at business premises in London

Two men have died after a stabbing in central London.

Police were called to a business premises in Long Lane, Southwark, at 1pm on Monday, where they found four people had been stabbed.

A 58-year-old man died at the scene while three others were taken to hospital, the Metropolitan Police said. These included a 27-year-old man who has since died.

A third man, who is in his thirties, remains in hospital with injuries described as non-life-threatening.

Another man in his thirties, who has been detained in connection with the incident, remains in a life-threatening condition in hospital.

Read more:
The party drug destroying lives
Tasers to be used in prisons for first time

Detective Chief Superintendent Emma Bond said: “Our investigation is in the early stages and we are working hard to understand the full circumstances of this shocking incident.

“At this point, we do not believe it to be terrorism-related and there is no further risk to the public.”

Continue Reading

UK

Lionesses celebrate Euros triumph at ‘very special’ Downing Street reception

Published

on

By

Lionesses celebrate Euros triumph at 'very special' Downing Street reception

The red carpet was rolled out at No 10 on Monday evening as the Lionesses attended a reception to celebrate their Euro 2025 victory.

The England squad went straight to Downing Street after touching down at Southend Airport in Essex less than 24 hours after they defeated Spain in a penalty shootout in Sunday’s final.

Led by captain Leah Williamson, who proudly clutched the trophy, the side posed for pictures outside No 10 before being greeted by Deputy Prime Minister Angela Rayner.

England women's football team pose for a photo in Downing Street, London, as they attend a reception at No 10, Pic: PA
Image:
The England squad outside No 10. Pic: PA

England's team captain Leah Williamson carries the trophy when leaving a special reception, to celebrate their victory in the Women's Euro 2025 final, at Downing Street in London, Monday, July 28, 2025. (AP Photo/Kirsty Wigglesworth)
Image:
Leah Williamson carries the trophy. Pic: AP

Speaking to Sky News correspondent Ashna Hurynag after the 40-minute reception, England manager Sarina Wiegman described the celebration as “very, very special”.

“To be able to go inside and also be in the garden there, [was] really nice,” she said. “They had put up pictures of us to show what we had done in the Euros… it was very, very special.”

Some people on social media have called for the England boss – who is from the Netherlands – to get an honorary damehood, but Wiegman told Ashna Hurynag that she “hasn’t thought about that”.

“I feel so much respect from England and from the Royal Family too, I think that’s the most important thing, feeling valued,” she said.

More on Lionesses

Weigman also joined some of the players to videocall Sir Keir Starmer, who was in Scotland with Donald Trump.

England attend Downing Street reception. Pic: Reuters
Image:
England manager Sarina Wiegman and some of the players on a video call with Sir Keir Starmer. Pic: Reuters

England manager Sarina Wiegman speaks at a reception at No 10 Downing Street, London. Pic: Richard Pohle/The Times/PA Wire
Image:
Pic: PA

Angela Rayner reacts during a reception to celebrate England's victory in the Women's EURO 2025, at Downing Street in London. Reuters
Image:
Angela Rayner congratulates some of the players. Pic: Reuters

In a speech at the reception, the manager quipped: “I have to make my apologies [for giving] you lots of heart attacks.”

“We made it through and that’s why we’re here now,” she continued.

“The team is just incredible, we won the Euros but making the final, we’re already legendary. Thank you so much for having us here.”

As the Lionesses left Downing Street, some stopped to try and meet another famous feline – Larry the Cat.

Read more:
England’s remarkable road to victory
Fans celebrate at Ella Toone’s home club

Sarina Wiegman and Leah Williamson with the trophy as she and members of the England team attend a reception at Downing St. Pic: PA
Image:
Sarina Wiegman and Leah Williamson in the garden at No 10. Pic: PA

England's Esme Morgan, Anna Moorhouse and Grace Clinton try and get Larry the Cat's attention as they leave No.10 Downing Street. Pic: PA
Image:
England’s Esme Morgan, Anna Moorhouse and Grace Clinton try and get Larry the Cat’s attention. Pic: PA

The celebrations will continue on Tuesday afternoon with an open-top bus parade through central London before the team gather outside Buckingham Palace.

The Lionesses retained their Women’s Euros title on Sunday night by beating Spain in Basel, Switzerland.

Please use Chrome browser for a more accessible video player

Behind the scenes after Lionesses’ win

Mariona Caldentey put Spain 1-0 ahead in the first half, but England’s Alessia Russo levelled the score in the 57th minute.

The game finished 1-1 after 90 minutes, with the score remaining the same at the end of extra-time.

The match then went to a penalty shootout, which the Lionesses won 3-1.

Continue Reading

UK

‘No other drug does this amount of damage so quickly to your kidneys and bladder’: How party drug is destroying lives

Published

on

By

Continue Reading

Trending