Rishi Sunak has refused to apologise for the economic turmoil Liz Truss’s short-lived government caused the British people.
The prime minister, who is in Bali for the G20 summit, refused six times today to say sorry for the decisions his predecessor made, which caused severe and continuing financial turbulence.
He acknowledged that “mistakes were made” by Ms Truss and her chancellor Kwasi Kwarteng, whose unfunded £45bn tax cuts sent mortgage rates soaring, and created a run on sterling and a gilt market freefall.
However, every time he was asked by Sky News’ political editor Beth Rigby to apologise, he repeated that errors were made and said: “What I want to do now is fix them.”
He admitted there are “difficult decisions” to be made to get the economy back on track, but he is “prepared to do difficult things”.
Mr Sunak added: “I spent the summer talking about the challenges that our country faces, talking about what I thought was required to grapple with those and fix them to build a foundation which we could provide jobs and growth and prosperity for people over time.
“So I think that people know where I stand on all of these issues. And now that I’m prime minister, I’m going to make sure that we deliver on that.”
Although Mr Sunak spoke out against Ms Truss’s plans for the economy during the summer’s leadership campaign, he said he would not vote against her mini-budget.
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He said since he took over the reins, there is now “much more stability in the UK’s financial position in terms of what the UK is paying to borrow money and what’s happened to the pound”.
Mini-budget cost UK £30bn
Analysis released on Monday by the independent Resolution Foundation think tank found Ms Truss’s mini-budget cost the UK £30bn, doubling the sum the Treasury says will have to be raised by Jeremy Hunt, the chancellor.
Mr Hunt will seek to tackle that £60m “black hole” in the autumn statement on Thursday.
The chancellor told Sky News over the weekend there will be tax rises for everybody, although the most wealthy will have to contribute more, and he will announce a rise in the national living wage.
Mr Sunak said the government has a plan “to limit the increase in mortgage rates that will bring inflation down”.
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In full: Rishi Sunak interview
“I think that people can be reassured that we will put a plan together that will do that, and that is what you will see on Thursday,” he added.
“I think the chancellor has been very clear about the challenges we face. It’s right that we’re upfront and honest with the country about the scale of the challenge we face.
“But what we’ve also said is that the way we go about that will have fairness and compassion at the heart of those decisions.”
Mr Sunak is on his second major international visit as PM, after the COP27 climate change talks in Egypt last week.
He said he is “hopeful” he will have a meeting with Xi Jinping, the Chinese president, and said his country poses a “systemic challenge” to the UK’s values and interests.
On Tuesday morning, Ukrainian president Volodymyr Zelenskyy spoke over a videolink to the leaders of the 20 biggest economies, including Russian Foreign Minister Sergei Lavrov who is there on behalf of Vladimir Putin.
Mr Zelenskyy, who previously called the summit the G19 as he missed out Russia, told the group now is the time to stop the war in Ukraine.
There is doubt over whether a joint communique over the Ukraine war will be produced at the end of the summit as it would have to be approved by Russia.
The US has announced it has increased its reward for information leading to the arrest of Venezuelan President Nicolas Maduro.
In a statement on Friday, the US treasury said up to $25m is being offered for information leading to the arrest of Mr Maduro and his named interior minister Diosdado Cabello.
Up to $15m is also being offered for information on the incoming defence minister Vladimir Padrino. Further sanctions have also been introduced against the South American country’s state-owned oil company and airline.
The reward was announced as Mr Maduro was sworn in for a third successive term as the Venezuelan president, following a disputed election win last year.
Elvis Amoroso, head of the National Electoral Council, said at the time Mr Maduro had secured 51% of the vote, beating his opponent Edmundo Gonzalez, who won 44%.
But while Venezuela’s electoral authority and top court declared him the winner, tallies confirming Mr Maduro’s win were never released. The country’s opposition also insists that ballot box level tallies show Mr Gonzalez won in a landslide.
Nationwide protests broke out over the dispute, with a brawl erupting in the capital Caracas when dozens of police in riot gear blocked the demonstrations and officers used tear gas to disperse them.
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From July 2024: Protests after Venezuela election results
While being sworn in at the national assembly, Mr Maduro said: “May this new presidential term be a period of peace, of prosperity, of equality and the new democracy.”
He also accused the opposition of attempting to turn the inauguration into a “world war,” adding: “I have not been made president by the government of the United States, nor by the pro-imperialist governments of Latin America.”
Lammy: Election ‘neither free nor fair’
The UK and EU have also introduced new sanctions against Venezuelan officials – including the president of Venezuela’s supreme court Caryslia Beatriz Rodriguez Rodriguez and the director of its criminal investigations department Asdrubal Jose Brito Hernandez.
Foreign Secretary David Lammy said Mr Maduro’s “claim to power is fraudulent” and that last year’s election “was neither free nor fair”.
“The UK will not stand by as Maduro continues to oppress, undermine democracy, and commit appalling human rights violations,” he added.
Mr Maduro and his government have always rejected international sanctions as illegitimate measures that amount to an “economic war” designed to cripple Venezuela.
Those targeted by the UK’s sanctions will face travel bans and asset freezes, preventing them from entering the country and holding funds or economic resources.
Donald Trump has been handed a no-penalty sentence following his conviction in the Stormy Daniels hush money case.
The incoming US president has received an unconditional discharge – meaning he will not face jail time, probation or a fine.
Manhattan Judge Juan M Merchan could have jailed him for up to four years.
The sentencing in Manhattan comes just 10 days before the 78-year-old is due to be inaugurated as US president for a second time on 20 January.
Trump appeared at the hearing by video link and addressed the court before he was sentenced, telling the judge the case had been a “very terrible experience” for him.
He claimed it was handled inappropriately and by someone connected with his political opponents – referring to Manhattan district attorney Alvin Bragg.
Trump said: “It was done to damage my reputation so I would lose the election.
“This has been a political witch hunt.
“I am totally innocent. I did nothing wrong.”
Concluding his statement, he said: “I was treated very unfairly and I thank you very much.”
The judge then told the court it was up to him to “decide what is a just conclusion with a verdict of guilty”.
He said: “Never before has this court been presented with such a unique and remarkable set of circumstances.
“This has been a truly extraordinary case.”
He added that the “trial was a bit of a paradox” because “once the doors closed it was not unique”.
Prosecutor Joshua Steinglass had earlier argued in court that Trump “engaged in a campaign to undermine the rule of law” during the trial.
“He’s been unrelenting in his attacks against this court, prosecutors and their family,” Mr Steinglass said.
“His dangerous rhetoric and unconstitutional conduct has been a direct attack on the rule of law and he has publicly threatened to retaliate against the prosecutors.”
Mr Steinglass said this behaviour was “designed to have a chilling effect and to intimidate”.
Trump’s lawyers argued that evidence used during the trial violated last summer’s Supreme Court ruling giving Trump broad immunity from prosecution over acts he took as president.
He was found guilty in New York of 34 counts of falsifying business records relating to payments made to Ms Daniels, an adult film actor,before he won the 2016 US election.
Prosecutors claimed he had paid her $130,000 (£105,300) in hush money to not reveal details of what Ms Daniels said was a sexual relationship in 2006.
Trump has denied any liaison with Ms Daniels or any wrongdoing.
The trial made headlines around the world but the details of the case or Trump’s conviction didn’t deter American voters from picking him as president for a second time.
What is an unconditional discharge?
Under New York state law, an unconditional discharge is a sentence imposed “without imprisonment, fine or probation supervision”.
The sentence is handed down when a judge is “of the opinion that no proper purpose would be served by imposing any condition upon the defendant’s release”, according to the law.
It means Trump’s hush money case has been resolved without any punishment that could interfere with his return to the White House.
Unconditional discharges have been handed down in previous cases where, like Trump, people have been convicted of falsifying business records.
They have also been applied in relation to low-level offences such as speeding, trespassing and marijuana-related convictions.
Leicester City’s owners have launched a landmark lawsuit against a helicopter manufacturer following the club chairman’s death in a crash in 2018.
Vichai Srivaddhanaprabha’s family are suing Italian company Leonardo SpA for £2.15bn after the 60-year-old chairman and four others were killed when their helicopter crashed just outside the King Power Stadium in October 2018.
The lawsuit is the largest fatal accident claim in English history, according to the family’s lawyers. They are asking for compensation for the loss of earnings and other damages, as a result of the billionaire’s death.
The legal action comes more than six years after the fatal crash and as an inquest into the death of the 60-year-old chairman and his fellow passengers is set to begin on Monday.
Mr Srivaddhanaprabha’s son Khun Aiyawatt Srivaddhanaprabha, who took over as the club’s chairman, said: “My family feels the loss of my father as much today as we ever have done.
“That my own children, and their cousins will never know their grandfather compounds our suffering… My father trusted Leonardo when he bought that helicopter but the conclusions of the report into his death show that his trust was fatally misplaced. I hold them wholly responsible for his death.”
The late Mr Srivaddhanaprabha’s company, King Power, was earning more than £2.5bn in revenue per year, according to his family’s lawyers. The lawsuit claims “that success was driven by Khun Vichai’s vision, drive, relationships, entrepreneurism, ingenuity and reputation.”
“All of this was lost with his death,” it adds.
The fatal crash took place shortly after the helicopter took off from Leicester’s ground following a 1-1 draw against West Ham on 27 October 2018.
The aircraft landed on a concrete step and four of the five occupants survived the initial impact, but all subsequently died in the fuel fire that engulfed the helicopter within a minute.
The other victims were two of Mr Srivaddhanaprabha’s staff, Nursara Suknamai and Kaveporn Punpare, pilot Eric Swaffer and Mr Swaffer’s girlfriend Izabela Roza Lechowicz, a fellow pilot.
Investigators found the pilot’s pedals became disconnected from the tail rotor – resulting in the aircraft making a sharp right turn which was “impossible” to control, before the helicopter spun quickly, approximately five times.
The Air Accidents Investigation Branch described this as “a catastrophic failure” and concluded the pilot was unable to prevent the crash.
The lawsuit alleges the crash was the result of ‘multiple failures’ in Leonardo’s design process. It also alleges that the manufacturer failed to warn customers or regulators about the risk.
Sky News has contacted helicopter manufacturer Leonardo for comment.