Liz Truss had to be convinced to issue statement amid market turmoil after mini-budget
Liz Truss had to be convinced to issue a government statement yesterday to calm the markets, Sky News understands.
Faced with market turmoil, spiking borrowing costs, and the drop in the value of the pound in the foreign exchange markets, the prime minister’s initial instinct was to stand firm and say little or nothing, unwilling to look like she might be shifting position.
UK policy condemned as ‘utterly irresponsible’ – pound latest
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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Why has the pound fallen to a record low?
Chancellor ‘more sympathetic’ to Bank’s concerns
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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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.
Two children and a woman have died in a shooting in County Fermanagh, police have said.
Two people were killed in the shooting on Wednesday morning, and a third, who was seriously injured, died in hospital in the afternoon.
A fourth person, a man, was seriously injured in the shooting in County Fermanagh, Northern Ireland.
All victims were from the same household, Superintendent Robert McGowan, district commander for Fermanagh and Omagh, said at a news conference.
Police have cordoned off the scene in the village of Maguiresbridge, about 75 miles (120km) southwest of Belfast.
“We can advise there is no ongoing risk to the public,” a Police Service of Northern Ireland spokesperson said.
There was no mention of a motive behind the shooting.
The scene in the Drummeer Road area of Maguiresbridge, Co Fermanagh. Pic: Oliver McVeigh /PA Wir
A murder investigation has been launched, with enquiries being at an early stage.
Supt McGowan said at the news conference that police don’t anticipate any arrests being made at this stage.
Emergency services were called to the Drummeer Road area of the village at around 8am on Wednesday following a report raised from the property, Supt McGowan said.
Two people were found dead at the scene, and two others seriously injured.
One patient was taken to the Royal Victoria Hospital, Belfast, by air ambulance and the other to South West Acute Hospital by ambulance. Supt McGowan said the third person died at the South West Acute Hospital.
Drummeer Road is currently closed, police said, warning that this could lead to delays on alternative roads.
Drummeer Road has been cordoned off. Pic: Oliver McVeigh /PA Wir
Secretary of State for Northern Ireland Hilary Benn said: “The news from Maguiresbridge is tragic and deeply distressing.
“My thoughts are with the victims, their relatives and the local community in Fermanagh. I would urge the public not to speculate and to allow the PSNI to continue their investigation.”
Sinn Fein MP Pat Cullen has expressed her deep shock over the shooting, saying: “Firstly, my thoughts are with the victims and their families at this tragic time.”
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DUP MLA Deborah Erskine, who represents the area in the Northern Ireland Assembly, said that the community was “stunned” by the shooting in “a rural, quiet area”.
“Everyone is deeply affected by what has happened this morning,” she said.
Five “violent” and “dangerous” gang members have been found guilty of murdering a boy and a young man at a music video shoot in a north London estate.
The men had gone to the Elthorne Estate in Archway “with the intention of killing anyone they could”, the Metropolitan Police said.
And the group mistook those they attacked for rival gang members.
Lorik Lupqi, 21; Jason Furtado, 28; Abel Chunda, 29; Xavier Poponne, 22; and Eden Clark, 31, were convicted of murdering 15-year-old Leonardo Reid and 23-year-old Klevi Shekaj and attempting to murder 28-year-old Abdullah Abdullahi.
(L-R) Xavier Poponne, Lorik Lupqi and Abel Chunda. Pic: Met Police
Leonardo and Mr Shekaj were fatally stabbed and Mr Abdullahi was badly hurt when knifemen descended on the event on the night of 29 June 2023.
Leonardo and his brother had been watching a music video being filmed with friends.
Police said Lupqi, a gang member from Islington, saw the gathering at around 8.30pm and took it as an opportunity to hurt those he thought were gang opponents.
He messaged his girlfriend stating that “opps were outside”. She advised him to remain inside, but Lupqi decided to contact his close friend and gang associate Jason Furtado.
They formed a plan and recruited gang members Chunda, Clark and Poponne to travel to the estate.
Lupqi had booked a taxi to pick up the three men from the area of Furtado’s home address in Canonbury, north London, telling the cab firm: “I’m in a little bit of a rush,” the jury heard.
They had worn masks and were armed as they went to the Elthorne Estate where they met Lupqi, the court was told.
(L-R) Jason Furtado and Eden Clark. Pic: Met Police/PA
By the time they arrived, the filming had ended, and most people had left, but some local children and teenagers remained in the area.
The group then carried out their deadly attack.
The alarm was raised as a black-clad figure wearing a balaclava was spotted crouching down and moving towards Leonardo, his brother and others, with a large knife.
Three more males in black stood up from where they had been hiding behind cars as they edged towards the group, the court was told.
Leonardo was stabbed in the chest, with the wound cutting through his left lung and one of the major blood vessels in his body, causing fatal blood loss.
Leonardo’s brother had run away from the scene but later looped back and saw his sibling lying motionless on the ground, the court heard.
Mr Shekaj was stabbed in the back, with the wound cutting through his left lung and deep into his body.
He was driven to Whittington Hospital by members of the public but he died on arrival.
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Detective Inspector Jim Barry said: “These violent men went into this estate with the intention of killing anyone they could, under the false impression that those there were rival gang members.
“This was a senseless, violent act which has shattered the lives of so many, especially Leonardo and Klevi’s loved ones.
“This dangerous group of men will now spend a long time behind bars but the effect of what they did will be felt by the victim’s shattered families for longer.”
The five killers will appear at the same court on 25 and 26 September for sentencing.
A third person has died in a shooting in Co Fermanagh, police have said.
Two people were killed in the shooting on Wednesday morning, and a third, who was seriously injured, died in the afternoon.
A fourth person was seriously injured in the shooting in County Fermanagh, Northern Ireland.
All victims were from the same household, Superintendent Robert McGowan, District Commander for Fermanagh and Omagh, said at a news conference.
They have cordoned off the scene in the village of Maguiresbridge, about 75 miles (120km) southwest of Belfast.
“We can advise there is no ongoing risk to the public,” a Police Service of Northern Ireland spokesperson said.
There was no mention of a motive behind the shooting.
The scene in the Drummeer Road area of Maguiresbridge, Co Fermanagh. Pic: Oliver McVeigh /PA Wir
A murder investigation has been launched.
Supt McGowan said at the news conference that police don’t anticipate any arrests to be made at this stage.
Emergency services were called to the shooting in the Drummeer Road area of the village at around 8am on Wednesday, a spokesperson for the Northern Ireland Ambulance Service said.
They confirmed that two people had been injured.
“Following assessment and initial treatment at scene, one patient has been taken to the Royal Victoria Hospital, Belfast, by air ambulance and another to South West Acute Hospital by ambulance,” the spokesperson added.
Drummeer Road is currently closed, police said, warning that this could lead to delays on alternative roads.
Drummeer Road has been cordoned off. Pic: Oliver McVeigh /PA Wir
Secretary of State for Northern Ireland Hilary Benn said: “The news from Maguiresbridge is tragic and deeply distressing.
“My thoughts are with the victims, their relatives and the local community in Fermanagh. I would urge the public not to speculate and to allow the PSNI to continue their investigation.”
Sinn Fein MP Pat Cullen has expressed her deep shock over the shooting, saying: “Firstly, my thoughts are with the victims and their families at this tragic time.”
Read more from Sky News:
Jailed traders’ convictions overturned
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DUP MLA Deborah Erskine, who represents the area in the Northern Ireland Assembly, said that the community was “stunned” by the shooting in “a rural, quiet area.”
“Everyone is deeply affected by what has happened this morning,” she said.
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