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Liz Truss was on Thursday locked in discussions on a major U-turn on the government’s “mini” Budget, prompting a market rally amid expectations that a £43bn package of unfunded tax cuts is unravelling. Government insiders confirmed talks were taking place on whether to unwind parts of chancellor Kwasi Kwarteng’s fiscal statement, with speculation it could
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US Treasury secretary Janet Yellen said the move by Opec+ to cut oil production was “unhelpful and unwise” for the global economy, particularly emerging markets already struggling with high energy prices. The Biden administration has been loudly critical of the decision by the oil cartel backed by Saudi Arabia and Russia this week, which took
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An explosion tore through Russia’s bridge across the Kerch Strait to Crimea early on Saturday, severely damaging it in a major blow to Vladimir Putin more than seven months into his invasion of Ukraine. Russia’s anti-terrorist committee said a truck exploded on the bridge’s roadside in the early hours of Saturday morning and caused seven
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Ukrainian troops have reported outages of their Starlink communication devices on the frontline, hindering efforts to liberate territory from Russian forces, according to Ukrainian officials and soldiers. Thousands of Starlink terminals, made by Elon Musk-owned SpaceX, were purchased by the US government and crowdfunded by donors to help Ukrainian troops operate drones, receive vital intelligence
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Saudi Arabia and Russia have led the Opec+ cartel in a deal to make deep oil production cuts to raise prices, risking a backlash from the US and European countries already battling surging energy inflation. The Opec+ group will cut 2mn barrels a day, equivalent to 2 per cent of global supply, it said, following
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The Bank of England took emergency action on Wednesday to avoid a meltdown in the UK pensions sector, unleashing a £65bn bond-buying programme to stem a crisis in government debt markets. The central bank warned of a “material risk to UK financial stability” from turmoil in the gilts market sparked by chancellor Kwasi Kwarteng’s tax
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The IMF has launched a biting attack on the UK’s plan to implement £45bn of debt-funded tax cuts, urging the government to “re-evaluate” the plan and warning that the “untargeted” package threatens to stoke soaring inflation. The multilateral lender said it was “closely monitoring” developments in the UK and was “engaged with the authorities” after
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