UK

The energy regulator has warned the UK is facing a “significant risk” of gas shortages this winter. The information, which was revealed in a letter sent from Ofgem last week and first revealed by The Times, spoke of the possibility of “gas supply emergency” measures to help preserve stocks due to the impact of Russia’s

Liz Truss is to delay the vote on cutting the 45p rate of tax for higher earners, a cabinet minister has told Sky News. The policy was announced in last Friday’s mini-budget, but would have to go to a vote of MPs before it could be approved. On Sunday, the party said any Tory MP

Liz Truss has admitted that she “should have laid the ground better” for the government’s tax-cutting mini-budget after the pound slumped to a record low. The prime minister said she has “learnt from that” and “will make sure in future we will do a better job of laying the ground”. Ms Truss also doubled down

A man has been charged with the murder of nine-year-old Olivia Pratt-Korbel who was shot dead in her home in Liverpool. The Crown Prosecution Service said 34-year-old Thomas Cashman has been charged with the girl’s murder and the attempted murder of her mother Cheryl. Cashman has also been charged with the attempted murder of convicted

The devolved governments of the UK want an urgent meeting with Chancellor Kwasi Kwarteng to discuss immediate action to reverse the damaging effects of the mini-budget. In a joint letter, the finance ministers of Wales, Scotland and Northern Ireland are warning that the government’s spending plans are a “huge gamble” that will mean another decade

Prince William has called for improved online safety for children after a coroner ruled social media contributed to the death of 14-year-old Molly Russell. The Prince of Wales said: “No parent should ever have to endure what Ian Russell and his family have been through. They have been so incredibly brave. Online safety for our

Liz Truss and Kwasi Kwarteng have met the head of the UK’s independent fiscal watchdog amid the fallout from the government’s mini-budget. The government confirmed that publication of the forecast would not be brought forward from 23 November – more than seven weeks away. The Office for Budget Responsibility (OBR) confirmed it would deliver an

A 34-year-old man has been arrested on suspicion of the murder of nine-year-old Olivia Pratt-Korbel. Olivia was killed in Dovecot, Liverpool on 22 August after a gunman fired shots into her home at about 10pm as he chased convicted burglar Joseph Nee. She was hit in the chest as she stood behind her mother who

Liz Truss has insisted “decisive action” by the government over its economic policies will help the UK going forward. Speaking to reporters, the prime minister said: “We have to look at what situation this country would be in if we hadn’t acted – people were facing fuel bills of up to £6,000, we had very

The Bank of England has launched a temporary bond-buying programme as it takes emergency action to prevent “material risk” to UK financial stability. It revealed that it would buy as many long-dated government bonds as needed between now and 14th October in a bid to stabilise financial markets in the wake of the mayhem that

The government has ruled out a U-turn on the costly tax-cutting mini-budget and the chancellor will not resign despite mounting pressure. It comes after a day in which the Bank of England was forced to launch a temporary bond-buying programme as it took emergency action to prevent “material risk” to UK financial stability. Bank’s ‘nearly

The Bank of England’s chief economist has said the government’s mini-budget, which led to the pound falling to a record low against the dollar, will require “a significant monetary policy response”. Speaking at the International Monetary Policy Forum, Huw Pill reasserted the Bank of England’s willingness to act to rein in inflation. Mortgage repayments could

The collapse of the value of the pound in the wake of Friday’s mini-budget appears to have stalled, for now, but only thanks to market expectations that the Bank of England will be forced to intervene. The rout for sterling, which began after Chancellor Kwasi Kwarteng revealed a £45bn tax cut plan on top of

The pound has fallen to a record low against the dollar amid a fresh investor rush towards the US currency globally. Sterling suffered worst as it slipped by nearly 5% early on Monday to $1.0327 – building on fresh 1985 lows seen on Friday after UK chancellor Kwasi Kwarteng unveiled the biggest programme of tax

The Bank of England says it “will not hesitate to change interest rates as necessary” after markets reacted badly to the chancellor’s tax-cutting mini-budget. In a statement, the Bank said it was “monitoring developments in financial markets very closely in light of the significant repricing of financial assets”. It came after the pound fell to

A freed British prisoner of war who was held by Russian-backed separatists has told Sky News how he was tortured over several days. John Harding said he was used as a “punching bag” by the guards in a holding facility in the self-declared Donetsk People’s Republic in eastern Ukraine. The centre was run by the

Labour will reverse the cut in the higher rate of income tax if it wins power at the next election, Sir Keir Starmer has said. Around 660,000 of the highest earners on more than £150,000 will benefit from the scrapping of the 45p rate, getting back on average £10,000 a year. Asked if Labour would

Buckingham Palace has released the first image of the new ledger stone marking the Queen’s final resting place. The late monarch was laid to rest on Monday evening in the King George VI Memorial Chapel in St George’s Chapel, Windsor Castle. Her parents and husband are also buried there. Elizabeth II’s name is inscribed on

This article was supposed to be a considered look at whether or not this mini-budget will generate the growth it was promising. It was supposed to be about whether it made sense to borrow so much money to finance tax cuts and whether this economic gamble (for a gamble it is) will actually work out.

The chancellor has denied suggestions he is gambling with the economy as his raft of tax cuts were met with a hostile reception – and sent the pound plummeting to a 37-year low. The Institute of Fiscal Studies (IFS) said he was “betting the house” by putting government debt on an “unsustainable rising path”. Only