Hunt hands Truss lifeline as Sterling hits 12-day high against Euro
Truss apologises for ‘the mistakes that have been made’
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Little of Liz Truss’s ‘mini-budget’ remains after the newly appointed Chancellor announced the Government was scrapping the tax cuts in a bid to restore market confidence. So far it appears to have worked as the Pound-Euro hit its highest rate since September 6 at 1.1646. The news also means the Bank of England will not have to rush to raise interest rates. Chief UK Economist at Oxford Economics, Andrew Goodwin said the bank will “be under less pressure to take an aggressive approach”. Ms Truss faced increasing calls to resign over the mini-budget as several Tory MPs called for her to quit immediately. Armed forces minister James Heappey conceded the Prime Minister was “absolutely” forced into U-turning on her mini-budget saying she had gone “too far and too fast” and apologising “100 percent” for the mini-budget, which he said the Cabinet had backed.
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Pound hits highest since September
The Pound-Euro has hit its highest rate since September 6 at 1.1646 after the Chancellor announced a U-turn on the Government’s mini-budget.
Good morning I’m Francesca Edwards, I’ll be bringing you all the latest developments on the pound. Please feel free to get in touch with me as I work if you have a story or tips to share! Your thoughts are always welcome.
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