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Pound UK economy latest: Truss acknowledges market turmoil as S&P downgrades UK outlook

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Prime Minister Liz Truss said his economic plan would cause chaos in the short term, as the Welsh minister said strict spending cuts were imminent.

Her comments came as the S&P rating for the UK changed its outlook on Friday from stable to negative.

Contributing to The Sun, Ms Trus admitted that not everyone will like what we do.

She said: We need to get things done faster in this country. So I’ll do something else. This involves difficult decisions and chaos in the short term.

Meanwhile, Wales Minister Robert Buckland told Sky News that there will be an announcement about spending cuts next week.

Elsewhere, Prime Minister Kwasi Kwarteng argued that he had no choice but to cut taxes for the rich.

He also said the November statement would include commitments to discipline over spending.

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Teachers have accused the government of dragging a foot into the inclusion of black history in the nation’s curricula.

As Black History Month began, the president of the National Education Union (NEU) questioned why the government needed two years to make the curriculum more inclusive.

Currently, black history is not included in the national curriculum. That said, it’s not mandatory in UK schools to teach what activists and teachers have been lobbying for change for years.

More from Gyeongju correspondent Nadine White:

Education leaders are ministers drawn to adding black history to the education process.

Maryam Zakir-Hussain1 October 2022 10:50

1664614804 Giving green money to the wealthiest 1% will make society more egalitarian, says Greens co-leader.

Green Party co-leader Adrian Ramsay said raising a green fund by taxing the wealthiest 1% of society aims to make our society more egalitarian.

Taxes will see America’s wealthiest people donate 1% of their money to a fund that helps build a greener society.

Ramsey told the BBC breakfast: We’ve seen the economic chaos caused by small budgets that make our societies more unequal.

It’s about working to make our society more egalitarian.

Maryam Zakir-Hussain1 October 2022 10:00

1664613304 Liz Truss admits that the UK has faced economic chaos due to its mini-budget.

Liz Truss admits that Prime Minister Kwasi Kwartengs caused chaos when he vowed to behave differently from former Conservative leaders.

As the Conservatives prepare for their annual meeting, the prime minister has warned the country will face a difficult winter by making it clear that he has no plans to change the agenda for radical tax cuts fueled by borrowing.

I know there’s some confusion, but it’s really, really important to be able to help families as quickly as possible, PM pointed out to broadcasters Friday’s cap on cost per unit of energy.

Liz Truss admits Britain is facing economic turmoil due to mini-budget

Maryam Zakir-Hussain1 October 2022 09:35

1664611804 Mick Lynch apologizes to London marathon runners for rail strike but says government blames

RMT Secretary General Mick Lynch apologized to the public, including London Marathon runners, who were facing traffic disruptions due to the rail strike.

In an interview with BBC Breakfast, Lynch warns that unions do not want to inconvenience people, but that it is the government that has created the conflict.

When asked if he was willing to apologize to the public, he said, “Of course. I do not want to cause inconvenience to the public and I am very sorry that this happened.

However, the government has sparked this controversy. They put down our challenges, cut our jobs, cut our pensions, and cut wages against inflation.

Lynch adds that it looks very pleasant, but what is needed is a change of attitude at the negotiating table.

He added: Grant Shapps did not allow compromises. So I hope there will be a change of mood and position.

Maryam Zakir-Hussain1 October 2022 09:10

1664611592 Cabinet Minister Proposes Strict Spending Cuts Coming

Welsh Secretary Robert Buckland acknowledged there was some confusion in the market this week, but insisted the government would stick with its plans to encourage growth.

As economists and union leaders warn of a return to austerity, cabinet ministers have suggested cuts in public spending are underway, writes Adam Forrest.

Buckland told Sky News that there will be an announcement on spending in the coming weeks.

The minister said the government will reassure the market so that the ministry will try to balance the books in a way that is as efficient and reasonable as possible.

Maryam Zakir-Hussain1 October 2022 09:06

1664610604 Greens call for 75 billion tax on polluters and the wealthy

Greens have called for an urgent 75 billion tax package targeting polluters and the nation’s wealthiest individuals to fund a national insulation and renewable energy program.

At the party’s annual meeting in Harrogate, co-chair Carla Denyer called for a new property tax for the wealthiest 1% of households, starting with a marginal rate of 1% for 3.4 million households and rising to 10% for 18.2 million households. above.

She said there should be a dirty profit tax on North Sea oil and gas to be used as a stepping stone towards a permanent carbon tax on polluting industries.

Greens call for 75 billion tax on polluters and the wealthy

Maryam Zakir-Hussain1 October 2022 08:50

Energy rates hit an all-time high as the 1664609404 price cap was lifted.

As prices skyrocketed from Saturday, families have been urged to photograph meter readings and do what they can to reduce energy use.

The amount a household pays per kilowatt-hour of electricity has increased from the already recorded 28p to 34p.

Gas prices will increase from 7p per kilowatt-hour to 10p per kilowatt-hour under the new price cap.

This means that while the average household in the UK spends around $2,500 on energy, households with heavy gas and electricity users will naturally pay more.

Just a year ago, at the price cap, for customers, gas was 4p per kilowatt-hour and electricity was 21p.

Energy rates rise to all-time highs as price caps are lifted

Maryam Zakir-Hussain1 October 2022 08:30

1664608204 Kwarteng advocates mini-budget that the state has no other choice’

The prime minister defended the mini-budget by saying that the government had no choice but to do other things to revitalize the economy.

As the prime minister admits that the strategy has caused havoc, Kwasi Kwarteng said the public expects public spending to be tightly controlled.

UK taxpayers expect their governments to work as efficiently and effectively as possible and we will live up to their expectations, he wrote to the Daily Telegraph.

Not all measures we announced last week are universally popular. But we had to do something else. We had no other choice.

Kwarteng insists that he has no choice but to do other things with the economy.

Maryam Zakir-Hussain1 October 2022 08:10

1664606742 What Liz Truss Tory Conference Speech Writers Do

One way to gauge the scale of the challenges Liz Truss faces at next week’s Conservative Party meeting is to imagine a draft speech for her.

Sean OGrady ponders what a PM might try in Birmingham.

What a Liz Trusss Tory Conference Speaker Should Do

Sravasti Dasgupta1 October 2022 07:45

1664604942 Conservative MPs can help Labor cut part of the prime minister’s budget.

Conservative lawmakers are known to be in talks with Labor to defeat certain parts of Kwasi Kwartengs’ mini-budget.

The rebels appear to be discussing with the opposition so that the government can vote on the controversial new measure in the lower house.

Conservative MPs could help Labor cut part of the prime minister’s budget.

Sravasti Dasgupta1 October 2022 07:15

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