House prices: soaring mortgage rates take the heat out of London property market

Average price dipped 0.6% to £544,113 in September, the biggest monthly fall since July last year. That eased the annual rate of increase from 7.3% to 6.9% but prices are still £3,000 below the record £547,319 reached in August. Agents say they have seen a slowdown in enquiries since Kwasi Kwarteng’s botched mini-Budget in September.
#KwasiKwarteng #EveningStandard #London #News #Business #Markets


3 weeks ago

‘A real and present danger’: NHS cuts will put lives at risk, health leader warns

The government is “living in a fantasy land” if it believes it can cut funds to the NHS without endangering patients. He also did not reverse his predecessor Kwasi Kwarteng’s decision to scrap the £7bn health and social levy.
#KwasiKwarteng #NHS #News #Business #Markets


1 months ago

Sterling dips as market trims BoE rate hike bets, yen scrabbles off 32-year low

British finance minister Jeremy Hunt scrapped most of Prime Minister Liz Truss's economic plan and scaled back her energy support scheme. The historic policy U-turn aimed to stem a loss of investor confidence since Hunt's predecessor Kwasi Kwarteng announced on Sept. 23 a string of tax cuts with no details of how they would be paid for.
#JeremyHunt #British #News #Business #Markets


1 months ago

UK PM Truss battles to stay in power after tax reforms trashed

British Prime Minister Liz Truss battles to stabilise her position after economic crash forced her into humiliating U-turns on tax reforms. New finance minister Jeremy Hunt axed almost all the debt-fuelled tax cuts announced last month in a budget by her predecessor, Kwasi Kwarteng. Truss's governing Conservative party tanked in opinion polls amid the reversals and Britain's worsening cost-of-living crisis.
#Truss #Mint #British #Britain #News #Business #Economy


1 months ago

Jeremy Hunt junks ‘Trussonomics’, UK PM Liz Truss in peril

New finance chief Jeremy Hunt parachuted into the job on Friday to replace sacked Kwasi Kwarteng. He estimated the tax changes would raise about £32 billion ($36 billion) per year. The chancellor of the exchequer said no government could control markets.
#JeremyHunt #Trussonomics #News #Business #Markets


1 months ago

The Indian Express

Chancellor of Exchequer, Kwasi Kwarteng, reversing policies that had caused mayhem across the financial markets. The proposals were ostensibly designed to revive the British economy. But the markets forced the pm’s hand.
#KwasiKwarteng #TheIndianExpress #British #News #Business #Markets


1 months ago

SNAPSHOT-Britain's bond market turmoil

Bank of England forced into emergency bond-buying to stem sharp sell-off in Britain's 2.1 trillion pound bond market. Sell-off began after finance minister Kwasi Kwarteng's tax-cut announcement. Prime Minister Liz Truss under pressure to change tack on an economic package that has roiled markets.
#KwasiKwarteng #BankofEngland #Britain #News #Business #Markets


1 months ago

Mortgage mayhem sparks fears of a housing market crash in Britain

Finance minister Kwasi Kwarteng's mini-budget on sept. 23 spooked markets with £45 billion ($50.5 billion) of debt-funded tax cuts, triggering a massive spike in government bond yields. The bank of England responded to the market mayhem with a temporary purchase program of long-dated bonds. However, Oxford Economics Chief U.K. Economist Andrew Goodwin suggested there could be more pain ahead.
#KwasiKwarteng #OxfordEconomics #Britain #News #Business #Markets


2 months ago

‘We have listened’: UK drops income tax cut for highest earners

Chancellor of the Exchequer Kwasi Kwarteng announced the decision in a tweet. He said the decision to scrap the 45% rate of income tax had become a "distraction" the announcement also came after former cabinet ministers voiced opposition over unfunded tax cuts.
#KwasiKwarteng #News #Business #Markets


2 months ago

Ex-BoE boss Carney says UK tax cuts complicate BoE inflation fight

Former bank of England governor criticises new government's tax cuts. Finance minister Kwasi Kwarteng followed through on prime minister's promises of tax cuts by announcing further tax reductions.
#Carney #BoE #News #Business #Economy


2 months ago

Bank of England's Pill sees "significant" move, but only in November

The bank of England is likely to deliver a significant policy response to finance minister Kwasi Kwarteng's huge tax cuts. But it should wait until its next scheduled meeting in November before making its move. The financial market upheaval would have a big impact on the economy, he said.
#KwasiKwarteng #BankofEngland #News #Business #Markets


2 months ago

Conservation groups brand mini-budget an ‘attack on nature’

RSPB, the Wildlife Trusts and the National Trust have criticised plans to create 38 “investment zones” across England. The announcement of the new areas by the chancellor, Kwasi Kwarteng, will act as a “carte blanche” for development, leading conservation charities warned.
#KwasiKwarteng #TheGuardian #England #News #Science #Enviornment


2 months ago