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Zahawi Working on "Options" for Next PM (7:09 a.m.) UK Chancellor of the Exchequer Nadhim Zahawi said he's "working flat out" to develop options for the next prime minister to act on energy bills. Keywords: 2672Z@LN; BUSINESS; CMD; EUROPE; GOV; NRG; UK; WORLD EN 2672Z@LN BUSINESS CMD EUROPE GOV NRG UK WORLD RH7SHKT1UM0W Bills for households with average consumption will be capped at £3,549 ($4,189) from Oct. 1, Ofgem said. Truss Vows "Flat-Out" Work; Sunak Targets Poorest: UK Energy Cap. [Extracted from the article]

Truss Vows "Flat-Out" Effort; Solar Demand Surges: UK Energy Cap Demand for Solar Panels Surges (9:13 a.m.) Demand for solar panel installation is rising as British households seek to bring down energy bills ahead of the looming cost hikes. Zahawi Working on "Options" for Next PM (7:09 a.m.) UK Chancellor of the Exchequer Nadhim Zahawi said he's "working flat out" to develop options for the next prime minister to act on energy bills. [Extracted from the article]

Zahawi Working on "Options" for Next PM (7:09 a.m.) UK Chancellor of the Exchequer Nadhim Zahawi said he's "working flat out" to develop options for the next prime minister to act on energy bills. Keywords: 2672Z@LN; ALTNRG; BUSINESS; CMD; COS; EUROPE; GOV; INDUSTRIES; NRG; UK; WORLD EN 2672Z@LN ALTNRG BUSINESS CMD COS EUROPE GOV INDUSTRIES NRG UK WORLD RH7QKPT0G1KW Bills for households with average consumption will be capped at £3,549 ($4,189) from Oct. 1, Ofgem said. Truss Vows "Flat-Out" Effort; Solar Demand Surges: UK Energy Cap. [Extracted from the article]

Liz Truss will set out her plan to tackle soaring energy bills on Thursday, using her first significant act as UK prime minister to try to head off the intense pressure she faces to ease an historic cost-of-living crisis. [ABSTRACT FROM AUTHOR]

Prime Minister Liz Truss said she would set out her plan Thursday to help UK households and business facing soaring energy bills, as she ruled out funding the support package with a windfall tax on companies. [ABSTRACT FROM AUTHOR]

Prime Minister Liz Truss said she would set out her plan Thursday to help UK households and business facing soaring energy bills, as she ruled out funding the support package with a windfall tax on companies. [ABSTRACT FROM AUTHOR]

2672Z@LN, BUSINESS, CMD, COS, EUROPE, GEN, GOV, INDUSTRIES, NRG, POL, UK, UTI, WORLD Keywords: 2672Z@LN; BUSINESS; CMD; COS; EUROPE; GEN; GOV; INDUSTRIES; NRG; POL; UK; UTI; WORLD EN 2672Z@LN BUSINESS CMD COS EUROPE GEN GOV INDUSTRIES NRG POL UK UTI WORLD RH7OO5T1UM0W (Bloomberg) -- Liz Truss's campaign to be UK prime minister has appeared straightforward, with promises of tax cuts and optimism in the face of an economic crisis helping her to a comfortable poll lead over Rishi Sunak. [Extracted from the article]

The MP said they're worried a Truss government would turn Britain into an experiment on whether the Laffer curve theory - that lower tax rates can lift government revenues by spurring people to work and invest more - could help solve a cost-of-living crisis. Keywords: 2672Z@LN; ALLTOP; BUSINESS; CMD; COS; EUROPE; GEN; GENTOP; GOV; INDUSTRIES; NRG; POL; UK; UTI; WORLD; WWTOP; WWTOPEU EN 2672Z@LN ALLTOP BUSINESS CMD COS EUROPE GEN GENTOP GOV INDUSTRIES NRG POL UK UTI WORLD WWTOP WWTOPEU RH7OO5T1UM0W (Bloomberg) -- Liz Truss's campaign to be UK prime minister has appeared straightforward, with promises of tax cuts and optimism in the face of an economic crisis helping her to a comfortable poll lead over Rishi Sunak. [Extracted from the article]

On her first full day on the job, UK Prime Minister Liz Truss has managed to evoke the memory of Margaret Thatcher in at least one regard: the sterling-dollar exchange rate. [ABSTRACT FROM AUTHOR]

On her first full day on the job, UK Prime Minister Liz Truss has managed to evoke the memory of Margaret Thatcher in at least one regard: the sterling-dollar exchange rate. [ABSTRACT FROM AUTHOR]

Prime Minister Liz Truss said she would set out her plan Thursday to help UK households and business facing soaring energy bills, as she ruled out funding the support package with a windfall tax on companies. [ABSTRACT FROM AUTHOR]

Keywords: 2672Z@LN; ALLTOP; BUSINESS; CMD; CONS; COS; EUROPE; EURTOP; GEN; GOV; INDUSTRIES; LAW; NRG; POL; TOP; UK; UTI; WORLD; WWTOP; WWTOPAM; WWTOPEU EN 2672Z@LN ALLTOP BUSINESS CMD CONS COS EUROPE EURTOP GEN GOV INDUSTRIES LAW NRG POL TOP UK UTI WORLD WWTOP WWTOPAM WWTOPEU RH7Y8MT0AFB6 With just 10 days to go until Boris Johnson's successor as premier and Conservative Party leader is announced, neither candidate has detailed how much assistance they'll provide to families and businesses who face soaring energy costs, despite Chancellor of the Exchequer Nadhim Zahawi conceding that the current support package is "not enough." Sunak, Zahawi's predecessor who as chancellor in May announced a £15 billion support package, has vowed to enhance that. [Extracted from the article]

BOE's Bailey Says Truss Risk Premium on UK Assets is "Gone" (Bloomberg) -- Bank of England Governor Andrew Bailey said the risk premium on UK assets since September is "pretty much gone" but that confidence remains fragile. Bailey confirmed the BOE made a profit of about £3.8 billion from emergency bond purchases it made last year and finished selling off on Jan. 12. [Extracted from the article]

(Bloomberg) -- Bank of England Governor Andrew Bailey said the risk premium on UK assets since September is "pretty much gone" but that confidence remains fragile. Investors dumped UK assets including the pound and government bonds after then-Prime Minister Liz Truss's disastrous budget program set out a series of unfunded tax cuts. BOE's Bailey Says Truss Risk Premium on UK Assets is "Gone". [Extracted from the article]

(Bloomberg) -- Almost nobody was buying offices in London in the final quarter of 2022 as the market turmoil from now-abandoned government spending plans sent borrowing costs soaring. Would-be sellers have yet to mark down their holdings or breach their loan terms, which could pressure them to sell. [Extracted from the article]

- Kitty DonaldsonUK politics editor"I didn't expect Liz Truss to become prime minister. - Joe MayesUK politics reporter Economy "Of the countless things I got wrong this year, my biggest misjudgment was the pound's reaction to Liz Truss becoming prime minister and slashing taxes (or at least trying to). [Extracted from the article]

£25 Billion The amount that Chancellor of the Exchequer Jeremy Hunt, who was parachuted in by a desperate Truss and stayed on under Sunak, then raised taxes in his Nov. 17 Autumn Statement. (Bloomberg) -- From the death of its longest-reigning monarch to the arrival - and departure - of its shortest-serving prime minister, the UK endured a year of political and economic turmoil in 2022. [Extracted from the article]

- Joe MayesUK politics reporter Economy "Of the countless things I got wrong this year, my biggest misjudgment was the pound's reaction to Liz Truss becoming prime minister and slashing taxes (or at least trying to). - Kitty DonaldsonUK politics editor"I didn't expect Liz Truss to become prime minister. [Extracted from the article]

Some of Johnson's allies partly blame Sunak for the former premier's downfall, while Sunak fired many of Truss's supporters from government -- including Clarke -- when he became prime minister, creating a rump of potential trouble-makers. (Bloomberg) -- Former prime ministers Liz Truss and Boris Johnson joined a parliamentary rebellion aiming to overturn England's effective ban on onshore wind farms, creating a fresh headache for UK leader Rishi Sunak. [Extracted from the article]

Some of Johnson's allies partly blame Sunak for the former premier's downfall, while Sunak fired many of Truss's supporters from government -- including Clarke -- when he became prime minister, creating a rump of potential trouble-makers. (Bloomberg) -- Former prime ministers Liz Truss and Boris Johnson joined a parliamentary rebellion aiming to overturn Britain's effective ban on onshore wind farms, creating a fresh headache for UK leader Rishi Sunak. [Extracted from the article]

Kwarteng had an updated forecast on his desk on arriving at the Treasury on Sept. 7, but within two days told the OBR its services would not be needed, Hughes said. (Bloomberg) -- Former UK Chancellor of the Exchequer Kwasi Kwarteng called his ill-judged £45 billion ($53 billion) tax giveaway a "Growth Plan" to avoid having to publish a bleak economic forecast alongside his boosterish September statement, according to the Office for Budget Responsibility. Truss Government Avoided "Budget" Label to Dodge Scrutiny. [Extracted from the article]

(Bloomberg) -- The downwards spiral in pension funds and intervention by the Bank of England to prop up UK government debt was caused by Liz Truss's Mini Budget, Legal & General Plc's chief executive officer and chairman said. There needs to be reflection and assessment of the benefits LDI strategies have offered over the past 20 years compared to stress on the system caused by the gilt market crash to determine how to regulate the market in the future, Kingman said. [Extracted from the article]

Hunt said that instead he would rather boost investment toward Britain's research industries, in an attempt to support knowledge-intensive growth clusters. The UK government reversed one of former Prime Minister Liz Truss's flagship policies, confirming that it won't pursue her vision for low-tax, low-regulation investment zones. [Extracted from the article]

When the removal of stamp duty on property transactions was announced in September, no plan for a complete removal of the tax cut was included. UK Chancellor Jeremy Hunt says the stamp duty tax cut announced in September's "mini-budget" will be reversed in 2025. [Extracted from the article]

Hunt said that instead he would rather boost investment toward Britain's research industries, in an attempt to support knowledge-intensive growth clusters. The UK government reversed one of former Prime Minister Liz Truss's flagship policies, confirming that it won't pursue her vision for low-tax, low-regulation investment zones. [Extracted from the article]

(Bloomberg) -- UK consumer confidence ticked higher for a second month after Prime Minister Rishi Sunak worked to stabilize the economy following the disastrous and short tenure of his predecessor, Liz Truss. UK Consumer Confidence Ticks Up in "Sigh of Relief" After Truss "This month's fillip is likely to reflect nothing more than a collective sigh of relief as a new prime minister takes charge following the alarming fiscal antics we saw in September", said Joe Staton, client strategy director at GfK. [Extracted from the article]

(Bloomberg) -- Bank of England Governor Andrew Bailey said Liz Truss damaged the country's reputation with investors during her weeks as prime minister with unfunded tax giveaway that ultimately caused the collapse of her government The UK's standing "has taken a knock" and it will take time to correct, Bailey told members of Parliament on Wednesday. Asked what the BOE planned to pay its staff, Bailey said the discussions were ongoing but the settlement would be less than 6%. [Extracted from the article]

Bailey Says Labor Market Tight But Competition for Staff Easing (2:39 p.m.) Bailey said the UK labor market remains "tight" but that worker shortages are easing, suggesting less inflationary pressure on wages than a few months ago. (Bloomberg) -- Bank of England policy makers led by Governor Andrew Bailey set out their outlook for the UK economy as inflation soared to its highest level in 41 years. [Extracted from the article]

(Bloomberg) -- Former Prime Minister Liz Truss's short-lived UK government "could have got away with" her economic plans, but she went too far by bringing forward unexpected tax cuts and refusing to let the independent fiscal watchdog run the numbers, one of her advisers said. UK's Kwarteng Says He Told Liz Truss She Was Going Too Fast In an interview with TalkTV on Thursday, Kwarteng sought to blame the fiasco on Truss for wanting to move too fast, and said he only bore "some responsibility.". [Extracted from the article]

(Bloomberg) -- Former UK chancellor Kwasi Kwarteng said he warned ex-premier Liz Truss she needed to "slow down" her economic plans, and told her she was "mad" to fire him. At the time, Kwarteng dismissed the reaction from investors and promised even more tax cuts. [Extracted from the article]

Bank of England Governor Andrew Bailey rejected the notion that he helped contribute to the downfall of Prime Minister Liz Truss, saying extending a market intervention would have created more problems. Kocherlakota said the BOE's failure to regulate pension funds properly along with its decision to pull the plug on a emergency support for bond markets meant that it was the central bank that forced Truss to quit. [Extracted from the article]

(Bloomberg) -- Rishi Sunak said the UK budget this month will help the Conservative Party regain some of the trust that was lost during his predecessor's disastrous time as prime minister. In an interview with the Times published late Friday, Sunak sought to emphasize his credentials as a former chancellor of the exchequer and denounced Liz Truss's mini-budget at the end of September as a "sugar rush.". [Extracted from the article]

(Bloomberg) -- Rishi Sunak said the UK budget this month will help the Conservative Party regain some of the trust that was lost during his predecessor's disastrous time as prime minister. In an interview with the Times published late Friday, Sunak sought to emphasize his credentials as a former chancellor of the exchequer and denounced Liz Truss's mini-budget at the end of September as a "sugar rush.". [Extracted from the article]

The BOE Did: Narayana Kocherlakota BOE Tells Investors to Rein In Expectations for Rate Hikes ©2022 Bloomberg L.P. Bank of England Governor Andrew Bailey rejected the notion that he helped contribute to the downfall of Prime Minister Liz Truss, saying extending a market intervention would have created more problems. [Extracted from the article]

"There has been a UK premium on rates", Bailey said. Bank of England Governor Andrew Bailey said the recent market turmoil triggered by former Prime Minister Liz Truss's fiscal plans damaged UK credibility and it will have a lasting effect through a premium on borrowing costs. [Extracted from the article]

(Bloomberg) -- Trade Secretary Kemi Badenoch questioned the accuracy of economic forecasts produced by the UK's independent fiscal watchdog, weeks before the government is due to announce a package of tax rises and spending cuts meant to reassure markets about the state of the country's finances. The government will work "in partnership with the OBR to get good forecasting", Badenoch said, adding that "we respect the institutions and we work well with them.". [Extracted from the article]

Badenoch, who worked in the Treasury during the pandemic, told Bloomberg Radio on Tuesday she disputes the Office for Budget Responsibility's view that leaving the European Union will hurt UK trade, adding that she remembers "pretty much every previous OBR forecast never being quite right." (Bloomberg) -- Trade Secretary Kemi Badenoch questioned the accuracy of economic forecasts produced by the UK's independent fiscal watchdog, weeks before the government is due to announce a package of tax rises and spending cuts meant to reassure markets about the state of the country's finances. [Extracted from the article]

An index of high-grade sterling company debt saw yields drop by about 73 basis points in October, the most since August 2009, according to data compiled by Bloomberg. (Bloomberg) -- Sterling corporate bonds just capped their best month since 2009, yet still have a long way to go to retrace the damage done by Liz Truss's turbulent reign. [Extracted from the article]

S&P Global's survey of private sector purchasing managers fell to 47.2 in October, well below the 48.1 reading economists had expected and deeper into territory indicating a contraction. The UK political storm that prompted Prime Minister Liz Truss to step aside is intensifying a downturn in the economy and darkening the outlook for businesses. [Extracted from the article]

(Bloomberg) -- Prime Minister Liz Truss's brief time in office will carry a sizable price tag for the UK economy, according to Bloomberg Economics. Adding to the strain, Bloomberg Economics sees inflation spiking to 12% in April, forcing the Bank of England to hike its key interest rate to a peak of 4.25% by next May from 2.25% now. [Extracted from the article]

Just seven weeks after Truss traveled to meet Queen Elizabeth II to become premier, Sunak will meet King Charles III on Tuesday to formally replace her. (Bloomberg) -- Rishi Sunak spent the summer trying to warn the Conservative Party that Liz Truss would trash the economy if she became UK prime minister. [Extracted from the article]

Despite her short tenure as Prime Minister, Liz Truss is eligible to claim a £115,000 ($129,306) per year allowance for the rest of her life. Truss's 44-day tenure qualifies her for the Public Duty Costs Allowance. Liz Truss's 44 Days in Office Net Her a £115,000 Yearly Stipend for Life. [Extracted from the article]

(Bloomberg) -- Jamie Dimon makes a point of introducing himself to new chancellors of the exchequer in the UK, where JPMorgan Chase & Co., the bank he runs, has a large presence. Dimon spoke with Kwasi Kwarteng during the latter's five-week stint in charge of Britain's purse strings, when he was told the government would prioritize the growth of financial firms. [Extracted from the article]

Escalating inflation, higher borrowing costs and a likely recession are in store for Liz Truss's successor as Britain's prime minister. Soaring food prices drove UK inflation back into double digits in September, intensifying pressure on the government and central bank to act. [Extracted from the article]

(Bloomberg) -- As we settle into Saturday, it's hard not to notice the contrasting political fortunes of leaders in the UK and China. When Beijing's big Communist Party grandstand wraps up on Sunday, we'll finally get to know the new line-up of leaders around President Xi Jinping who will run the country for the next five years. Xi's been helming the world's most populous nation now for more than 3,600 days and to understand just how strong his grip on the country has become, take a look at the career path of this controversial regional chief. [Extracted from the article]

Yet even before Truss stepped down, companies were calling for more clarity over what would happen when the aid package ends. (Bloomberg) -- After Liz Truss's resignation, companies from Aldi to Ryanair Holdings Plc took to social media to poke fun at the UK's shortest-serving prime minister, and the chaos that defined her time in office. [Extracted from the article]

(Bloomberg) -- After Liz Truss's resignation, companies from Aldi to Ryanair Holdings Plc took to social media to poke fun at the UK's shortest-serving prime minister, and the chaos that defined her time in office. Yet even before Truss stepped down, companies were calling for more clarity over what would happen when the aid package ends. [Extracted from the article]

(Bloomberg) -- The UK put on hold Liz Truss's plan to cancel a government program to help small businesses, according to two people familiar with the matter, with decisions on new policy coming to a halt after the prime minister announced her resignation. A government spokesperson confirmed both digital and management "Help to Grow" programs remain in place. [Extracted from the article]

No matter who replaces Liz Truss, the next British prime minister will inherit an economy damned for the immediate future by rising borrowing costs, crippling energy bills, high taxes and no strategy about how to revive growth. The race is already underway to succeed Truss, who exits Downing Street after her bid to deliver "growth, growth, growth" via unfunded tax cuts for the wealthy spectacularly backfired. [Extracted from the article]