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The article reports on the approval ratings of British Prime Minister Liz Truss and the Conservative Party which dropped to their lowest due to her budget plan and tax cuts advocacy. It informs about the government's implementation of tax cuts, dismissal of Treasury officer Tom Scholar and refusal to commission forecasts from the Office for Budget Responsibility (OBR). It discusses the failure of Truss to gain control of politics, direct economic activity and convince reforms to planning law.

The article focuses on transplanting several-year-old economic policy from America to Britain that will not work. Topics include examines Liz Truss, Britain new prime minister implement Reaganomics in Britain and again create dissonance in economic policy and the Bank of England (BoE) fight annual inflation of several percentage.

The article offers international political news briefs as of September 10, 2022. Liz Truss has became the prime minister winning the leadership contest of Conservative Party of Great Britain. Rockets are being purchased by Russia from North Korea with an aim to deploy in Ukraine. An Annual cap on permanent immigration has been raised by Australia due to labor shortage.

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]

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The article presents the discussion on marrying conviction to political pragmatism. Topics include Prime Minister presiding over a vastly expensive programme of intervention in capping prices in the wholesale gas market; and manufacturing companies to pubs and shops and care homes facing much steeper rises.

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]

The article reports on the positions expressed by candidates Liz Truss and Rishi Sunak on several issues in Great Britain as they campaign to become the next prime minister and head of the Conservative Party. Other topics include the economic challenges in the country like the high inflation, taxation, and economic stagnation, and the lead by Truss over Sunak to become the next prime minister.

The article discusses privileges and protection afforded to former prime ministers received by Liz Truss, former prime minister of the United Kingdom, despite her short-lived tenure as prime minister. Topics discused include complains of Truss about having little control in government shared by Tory ministers and helplessness within the Conservative Party, complains on having little say on foreign policy, and Taiwan visited by Truss since the former prime minister Margaret Thatcher in 1990s.

The article offers economy news briefs. As is traditional whenever England's footballers do well, the country's newspapers have begun to speculate excitedly that the team could even win the whole tournament (it is equally traditional that it never actually does). The opening game packed Old Trafford, the home of Manchester United, with 68,871 spectators.

The article discusses fear of Rachel Reeves, shadow chancellor of the Labor, on re-emergence of political instability in Westminster in London, England between 2016 and 2019. Topics discussed include nationalization of steel industry by Labor in 1951 along with privatization by the Conservatives in 1953, budget of the former prime minister Liz Truss that impaled pension funds, and aim of Reeves on ailing public sector of Great Britain.

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) -- 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]

(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]

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]

Liz Truss's decision to sack chancellor and backtrack on mini-budget may be too-little-too-late to salvage UK financial markets [ABSTRACT FROM AUTHOR]

The article reports that Jeremy Hunt is chancellor in name but prime minister of Britain, Liz Truss is in practice. Topics include considered in his first week he has undone about several billion of tax cuts and reforms that Ms Truss was elected by Tory party members to carry out; her measures had sparked panic in markets and a plunge in the polls and considered by the end of his first month in the job Mr Hunt reveal tax rises and spend cuts worth tens of billions more.

The article focuses on the country of political instability, low growth and subordination to the bond markets. Topics include considered in 2012 Liz Truss and Kwasi Kwarteng, two of the authors of a pamphlet called "Britannia Unchained" used Italy as a warning and considered bloated public services, low growth, poor productivity is the problems of Italy and other southern European countries were also present in Britain.

With Liz Truss' Departure, Britain's "Salad Days" Are Over Liz Truss resigned as British prime minister on Thursday just 44 days after assuming office, making her by most measures the shortest-ruling prime minister in British history. Yet Truss' resignation so soon after the divisive party leadership contest to replace him has left the door open for Johnson's potential return, as there is no other figure in the party right now that seems capable of mobilizing the necessary support of its shell-shocked and traumatized parliamentary delegation. [Extracted from the article]