didn t like it one bit they thought it showed a reckless approach to the public finances. the pound already weak fell to its lowest level in history against the dollar. the cost of government borrowing rose so quickly, the bank of england had to get involved, and that pushed up other borrowing costs mortgage rates, which were already rising, spiked even higher, with the cost of an average two year deal now over 6.5%. the markets gave a massive thumbs down to trussonomics. so the plan was stripped of almost every major measure. an £18 billion cut in corporation tax, a 1p cut in income tax, energy subsidies for all for two years all binned by a replacement chancellor, jeremy hunt. the financial markets were reassured, a measure of calm was restored. as the prime minister herself is toppled, the markets have barely moved. how come? sojeremy hunt is considered a safe pair of hands by financial markets. he has put in place the policies of rishi sunak, and they liked rishi sunak.
days of liz truss premiership, doubt has been cast over the involvement of various institutions in the economic future of this country. how lasting that be, and how much is the reputation of britain dependent, or hinged upon, the chancellor and whoever he is currently paired with, with whoever becomes the new prime minister? , ., whoever becomes the new prime minister? ,., ., , minister? right, so there was an institutional minister? right, so there was an institutional scorched - minister? right, so there was| an institutional scorched earth policy during the course of the summer. the negative briefing against the independent bank of england, the sidelining of the office for budget responsibility, which does the oversight and costing of the uk government s tax and spending measures, and then also on pretty much day one, day two of trussonomics we have the sacking of the top treasury civil servant. together that looked like a package of putting one side of the checks and balances, so
over 6.5%. the markets gave a massive thumbs down. so the plan was stripped of almost every major measure, and £18 billion cut in corporation tax, a 1p cut in income tax, all binned by the replacement chancellorjeremy hunt. the chancellor jeremy hunt. the financial chancellorjeremy hunt. the financial markets were reassured, a measure of calm was restored, and even today the markets have barely moved. how come? moved. how come? jeremy hunt is considered moved. how come? jeremy hunt is considered a moved. how come? jeremy hunt is considered a safe moved. how come? jeremy hunt is considered a safe pair moved. how come? jeremy hunt is considered a safe pair of moved. how come? jeremy hunt is considered a safe pair of hands. hej considered a safe pair of hands. he has put in place the policies of rishi sunak and they liked rishi sunak. they gave him a lot of credence in the markets. the markets could potentially be afraid of who will be our next prime minister. but businesses lik
of england had to get involved and that. other borrowing costs, mortgage rates which were already rising spiked even higher with the cost of an average two year deal now over 6.5%. the markets gave a massive thumbs down. so the plan was stripped of almost every major measure, and £18 billion cut in corporation tax, a 1p cut in income tax, all binned by the replacement chancellor jeremy hunt. the financial markets were reassured, a measure of calm was restored. and even today the markets have barely moved. as the prime minister has toppled. how come? jeremy hunt is considered a safe pair of hands. he has put in place the policies of rishi sunak, and they liked rishi sunak. they gave him a lot of credence in the markets. the markets could potentially be afraid of who
from their departmental budgets as he tries to plug the remaining black hole in the government s finances, even potentially pensions. he axed most of his predecessor kwasi kwarteng s mini budget yesterday. measures he announced included a reversal of the 1p cut in income tax from 20p, which had been due to happen in april. cuts to dividend tax rates will be scrapped, along with a freeze on alcohol duty rates. mr hunt also said the planned cap on the annual cost of energy at £2,500 for a typical household will only last until april, after which a new approach will be found. let s have a listen to some of what liz truss told the bbc s political editor chris mason in last night s interview. first of all, i do want to accept