so they really are looking for some political and economic stability. well, for now, markets are calm. but investors say any mis step in appointing a new leader could see the uk plunged back into financial crisis a place in uk political history as the shortest serving prime minster ever. she lasted just 44 days in office before announcing her resignation yesterday. but she s also contributed another record to the english language. the shortest lived economic catchphrase. we started using the term trussonomics just six weeks ago. a plan for a low tax, low regulation, high growth britain by liberated by brexit. with the phrase and its policies now on the scrapheap, our business editor simonjack takes a look back at the rapid rise and fall of trussonomics. can we afford these tax cuts, chancellor? the road to liz truss demise arguably started here the not so mini budget that she and her chancellor announced with great fanfare. and i commend it to the house. trusso
hello there. we start here in the uk, where the two rivals vying to become the next prime minister have been setting out their contrasting economic plans and attacking each others . foreign secretary liz truss, currently the favourite to win, has suggested her party s economic policy has been wrong notjust under her rival, former chancellor rishi sunak, but for its entire period in power. ms truss said the past two decades had failed to deliver growth and promised billions of pounds in immediate tax cuts. we ve got the highest taxes for 70 years. we ve got lower debt than the united states, than japan, than canada. no other countries are raising taxes and the oecd countries are raising taxes and the 0ecd has described our current policy as contractionary and contractionary, it essentially means policies that lead to a recession. so what i want to do is increase tax revenues by growing the economy, not choke off growth by raising taxes. mr sunak has been restating his plan to
with columnists from the guardian, stephanie baker of bloomberg news and work of the sydney morning herald. so, cuts to income tax, corporation tax, national insurance and stamp duty and removing the cap on bankers bonuses. it will cost tens of billions and the government says it will boost growth, the labour party say it will reward the rich. stephanie, let s start with you. is this gamble for growth that s going to pay off? it s certainly a gamble, but i have doubts about whether it will pay off. kwasi kwarteng says he want to booth grouped by two and a half percent. but that s delivering a bit of a sugar rush, and i m not sure that will be sustained over the long term. some people have compared this to hitting the accelerator and slamming on the brakes at the same time because what you have is on the one hand, the bank of england trying to control inflation. trying to cool demand by hiking interest rates while the treasury s pumping money into the economy. so i think tha
we start here in the uk where a final battle to become the next prime minister is taking place as the country faces the worst cost of living crisis in a generation. as you ve been hearing, formerfinance minister, rishi sunak, and the foreign secretary, liz truss are the last remaining candidates. they will now face a vote by conservative party members around the uk with a result expected in september. whoever wins could mean a very different approach to the economy. truss says you cannot tax your way to growth she is proposing more than 30 million pounds in immediate tax cuts. sunak wants to delay the tax cuts until inflation is under control. borrowing your way out of inflation , he says, isn t a plan, it s a fairytale . the economic challenges facing the next prime minister are huge. last month, the rate of inflation hit 9.4% the highest rate for a0 years driven by a leap in the price of fuel, and also of basic foods like milk, cheese and eggs. our economics edi
sandra, great to have you back. sandra: great to be back. far left protestors dismayed as what they view as an ineffective response to the ruling, saying they are out of step with the mainstream of the party. the president is urging the same protestors to fight after access to abortion bills. claims his hands are tied on further action unless the democrats can pick up more seat in the midterms. all of this as the far left offers bounties on the location of supreme court justices in an effort to harass them like we saw last week with justice brett kavanaugh, forced to leave a steakhouse in washington through a back door. john: the white house refusing to condemn them, saying it is part of democracy as long as it remains peaceful. sandra: rich, a lot of the pushback is coming from the left. it is, sandra, good afternoon. look at what progressives are saying, they say more needs to come from the white house when it comes to abortion, when it comes to gun violence in