my some mps have called for a u turn. my advice to the prime minister would be to do it, do it now, something that will be firm, bold and convincing. liz truss has faced growing calls from within her own conservative party to rethink her economic plans. labour, the principal party of opposition in the uk, says a u turn would mean liz truss has to resign. liz truss who got us into all this trouble, rowing backwards desperately, not knowing where she s going, what would what good would that do for britain? good afternoon. if you have just joined, if you havejustjoined, welcome if you have justjoined, welcome to bbc news. the bbc has been told kwasi karteng is no longer chancellor. it s not yet clear if he s been sacked or if he s resigned. this morning he rushed back to london to see the prime minister, after cutting short a trip to washington. it follows turmoil on the finanancial markets after his mini budget last month. the prime minister is about to hold a news conferenc
who she can get to do the job because it doesn t look like the most stable government in the world! if you remember when rishi sunak came in, it was dominic cummings who was the chief of staff at the time, it was very clear that the number ten regime was. find it was very clear that the number ten regime was. . . it was very clear that the number ten regime was. and that is why sa id javid ten regime was. and that is why sajid javid quit- ten regime was. and that is why sajid javid quit. is ten regime was. and that is why sajid javid quit. is that ten regime was. and that is why sajid javid quit. is that i ten regime was. and that is why sajid javid quit. is that i can - ten regime was. and that is why sajid javid quit. is that i can take l sajid javid quit. is that i can take that on the sajid javid quit. is that i can take that on the say sajid javid quit. is that i can take that on the say what sajid javid quit. is that i can take that on the say what a s
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
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.