Government borrowing costs jump after Truss speech


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May 28, 2023

Government borrowing costs jump after Truss speech

Chosen by us to get you up to speed at a glance Government borrowing costs have climbed sharply after Liz Truss's press conference and U-turn over tax cuts failed to quell market jitters. The cost of

Chosen by us to get you up to speed at a glance

Government borrowing costs have climbed sharply after Liz Truss's press conference and U-turn over tax cuts failed to quell market jitters.

The cost of 10-year gilt yields shot up again, having fallen ahead of her speech. Gilt yields increased to 4.2pc on Friday after dipping below 4pc earlier in the day.

The Prime Minister used her press conference to reverse planned tax cuts that would have reduced corporation tax to 19pc. A previously planned increase to 25pcm, originally proposed by rival Rishi Sunak, will now go ahead.

It comes amid a day of turmoil in Westminster that saw Kwasi Kwarteng replaced as Chancellor after he raced back to London from the IMF summit in Washington DC.

He has been replaced in No 11 by Jeremy Hunt. The pound has fallen against overnight highs of around $1.135 amid uncertainty over the government's plans.

Ms Truss said: "We need to act now to reassure the markets of our fiscal discipline." She added Mr Hunt would deliver the Government's much anticipated fiscal statement on October 31.

The sacking makes Mr Kwarteng Britain's second shortest serving Chancellor, after Iain Macleod who died after just 30 days in office in 1970.

The FTSE 100 lost gains after this morning's rally and was roughly flat. It was up 1.5pc this morning.

That's all from us, thank you for sticking with us for the whole day. Before you set off for the weekend, have a look at the latest stories:

Ukraine "will find a solution to keep Starlink working", Kyiv presidential adviser Mykhailo Podolyak said on Friday, after Elon Musk suggested he was pulling the free service.

Let's be honest. Like it or not, @elonmusk helped us survive the most critical moments of war. Business has the right to its own strategies. 🇺🇦 will find a solution to keep #Starlink working. We expect that the company will provide stable connection till the end of negotiations.

It comes after a row between Musk and many Ukrainians after the billionaire put forward a peace plan poll via Twitter that was favourable to Russia.

It resulted in Ukraine's ambassador to Germany telling Musk to "f--k off".

Responding to a tweet on Friday which included the news that Starlink had said it could no longer afford to give Ukraine a free service and said this had come days after the comments by the ambassador, Mr Musk said: "We're just following his recommendation".

Beyond Meat is set to cut around a fifth of its workforce after warning sales would now come in lower for this year than it had been forecasting.

Beyond Meat, the vegan food company known for selling 'bleeding' plant burgers, said it was now on course to post revenues of between $400m (£358m) to $425m for 2022, compared to earlier forecasts of between $470m to $520m.

Alongside the cut to its forecasts, Beyond Meat said it was slashing 200 jobs this year, equal to a fifth of its workforce.

It is also making changes at the top of the company, with Philip Hardin, finance chief, to step down at the end of the month. Its head of operations Doug Ramsey has also left after having been arrested and charged over allegations that he had bitten a man's nose.

The Treasury confirms it will still deliver its fiscal plan on October 31, after fears the change in Chancellor could delay the event.

A spokesman for the Treasury said: "Chancellor of the Exchequer Jeremy Hunt will set out the Government's Medium-Term Fiscal Plan on 31 October, alongside a full forecast from the independent Office for Budget Responsibility."

Following Kwasi Kwarteng's sacking earlier today, the Night Time Industries Association had urged ministers not to delay the plan saying it was "critical to the survival" of many clubs and bars.

Larry Summers has been speaking today at the Institute of International Finance annual meeting and warned that the situation in the UK debt markets could herald a global economic 'earthquake'.

"We've got the most complex, disparate and cross-cutting set of challenges that I think I can remember in the 40 years I've been following this stuff. And in all honesty, I think the fire department is still in the station."

He said interest rates would have to rise faster than forecasts suggest to keep a lid on inflation, which could lead to economic dislocation.

"If you try to avoid that you just find yourself with a stagflation situation and having to do something harder a little later. But that's got all kinds of collateral consequences for the rest of the world."

In this situation, governments may struggle to fund themselves through debt markets, Summers said, pointing to turmoil in the UK.

"What's happened in the United Kingdom, some of that is a self-inflicted wound, but some of that is tremors of what's happening in the global system. And when you have tremors, you don't always have earthquakes, but you probably should be thinking about earthquake protection."

With Jeremy Hunt announced as Chancellor today, replacing Kwasi Kwarteng, the Telegraph Money team have been crunching the numbers on whether this is good or bad for your wealth.

Already, Liz Truss has announced a U-Turn on corporation tax, meaning it will now rise from next April. Other changes could are likely to come down the line.

But, what are they and what will they actually mean for your finances? Find out here.

Morgan Stanley's chief executive has hinted job cuts could be coming at the Wall Street firm, as the job market starts to slow as companies brace for a global recession.

James Gorman said the bank had "learned some things during Covid about how we can operate more efficiently". "So that’s something the management team is working on between now and the end of the year.”

He said it was worth taking into account "the rate of growth we've had in the last few years".

It comes after Goldman Sachs said it would be resuming its yearly cull of underperforming workers this year, having paused the cuts during the pandemic.

Earlier this week, recruiter PageGroup said companies were starting to pull job offering and hiring more temporary staff over permanent workers, amid concerns over a global downturn.

The Bank of England’s emergency bond purchases came to an end Friday with the central bank having hoovered up £19.25bn of securities in a little over two weeks to prevent turmoil in UK markets from spreading.

As Bloomberg reports:

The UK central bank bought £1.45bn of long-dated and inflation-linked gilts on the final day of the plan on Friday, following two bumper days of buying from funds that were seeking to unwind positions. Those purchases were well short of the £100bn the BoE had set aside for the program that it established after the investors started dumping UK assets out of concern that the Treasury’s spending was about to balloon out of control. A violent surge in UK bond prices caused trouble for a £1 trillion corner of the pension fund industry using so-called liability- driven investment strategies.

One of Britain’s leading electric battery start-ups BritishVolt is said to be in emergency fundraising talks amid concerns it could run out of cash before Christmas.

According to the Financial Times, BritishVolt needs £200m to last it until next summer, and is currently weighing up options including a strategic investor taking a minority stake or a full takeover of the business.

It is holding the talks with energy companies and carmakers, with one of those business Jaguar Land Rover owner Tata Motors, the newspaper reported.

It comes after the company was forced to delay production of batteries until late 2025, as soaring energy costs meant its factory will not be ready as early as it had hoped.

BritishVolt did not immediately respond to requests for comment.

Gilts yields have rebounded on the back of Liz Truss's speech and tax U-turn, meaning the cost of Government borrowing has risen once again despite her intervention.

The pound has been on a rollercoaster since the Chancellor's mini-Budget - and all the way up to his sacking today.

Motorola has threatened to sue the Government after the competition watchdog ruled it had acted as a monopoly over the £11bn mobile network used by Britain's emergency services.

The Competition and Markets Authority (CMA) concluded on Friday that Motorola Solutions had over charged the Home Office for its emergency services contract, called Airwave, with taxpayers ultimately bearing the brunt, Gareth Corfield writes.

First awarded in 2000 under Tony Blair’s New Labour government, the Airwave contract was originally due to end in 2019 and replaced by an upgraded service underpinned by 4G technology. Repeated delays with the successor system, the Emergency Services Network (ESN) have led to officials repeatedly renewing the old Airwave deal at a cost of hundreds of millions.

Airwave will now continue in operation until at least 2026, with a full switch-off not expected until the end of this decade.

Publishing the findings from its in-depth investigation into Airwave, the CMA said that Motorola stood to make around £1.1bn in excess profits from the contract between 2020 and 2026, and a further £160m for each year if the delay in rolling out a new network continues.

The CMA has now proposed capping the amount Motorola is allowed to charge under the contract from next year, prompting an immediate backlash from the US telecoms giant which threatened legal action in response.

A company spokesman said: “Motorola Solutions will pursue all legal avenues to protect its contractual position for the benefit of the 300,000 emergency services personnel who rely on the Airwave network – and the people they protect – every day.”

Morgan Stanley on Friday reported a 30pc slump in third-quarter profit, as a collapse in dealmaking caused investment banking revenues to halve, Patrick Mullholland reports.

The Wall Street bank delivered profits of $2.63bn on revenues of $12.99bn, but saw investment banking revenue, the mainstay of its business, fall 55pc to $1.28bn for the quarter from the previous year. Investment management revenue also declined by 20pc to $1.17bn, which was below the analyst estimates of $1.29bn.

In a sharp reversal of fortunes from 2021, investment banks have found themselves in the crosshairs of a global economic slowdown, as sky-high asset valuations have fallen back to earth and IPO activity – as well as debt and equity issuance – has dried up. Other factors weighing on earnings included growing concerns about a recession and the Ukraine war. Shares of the bank fell 2.8pc in pre-market trading.

Rival investment bank JPMorgan Chase also reported a 17pc drop in profits to $9.7bn on Friday, but were buoyed by strong interest income on customer deposits, due to their large footprint in the retail banking sector. Other banks have still to report. Bank of America will announce its earnings on Monday, followed by Goldman Sachs on Tuesday.

The Prime Minister has confirmed that "parts of our mini-Budget went further and faster than markets were expecting". "We need to act now to reassure the markets of our fiscal discipline."

Truss confirms the Government will keep the rise in corporation tax, which had been due to raise to 25pc before cuts were announced as part of the mini-Budget to 19pc.

"Spending will grow less rapidly than previously planned," she said. Of Kwasi Kwarteng's departure, she says she was "incredibly sorry to lose him".

Of Jeremy Hunt's appointment, Truss calls him: "One of the most experienced government ministers and parliamentarians."

"He will deliver the medium term fiscal plan at the end of this month."

"I have acted decisively today."

French food giant Danone faces a €1bn (£870m) hit from its exit from Russia., Hannah Boland reports.

Danone said it was kicking off a process to transfer control of its Russian dairy and yoghurt business but warned the move could force it to write off up to €1bn.

Operations in the country include 13 factories and account for around 5pc of its annual sales. Those operations make up around 90pc of its business in Russia. Danone intends to keep control of its infant nutrition division, which makes up the rest of the Russian operations.

Danone said transferring control of the dairy business was "the best option to ensure long-term local business continuity", although it is not yet clear who will be taking it over.

It previously batted off pressure to quit the country over its invasion of Ukraine. Earlier this year, chief executive Antoine de Saint-Affrique said it was "very easy to get drawn into black-and-white thinking and demagogic positions, but in the end our reputation is about our behaviour".

"We have a responsibility to the people we feed, the farmers who provide us with milk, and the tens of thousands of people who depend on us," he said in early March. However, a month later, the company said it was reviewing all options for the region.

Analysts said Econiva, which is one of the biggest suppliers of unpasteurized milk in Russia, was the most likely candidate to take control of Danone’s local operation. Two other local businesses - Komos and Molvest - may also be interested in a deal.

Danone's move to pull back from the country follows a series of withdrawals by other major Western names, including McDonald's, Starbucks and Coca-Cola, in the wake of Russia's attacks in Ukraine.

McDonald's, for example, sold all its 850 restaurants in the country to a local operator, who has since reopened the stores under a new name Vkusno & tochka, which translates as “Tasty and that's it”.

Some corporations have continued selling what they deem as essential items in the country. Unilever, for example, is still selling its ice cream brands in Russia.

The Rt Hon Jeremy Hunt MP @Jeremy_Hunt has been appointed Chancellor of the Exchequer @HMTreasury.

The Telegraph's Ben Riley Smith reports that Jeremy Hunt is being lined up as the new Chancellor to replace Kwasi Kwarteng and will be announced later this afternoon.

There are further reports of a clear out at the Treasury following Kwarteng's sacking. Our associate editor Christopher Hope reports that Chris Philp, Chief Secretary to the Treasury, is also going to go.

🚨 BREAKING: Jeremy Hunt is the new chancellor.

Ocado is the biggest mover by some margin on the FTSE 100 today on reports that Kroger, one of its biggest customers, is to merge with a major rival.

Kroger, the US grocery chain, has agreed to acquire rival Albertsons for $25bn, creating a new American food giant. Ocado has been supplying its robotic warehouse technology to Kroger to help it boost food deliveries.

"The runway for additional Ocado technology sales into the US could expand significantly for Ocado," analysts at Jefferies said.

Ocado shares were up 11pc on Friday on news of Kroger's merger.

Financial markets have been left pondering the impact of the sudden sacking of Kwasi Kwarteng and a fresh bout of political uncertainty.

Susannah Streeter, of Hargreaves Lansdown, writes:

Since his departure was made clear, 10-year gilt yields have edged up slightly and the pound fell below $1.12, with no fresh euphoria in sight as markets digest another bout of political upheaval.

For now the Prime Minister has won breathing space, but the financial markets are highly sensitive and anything less than a co-operative approach with the Bank of England, the Office of Budget Responsibility and international institutions could cause fresh instability.

The brief note from Kwasi Kwarteng to the Prime Minister on his sacking as Chancellor. Notable that he praises "your vision" for economic growth.

Sterling has sunk 1.2pc against the dollar as news of the sacking of Chancellor Kwasi Kwarteng was confirmed by multiple reports and No11 was left rudderless.

The pound was worth just under $1.12, down from highs of around $1.135 in trading overnight, amid ongoing uncertainty over the fate of the mini-Budget and U-turns over tax.

UK gilts are headed for their biggest weekly rally since 2011 amid mounting confidence the government is planning to row back on its plans for unfunded tax cuts.

Ten-year gilts fell below 4pc, down as much as 30 basis points, in a sign of growing confidence in the Government's plans for spending and tax cuts.

The rally left gilts on track for their strongest week in a decade ahead of the Bank of England halting its £65bn bond buying spree later today. The Bank stepped up its purchases on Thursday, buying a record £4.7bn of assets, Bloomberg reported.

The apparent recovery came amid a another turbulent week for markets with the Prime Minister expected to perform a stunning u-turn on promises made in her Chancellor's mini-Budget. A complete reversal of a planned cut in corporation tax is now expected.

Liz Truss is also expected to sack Kwasi Kwarteng as Chancellor, The Times reported.

The pound briefly spiked on reports that the Chancellor would be replaced, before falling again to $1.25, down 0.75pc on Friday.

The Times is reporting that Kwasi Kwarteng will be sacked as Chancellor, but has no words on a replacement.

No10 is not commenting on the claim.

EXCLUSIVE:I'm told that Kwasi Kwarteng is being sacked as Chancellor as Liz Truss prepares to reverse the mini-BudgetNot clear who will be replacing himEvents moving very, very quickly this morningNo 10 not commenting

The pound briefly spiked against the euro and the dollar on news of the reported sacking.

Corporation tax will rise to 25pc this Spring, the Telegraph's Ben Riley Smith reports, in a dramatic U-turn on the Chancellor's mini-Budget.

The Prime Minister is due to give a press conference at 2pm where she will reveal details of the reversal of tax cuts that were announced just three weeks ago. The change returns to the original plan of tax rises announced by leadership rival Rishi Sunak.

🚨Exclusive: Corporation Tax will **rise** to 25% from 19% this April, Liz Truss will announce at 2pm press conference today. A huge climb down. Sticking to Rishi Sunak’s original plan. Removes central plank of her leadership bid. More here:

More as we get it

Downing Street has just announced that Liz Truss, the Prime Minister, will hold a press conference later today.

🚨 BREAKING: Liz Truss to hold a press conference later today. U-turn on the mini-Budget coming.

The Chancellor has landed at Heathrow on a double-decker Airbus A380 after an overnight flight from the US.

You know it’s an important political news day in the UK when news channels are live-streaming a (beautiful) Airbus A380, this time with the UK Chancellor onboard…#Kwarteng

The takeover of British satellite operator Inmarsat by US rival Viasat has been referred for a in-depth investigation by Britain's competition watchdog.

The Competition and Markets Authority believes the takeover presents a threat to fairness in in-flight Wi-Fi services. Elon Musk and his satellite company Starlink have been trying to break into the market.

Viasat and Inmarsat said they believed a full "phase 2" investigation would show the deal is not anticompetitive. Satellite companies have been pursuing merger deals in a bid to consolidate and acquire scale amid competition from Starlink.

“Inmarsat faces intense competition every day in providing in-flight connectivity,” Rajeev Suri, Inmarsat chief executive, said.

“There is good reason to expect that intensity to increase given the power of well-funded new companies entering the sector. In the face of these changing market dynamics, the UK has much to gain by the presence of a strong satellite communications company, positioned to strengthen the country’s position in the critical space sector, while supporting its national defence and growing jobs and investment. The combined Inmarsat and Viasat would be such a company.”

Lord Hague said he believes Liz Truss's authority is "damaged" but not "irreparably" so.

He told the BBC's Today programme: "I hope not irreparably damaged, but it will be very important to do certain things in all humility in a different way in some respects.

"In particular the most urgent thing to do is to repair whatever damage has happened to financial confidence and stability."

The former leader of the Conservative Party argued that "the only way to square the circle on the financial side is to row back on some of the things that were put into the mini-Budget".

The number of registered company insolvencies last month was 1,679, according to figures published by the Government's Insolvency Service, higher than before the pandemic.

The overall number was 16pc higher than the same month last year, when there were 1,453 insolvencies, and 11pc higher than at any point over the last three years.

Bankruptcy figures were kept somewhat artificially low during the pandemic due to the Government's bailout measures.

David Hudson, restructuring partner at FRP, said: "The economy is feeling the bite of inflation, surging interest rates and the inevitability of a looming recession. The reduction in disposable income and therefore consumer confidence is starting to have a knock-on effect for businesses."

Britain could be heading into a recession that is even worse than previously predicted, analysts have warned, adding that only a dramatic u-turn over the mini-Budget and a credible fiscal plan could reverse the economic woe.

Sonali Punhani, head of UK economics at Credit Suisse, said:

Owing to the market turmoil that has followed the announcement of the mini-budget, risks are rising that the recession in the UK is deeper than we forecast. If the market moves are sustained or worsened, they can offset the impact of the tax cuts and increase the depth of the recession through much higher mortgage costs and currency-led inflation.

Real incomes could be squeezed further by 1-1.5pc in 2023 if the recent market moves are sustained, which is likely to add downside risks to our growth forecast of -0.2pc in 2023.

More importantly, the markets would need to see a credible fiscal plan on October 31 to reverse these moves, in our view. We calculate that fiscal tightening of 2.5pc of GDP (£60bn) in 2026-27 would likely be needed to stabilize the debt to GDP in the medium term.

The pound has now largely lost its gains from overnight. It is trading at around $1.127.

The price of UK debt rallied on Friday morning as gilt yields fell below 4pc after soaring to their highest level since 2008 on Wednesday.

Markets appear to be betting on a change in Government policy amid expectations there will be at least a partial u-turn on some of the Chancellor's mini-Budget, analysts said.

Ten-year gilt yields fell on Friday morning as the Chancellor flew back to London for talks on his fiscal plan.

Mohit Kumar, an analyst at Jefferies, noted: "We have maintained throughout the last few weeks that the current crisis in the UK is a political one and hence the solution needs to come from politics.

"We still need to get the details of the U-turn, but the government’s action should take some pressure off the gilt market and the BOE."

NEWBIG fall in benchmark 10yr UK govt bond yield this morning.Was 4.3% yday.Down to just over 4% when trading opened in UK markets just now.

Chancellor Kwasi Kwarteng insisted last night he was here to stay in an interview with The Telegraph's Jeremy Warner. He added that changes to National Insurance had already gone through the house, and that the planned remained to keep corporation tax "competitive". Here's an extract:

Nobody has argued that we shouldn't have stopped the increase in national insurance.

And that's actually going through or gone through the house this week.

Nobody's argued against keeping corporation tax very, very competitive…I speak to the Prime Minister constantly about measures that will help economic growth and that's what we've been focused on.

In terms of markets, I accept that there has been some turbulence, but you also have to look at the broader picture. Two weeks ago, the dollar was at 20-year highs against the euro, and 50 year highs with the yen, forcing the Bank of Japan had to intervene.

Since then, the pound has rallied somewhat, and it's higher now than it was when the budget was introduced. We've got issues with government debt, but that is something which is happening across the globe.

Read the full interview here

The Royal Mail has continued to tumble in early trading following news of deep job cuts next year. It is down almost 15pc so far today, giving it a market value of £1.7bn. Shares are trading at around 179p.

Read the full story here

Trade Minister Greg Hands was on the morning news round today, working overtime to stick to the message and not give away whether any u-turns were in the works in No10 and No11. He urged politicians and markets to get behind the Prime Minister:

"We need to get behind our prime minister as a party and show Liz Truss the confidence that she deserves," Hands said.

On the Chancellor's early exit from the IMF, Hands said it was "not unusual to come back early from an international visit".

"He is coming back from discussions with colleagues."

He added: "The major meat of the meetings at the IMF have finished. It is not unusual to come back a day early."

"The Prime Minister and the Chancellor are absolutely determined to deliver on the growth plan. That is what the economy needs."

Pressed on changes to the mini-budget, Hands said: "We are just going to have to wait and see." Hands adds he believes the PM has "total confidence" in Kwasi Kwarteng.

The FTSE 100 has opened around 1.5pc higher this morning as the market jumped on reports that the Chancellor was flying home early from Washington DC.

The biggest risers on the blue chip index on Friday morning were Barratt Developments, up 4pc, Lloyds Banking Group, up over 2.7pc, and Sainsbury's up over 2pc. Elsewhere on the London Stock Exchange, Royal Mail plunged 8.9pc on reports of massive job cuts and deepening losses due to strike action.

Analysts said the market appeared to be finally responding well to reports the Government was about to get serious in heeding warnings over its uncosted tax cut plans. Sophie Lund-Yates, of Hargreaves Lansdowne, said:

The FTSE 100 reacted positively yesterday, and is expected to do the same again today, on news that the government may finally be heeding warnings and is considering a reversal on more of its planned tax cuts.

Anxiety around the enormous funding gap needed to pay for the cuts has triggered sharp market turmoil the UK had hoped not to see for a long while following the pandemic.

Chancellor Kwasi Kwarteng won’t be blind to the effect flying home from his Washington DC trip early will have – there is allegedly no precedent for a chancellor returning early from the IMF event for personal reasons.

Royal Mail is to slash up to 10,000 jobs blaming the impact of ongoing industrial action for widening losses.

The postal service said it expected its full-year losses to hit £350m as it braces for up to 16 days of strikes by the Communication Workers Union.

Royal Mail said it expected its operating loss to account for the direct impact of eight days of strikes that have already taken place. It said these losses could further widen to £450m if customers stay away following further potential walk outs by postal workers.

"We will be starting the process of consulting on rightsizing the business in response to the impact of industrial action, delays in delivering agreed productivity improvements and lower parcel volumes," Royal Mail said on Friday.

The company said that between 5,000 and 6,000 redundancies would be required by August 2023. The redundancies will form part of plans to reduce its overall headcount by around 10,000 people.

Good morning,

The Bank of England is preparing to end its £65bn bond buying spree today as Kwasi Kwarteng rushes home early from the IMF summit in Washington DC to prepare his fiscal plan.

Andrew Bailey is today expected to trigger an end to the Bank's massive buy up of government debt in a bid to calm pension markets. It remains to be seen whether it has been enough to sooth market jitters.

1) I’m committed to growth, insists defiant Kwarteng Interview: 'We are Conservatives. Fiscal discipline runs right through our DNA.'

2) How an innocuous pension product is threatening to blow up the financial system - and the British economy The 'timebomb' investment strategy the Bank of England was warned about is now exploding

3) Netflix launches £4.99 monthly subscription – but customers will get fewer shows Streaming service rolls out ‘Basic with Adverts’ tier as streaming wars intensify

4) US inflation hits highest since 1982 as mortgage rates reach 30-year peak Biden says he made ‘progress’ fighting inflation but admits prices were ‘still too high’

5) Kwasi Kwarteng says ‘let’s see’ on tax cut U-turn Chancellor does not rule out increasing corporation tax

Asian markets rallied overnight on hopes of more Chinese stimulus and the Chancellor's early return to London to focus on his spending package. Japan's Nikkei jumped 3.4pc, enjoying the best day since March. Chinese blue chips also rose 2pc, marking the biggest gain since August. In the US, core inflation – which excludes volatile food and energy prices – unexpectedly picked up from 6.3pc to 6.6pc, the highest level since 1982. Merger talks emerged between the two biggest grocers in the US, Albertsons and Kroger, in what would be a $47bn deal.

Royal Mail to cut up to 10,000 jobs as losses mount amid strike actionChart that shows Britain is squandering its lead as a low-tax countryGerman government sued by Russian oil giant Rosneft after it seizes assets the Telegraph Money teamFind out here.BloombergGareth Corfield Patrick MullhollandHannah BolandBen Riley SmithChristopher HopeKwasi Kwarteng Ben Riley Smith Kwasi KwartengJeremy WarnerRead the full interview hereRead the full story hereGreg Hands Sophie Lund-YatesKwasi KwartengAndrew Bailey I’m committed to growth, insists defiant Kwarteng How an innocuous pension product is threatening to blow up the financial system - and the British economy Netflix launches £4.99 monthly subscription – but customers will get fewer showsUS inflation hits highest since 1982 as mortgage rates reach 30-year peakKwasi Kwarteng says ‘let’s see’ on tax cut U-turn