Liz Truss’s lackluster speech suggests her party has given up the will to live

Birmingham, England CNN — The empty chairs all around the hall for Liz Truss’s debut party conference speech as Conservative leader said a lot about the chaotic past four days. The atmosphere of gloom that has shrouded the International Conference Center in Birmingham since Sunday suggests that the party, in power in various guises since … Read more

UK scraps tax cut for wealthy that sparked market turmoil

BIRMINGHAM, England (AP) — The UK government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows. In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the … Read more

Liz Truss admits mistakes on controversial tax cuts plan, but doubles down on it anyway

London CNN — British Prime Minister Liz Truss admitted mistakes had been made with her government’s controversial “mini-budget” announced last week – which felt the pound to historic lows and sparked market chaos – but stood by her policies. Speaking to the BBC’s Laura Kuenssberg on Sunday morning Truss said: “I do accept we should … Read more

Liz Truss’s premiership has got off to the worst start possible

Liverpool, England CNN — Liz Truss’s first few weeks as British prime minister have been defined by crisis. She’d barely been in the job 48 hours when news broke that Queen Elizabeth II had died, placing the country in a state of official mourning and delaying the official launch of the Truss plan for Britain. … Read more

Premarket stocks: Ronald Reagan’s tax lesson for Britain

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. new York CNN Business — The British pound hit a record low against the dollar on Monday … Read more

Russian military escalation and ‘bogus threats’ show Putin has been ‘outsmarted’ by the Ukrainians, says UK PM

CNN — Vladimir Putin’s announcement of increased military conscription to bolster Moscow’s invasion of Ukraine shows that the Russian President “has been outsmarted” by Kyiv, UK Prime Minister Liz Truss told CNN in an exclusive and wide-ranging interview. The new British leader, who takes power at a time of historic upheaval, told CNN’s Jake Tapper … Read more

Liz Truss defends controversial tax cuts as pound falls

London CNN — Liz Truss has defended her government’s controversial announcement to cut taxes for citizens and businesses in an exclusive interview with CNN’s Jake Tapper. Truss told Tapper that by cutting taxes, her government was “incentivizing businesses to invest and we’re also helping ordinary people with their taxes.” While the cuts were expected, critics … Read more

Markets hate Liz Truss’ plan for the UK. Just look at these charts

London CNN Business — When the UK government, led by the new Prime Minister Liz Truss, unveiled its plan to rescue the British economy on Friday, the reaction from investors was instantaneous: They hated it. The British Pound crashed below $1.10 by mid-afternoon, hitting a new 37-year low against the greenback. UK government bonds also … Read more

Britain’s Truss doesn’t expect UK-US trade deal anytime soon

NEW YORK (AP) — Prime Minister Liz Truss has kicked off her first visit to the United States as Britain’s leader with an admission that a UK-US free trade deal is not going to happen for years. Truss said a trans-Atlantic deal is not one of her priorities — a sharp contrast with the stance … Read more

Biden arrives in London two-day visit honoring the Queen

CNN — President Joe Biden arrived in London late Saturday for a two-day visit honoring Queen Elizabeth II, the long-reigning monarch he says “defined an era.” Biden is joining leaders from dozens of other nations to pay their respects to the late sovereign, he met last year and declared afterward recalled him of his own … Read more