Latest Liz Truss News

UK scraps tax cut for wealthy that sparked market turmoil

Oct. 03, 2022 16:55 PM EDT

BIRMINGHAM, England (AP) — The U.K. 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...

King Charles III decides not to attend climate summit

Oct. 02, 2022 10:54 AM EDT

LONDON (AP) — King Charles III has decided not to attend the international climate change summit in Egypt next month, fueling speculation that the new monarch will have to rein in his environmental activism now that he has ascended the throne. The Sunday Times newspaper reported...

UK's Truss sticks by economic plan as her party worries

Oct. 02, 2022 08:12 AM EDT

LONDON (AP) — British Prime Minister Liz Truss said Sunday that she could have done a better job “laying the ground” for her package of unfunded tax cuts, but insisted she would push on with an economic plan that has caused turmoil on financial markets and weakened the country’s public...

UK train strikes and energy hikes add to a week of turmoil

Oct. 01, 2022 09:50 AM EDT

LONDON (AP) — Trains in Britain all but ground to a halt Saturday as coordinated strikes by rail workers added to a week of turmoil caused by soaring energy prices and unfunded tax cuts that roiled financial markets. Only about 11% of train services were expected to operate across...

West rejects Putin's claim it sabotaged Baltic gas pipelines

Sep. 30, 2022 18:50 PM EDT

COPENHAGEN, Denmark (AP) — Russian President Vladimir Putin on Friday accused the West of sabotaging Russia-built natural gas pipelines under the Baltic Sea to Germany, a charge vehemently denied by the United States and its allies. Nordic nations said the undersea blasts that...

Brainard warns US rates to stay high, notes global impact

Sep. 30, 2022 13:40 PM EDT

WASHINGTON (AP) — Federal Reserve Vice Chair Lael Brainard said Friday that U.S. interest rates will likely have to remain high for an extended period to combat inflation, capping a week of tough rhetoric by Fed officials. In remarks at a conference hosted by the Federal Reserve...

UK's budget watchdog promises initial analysis next week

Sep. 30, 2022 10:25 AM EDT

LONDON (AP) — Britain’s independent budget watchdog said Friday that it would deliver an initial analysis of the government’s economic plan to Treasury officials next week, putting pressure on Prime Minister Liz Truss to release a document seen as crucial to rebuilding confidence after a...

'Big impact': UK economic chaos, pound plunge hit businesses

Sep. 30, 2022 02:33 AM EDT

LONDON (AP) — Like many small business owners in Britain, Harry Niazi hoped for government help to keep his south London fish and chip shop going in the face of rocketing energy bills and soaring inflation. But an economic stimulus plan announced last week by Prime Minister Liz...

Asian stocks sink on German inflation, British tax cuts

Sep. 29, 2022 23:53 PM EDT

BEIJING (AP) — Asian stocks sank again Friday after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese manufacturing weakened. Shanghai, Tokyo, Hong Kong and Sydney retreated. Oil prices edged lower. ...

UK's Truss defends economic plan that sent pound tumbling

Sep. 29, 2022 14:20 PM EDT

LONDON (AP) — British Prime Minister Liz Truss on Thursday defended her divisive economic plan and shrugged off the turmoil it has stirred in financial markets, saying she’s willing to make “controversial and difficult decisions” to get the U.K. economy growing. In her first...