NEW/ BREAKING
Chancellor Kwasi Kwarteng is flying home early from IMF for talks on the mini Budget
Chancellor Kwasi Kwarteng is flying home early from IMF for talks on the mini Budget
The Chancellor is flying home a day early tonight, and has cancelled appointments at the IMF Annual Meetings due tomorrow.
Treasury sources tell me the Chancellor wanted to engage across Government and with MP colleagues on the mini Budget
NEW
My report outside the British embassy here in Washington DC just after the Chancellor hurriedly left for the airport rushed back from the IMF talks a day early… because he was “v v keen to talk to MPs” and ministers about the Debt plan, we were told
My report outside the British embassy here in Washington DC just after the Chancellor hurriedly left for the airport rushed back from the IMF talks a day early… because he was “v v keen to talk to MPs” and ministers about the Debt plan, we were told
pictures of the Chancellor’s car leaving the embassy and the IMF meetings and a rainy DC en route to Dulles Airport and back to London last night
Only 10 hours before his sharp exit from the IMF Chancellor spoke to UK broadcasters, I got to ask him the questions- got no sense of a pitch roll for a u-turn, asked him if it was humiliating to have his Budget “filleted” by Number 10 while he was in DC, and how long he’d be Cx twitter.com/i/web/status/1…
My report on #BBCNewsTen last night that if a u-turn was being cooked up, it wasn’t being done so by the actual Chancellor of the Exchequer… in two parts… twitter.com/i/web/status/1…
NEW
PM to hold press conference.
First Lord of The Treasury, is one of the PM’s titles. The Chancellor is Second Lord.
PM to hold press conference.
First Lord of The Treasury, is one of the PM’s titles. The Chancellor is Second Lord.
…still in Washington DC at the IMF…
Having spent a fair amount of time with the Chancellor yesterday.
Did point out that he was pretty robustly resisting suggestions of a Corporation tax u-turn and this was building up to a serious point of tension…
Having spent a fair amount of time with the Chancellor yesterday.
Did point out that he was pretty robustly resisting suggestions of a Corporation tax u-turn and this was building up to a serious point of tension…
Whatever conversations may be happening potentially very soon, at this precise moment I’m told he is still the Chancellor of the Exchequer and heading to the Treasury, awaiting a conversation with the PM. Though it is Number 10 that has called the press conference for later…
my experience of Kwarteng is that he would not be someone to go quietly, or take one for the team, especially in a situation where he was literally enacting the signature policy of the PM.
Indeed senior financiers here in DC were of the impression he would “take her with him” 👀
Indeed senior financiers here in DC were of the impression he would “take her with him” 👀
In number 10 now apparently so let’s see…
Important technical note.
The Corporation tax rise (ie the Sunak policy) is already legislated for, it is the default, it would require no further votes etc
Important technical note.
The Corporation tax rise (ie the Sunak policy) is already legislated for, it is the default, it would require no further votes etc
This wasnt even 24 hours ago… this is not a guy who thinks he would or should be fired for enacting the PM’s signature policy…
https://twitter.com/faisalislam/status/1580563355441319936?s=21
NB On Government’s own scoring, the Corporation Tax move had the biggest net exchequer cost of all the measures of the Growth plan - £67bn vs £65bn, and even on a gross basis, the C-tax measure is bigger than NI by 2026-27.
So biggest policy of the Growth Plan is set for the axe
So biggest policy of the Growth Plan is set for the axe
the sell for a new Chancellor?
Come help save the country?
You might get fired via Lobby twitter after being forced to take a flight back from US, for enacting the PMs signature policy?
Does the PM’s economic team in Downing St get to stay.
Whoever takes it has some leverage.
Come help save the country?
You might get fired via Lobby twitter after being forced to take a flight back from US, for enacting the PMs signature policy?
Does the PM’s economic team in Downing St get to stay.
Whoever takes it has some leverage.
What might be called a Gilt Trip…
(HT @emirnader 👏🏽)
(HT @emirnader 👏🏽)
https://twitter.com/faisalislam/status/1580845305246863360?s=21
Someone just pointed out that Brian Clough lasted 44 days at Leeds United, almost a week longer than the now departed Chancellor…
There’s definitely a film in it.
There’s definitely a film in it.
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