Daily Stock Market Reports

Pound rate today live: Bank of England pledges ‘significant’ response to market turmoil


‘Don’t forget, don’t forgive’: Keir Starmer calls to oust Tory government

The historic slump in the pound’s value will likely “require a significant monetary policy response”, the Bank of England’s chief economist has said, as he sought to reassure markets spooked by chancellor Kwasi Kwarteng’s tax-cutting mini-Budget.

The Bank of England warned on Monday that interest rates could be hiked “by as much as needed” to control inflation, as mortgage lenders temporarily withdrew deals for new customers and traders banked on rates hitting nearly 6 per cent next year, sparking some fears of a future housing crash.

While the pound rallied slightly on Tuesday morning after interventions by the Bank of England and the Treasury, Labour leader Sir Keir Starmer used his speech at the Labour conference in Liverpool to accuse Liz Truss’s government of having “lost control of the British economy”.

However, Mr Kwarteng insisted during a meeting with City bosses on Tuesday that he was “confident” in his economic plan, telling them during a meeting on financial deregulation: “Our approach will work.”

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Cost of living protests to coincide with Tory conference

Protest groups are to join forces for a “day of action” on the cost of living during the Tory conference, writes Jon Stone.

Organisations including the Don’t Pay campaign, Just Stop Oil and Enough is Enough will take to the streets in dozens of towns and cities on 1 October – in what is expected to be the biggest set of cost-of-living demonstrations yet.

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Buoyant Labour think Truss’s ‘scorched earth’ approach can pave their way to power

Some political commentators have said they’ve rarely seen a Labour conference so buoyant with expectation.

The opposition party appears to be growing in confidence after it jumped to a 17-point lead over the Tories, following the sterling crisis sparked by the government’s mini-Budget.

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Lammy calls for special tribunal to prosecute Putin over Ukraine war

Shadow foreign secretary David Lammy has called for a special tribunal to be set up to try Russian president Vladimir Putin for his “crime of aggression” against Ukraine.

The Labour frontbencher said: “No act of imperialism is ever the same.

“But Vladimir Putin’s barbaric invasion of Ukraine this year was just the latest front in an age-old war between democracy and dictatorship. Freedom and subjugation. Empire and independence.

“As Vladimir Putin continues to wage his barbaric war, let us send a message directly to him: we will create a special tribunal to prosecute you for your crime of aggression.

“And whether it takes six months, three years or ten, Ukraine will win.”

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Rupa Huq offers Kwarteng ‘heartfelt apologies’

Rupa Huq has offered chancellor Kwasi Kwarteng “sincere and heartfelt apologies” for her “ill-judged” comments describing him as “superficially” black.

The Ealing Central and Acton MP had the Labour whip removed earlier today for her remarks.

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Keir Starmer on Brexit

Our deputy political editor Rob Merrick has more details about Keir Starmer’s comments on Brexit this afternoon.

The Labour leader accused the Tories of betraying a public that voted for better public services and stronger communities.

In his fiercest criticism of the government’s handling of EU withdrawal, he said it epitomised how ministers “lurch from crisis to crisis” on issues.

Insisting Labour would “make Brexit work” – not seek to reverse it – Sir Keir said only he could deliver the Leave promise that people would “take control” of their lives.

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Tory donor makes huge profits from falling pound

Conservative party donor Crispin Odey is among those who has made huge profits by shorting the pound in the run-up to the currency crisis.

He has donated more than £350,000 to the Tories, according to Electoral Commission records.

Odey Asset Management’s European hedge fund is said to be up about 145 per cent after Mr Odey’s firm bet against the pound and government bonds in the gilts market.

“It’s been helpful,” Mr Odey told the Financial Times on his short position on Sterling, while describing his bets against gilts as “the gifts that keep on giving”.

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Labour removes party whip after MP calls Kwarteng ‘superficially’ black

Labour has removed the party whip from Rupa Huq MP after she called chancellor Kwasi Kwarteng “superficially” black.

In audio published online, Ms Huq was heard discussing his private school background, before adding that “you wouldn’t know he is black” when hearing him speak.

The MP for Ealing Central and Acton, in west London, appeared to have been made the comments at a fringe event at the Labour conference in Liverpool on Monday.

A Labour spokesperson said: “We obviously condemn the remarks she made, they are totally inappropriate and we would call on her to apologise and withdraw them.”

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‘Significant policy response’ to come, says Bank of England economist

The Bank of England’s chief economist Huw Pill has reiterated the Bank’s willingness to hike interest rates further – admitting there would be “challenging times” ahead to bring inflation back down to a target of 2 per cent.

“I think it’s hard not to draw the conclusion that all this will require a significant monetary policy response,” he told the International Monetary Policy Forum on Tuesday.

He said the Bank’s Monetary Policy Committee (MPC) “cannot be indifferent” to the repricing of financial assets seen (i.e. market turmoil) in the last few days. But he added: “We must be confident in the stability of the UK’s economic framework.”

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Analysis | How Kwasi Kwarteng’s budget damaged the economy and what will happen now

With the government’s economic policy – described as a “doomsday cult” by the chief economist of the world’s largest wealth manager UBS – having sent the pound tumbling, our policy correspondent Jon Stone takes a look at how Friday’s mini-Budget has damaged the economy:

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‘A government-in-waiting’: Political journalists react to Starmer speech

Here is some of the reaction from political journalists to Sir Keir Starmer’s speech at the Labour Party conference, in which he claimed his was “the party of the centre ground”.

Pippa Crerar of The Guardian said that “for the first time in years”, Labour actually sounds like a government-in-waiting.

ITV’s Robert Peston said there were “enough ovations to make a dictator proud”.

According to the New Statesman’s Rachel Wearmouth, the reaction across the Labour Party is broadly positive.

Emily Ashton, of Bloomberg, described a “real belief here that Labour can win next election”.



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