Kwasi Kwarteng flies back to London after days of economic chaos caused by Tory mini-budget

A man from Perthshire was one of two eco-activists arrested in London after smearing chocolate cake on the face of a King Charles wax figure at Madame Tussauds.

New Chancellor Jeremy Hunt delivered an economic statement today to try and stabilise the markets.

Jeremy Hunt has announced the government will make a number of U-turns as he rips up the Government's mini-budget. He made the announcement during a televised address on Monday (October 17).

U.K. Prime Minister Liz Truss' push to cut taxes for her country's highest earners was a "mistake," President Biden stated Saturday. Truss was forced to scrap large portions of her tax plan last week amid market turmoil and disintegrating public confidence.

Joe Biden has taken aim at Liz Truss's mini-budget that led to chaos on the markets and to her sacking Kwasi Kwarteng as Chancellor.

The Governor of the Bank of England has warned that interest rates may have to be raised even higher than initially expected to tackle inflation. Andrew Bailey said Bank officials will “not hesitate” to raise interest rates if necessary, while warning that a “stronger” response than previously anticipated could be required.

British Prime Minister Liz Truss will move to reshape her government’s economic policy after firing Chancellor of the Exchequer Kwasi Kwarteng and dropping key parts of her economic plan in response to market panic caused by the proposed "mini-budget."  "After the fallout from the mini-budget, the Prime Minister needed to take drastic action to calm the markets and save her job," Alan Mendoza, executive director of the Henry Jackson Society, told Fox News Digital. "Sacking the architect of the policy, while brutal, was the most logical way to restore confidence and give her some breathing space to regroup politically." "Once [Truss] reached that conclusion it was only a matter of time before she acted on it, as had she not, it would now be her head on the platter rather than his," Mendoza added.  The British pound dropped sharply after the government announced Kwarteng’s "mini-budget," a series of cuts to taxes intended to spur growth and fight record inflation.The program proved contentious, and Kwarteng did not explain how the government planned to fund the cuts and offset the costs.  "We need a new approach for a new era, focused on growth," Kwarteng told lawmakers in the House of Commons when he introduced the plan, which he argued would provide short-term help for homes and businesses in the face of spiking energy costs while trying to increase tax revenues in the coming years.  FILE - Britain's Chancellor of the Exchequer Kwasi Kwarteng arrives in Downing Street in London, on Sept.

Good evening and welcome to Friday's Daily Record headline briefing. The rundown keeps you up to date with the latest news from Scotland and beyond.

K.J. Yossman U.K. Prime Minister Liz Truss has sacked Kwasi Kwarteng as Chancellor of the Exchequer – the government’s top financial post – after just five weeks into office. The move comes as the U.K. continues to deal with the fall-out of Kwarteng’s mini-budget, which Truss endorsed and triggered financial turmoil, including a steep rise in interest rates. The country as already been dealing with sky-rocketing energy costs as well as a cost of living crisis, which is affecting both individuals and businesses. Kwarteng was in the U.S. for business when he was called back urgently on Friday (Oct. 14) to hear he’d been sacked. At time of writing, Truss had not yet announced his replacement.

As Prime Minister Liz Truss prepares to hold crisis talks over her controversial mini-budget, the future of the current government has become more uncertain.

Kwasi Kwarteng has paid the price for the chaos unleashed by his mini-budget as he was reportedly sacked by Liz Truss.

Liz Truss is to hold a press conference today after she sacked Kwasi Kwarteng as chancellor over the mini-budget disaster that tanked the pound.

Prime Minister Liz Truss is to hold a press conference later on Friday, Downing Street has said.

Kwasi Kwarteng has cut his trip to the US short to fly home for 'crunch talks' with Liz Truss amid the expectation of another major mini-budget U-turn.

Kwasi Kwarteng did not commit to nor rule out a U-turn on corporation tax, despite growing pressure to abandon even more parts of the recent mini-budget which caused market turmoil.

Ian Blackford has accused Liz Truss of "ignoring the damage and the chaos" of her mini-budget that plunged the markets into turmoil due to her unfunded tax cuts.

Three people have been stabbed this morning in Central London while reportedly trying to stop bike thieves. The victims, who were attacked in Bishopsgate, have all been taken to hospital and another person who was pushed to the ground has been assessed and discharged at the scene, the Mirror reports.

HBO series Succession.On Monday (October 3), the Chancellor of the Exchequer said in a statement that “we get it and we have listened”, as he announced plans to scrap a controversial tax cut for those earning over £150,000 a year.His statement, however, was soon mocked on social media, with many comparing it to a speech given by Sarah Snook’s character Shiv Roy in Succession.In a season three episode of the hit show, Shiv used the phrase “we get it” while addressing Waystar Royco employees about a series of scandals that had hit the company.“As a #Succession obsessive, I’m really enjoying the tories leading with “We get it” on the 45p tax rate climb down. Is @lucyprebblish writing the script for our government now?” wrote one person.Another joked: “Does the UK government have the same PR advisers as Waystar Royco?”“Wasn’t ‘we get it’ literally the slogan Waystar went with in Succession after it came out that they’d done a bunch of shady things? And then ‘we hear you’ after their version of Siri was spying on people?” added another.As a #Succession obsessive, I'm really enjoying the tories leading with "We get it" on the 45p tax rate climb down.