Pound hits all-time low as fallout from Kwasi Kwarteng's 'mini-budget' continues

Radio 4 listeners had quite the wake-up this morning after actress Miriam Margolyes launched into an expletive outburst about the new Chancellor.

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.

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.

Kwasi Kwarteng is flying back to London for crisis talks with Liz Truss amid turmoil in the Tory party and economic chaos caused by his mini-budget.

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.

This year continues to be a difficult one for many, especially Manchester’s hospitality businesses. While the cost of living rises for domestic households are starting to be felt, Manchester’s restaurants, bars and pubs have also been feeling the strain as the cost of ingredients soars along with their energy bills and general operating costs.

Prime Minister Liz Truss admitted that it will be a “difficult winter” for the UK hours before the new energy price cap came into force from today (Saturday, October 1). But she defended the mini-budget revealed earlier this week despite the “disruption” the plans caused.

The independent fiscal watchdog will deliver a forecast to the Chancellor next week as the fall-out from the mini-budget continues.

During a time of financial crisis there is one person that many people turn to for advice - and that is Martin Lewis. The Money Saving Expert founder often offers reliable, up-to-date guidance for those struggling in the midst of the cost of living crisis, but today (September 28) it appeared the finance guru became lost for words.

The British pound fell to an all-time low against the dollar as markets reacted to the UK’s biggest tax cuts in 50 years.

A National Trust boss has hit out at the Government’s latest plans that are going ‘in the opposite direction’ to supporting the environment. The organisation believes that the recent Investment Zones announcement made by new Chancellor Kwasi Kwarteng on Friday could lead to harm for green spaces.

Sir Keir Starmer has accused the Government of 'gambling with people's finances and mortgages' with its 'casino economics'. Speaking before his party's annual conference in Liverpool the Labour leader said Prime Minister Liz Truss and Chancellor Kwasi Kwarteng had shown their 'true colours' with their raft of tax cuts that mainly benefit the wealthy.

A shocking average of 242 incidents of crime and anti-social behaviour PER MONTH were reported on and around Greater Manchester's Metrolink network over the last 12 months, new figures reveal. That equates to an annual total of 2,904 - or around 60 reports every week.

Labour leaders in Greater Manchester have been reacting with anger to the mini-budget announced by the government this morning. Kwasi Kwarteng lifted the cap on bankers bonuses and scrapped the highest tax rate for those earning £150k a year, as well as a raft of other tax cuts, in a controversial budget today.

A man was taken to hospital after a crash between a tractor and a car in Bury this morning.

The government has outlined its mini-budget and, despite what its name suggests, the announcement was far from small and featured lots of changes that will affect people up and down the country. In particular, one big shake-up is coming to those on Universal Credit, with Chancellor Kwasi Kwarteng revealing that more than 100,000 people on benefits are likely to be affected by the change.

The UK Government has a new prime minister in Liz Truss and a new Chancellor in Kwasi Kwarteng.

Martin Lewis called the government’s mini-budget statement ‘staggering’ as he analysed the news on Twitter. Chancellor Kwasi Kwarteng delivered the announcement in the House of Commons on Friday morning.