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Truss defends mini-budget, says ready to make ‘controversial and difficult decisions’
Liz Truss is in the show.
She says she slept well and “it’s great to be here.”
Rima Ahmed states that the pound has hit a record low, the IMF has called for a rethink and the Bank of England has spent £65bn to support markets. “Where were you?”
A farm says people have been facing energy bills of up to £6,000 this winter. The government had to take decisive action.
Q: But that was before the mini budget. We haven’t heard from you in four days.
A farm says he is here today.
She says the government needed to take urgent action on fuel bills and get the economy moving.]
This means making controversial and difficult decisions.
She wants to stimulate the economy.
Q: How is your risk reduced?
A farm says it means people and businesses will pay lower taxes. This means infrastructure projects will go ahead. And save people from rising fuel bills.
Key events
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Liz Truss should be next on Radio Kent. You can listen here.
Trot shows that he will not give up on the mini-budget plans
Question: Does a strong leader persist or change course when necessary?
A farm replies, “That’s the right plan.”
Truss says she has to do “what I believe is right” when asked about criticism of mini-budget
Q: Can you reassure listeners that your judgment is better than that of the likes of the IMF and the Bank of England who have criticized the minimum budget?
A farm says:
I have to do what I believe is right for the country and what will help our country move forward.
Liz Truss is on radio norfolk at the moment interviewed by Chris Gorham.
She talks about the energy package again.
(Announcing the energy price guarantee didn’t crash the pound. So far what she’s said has completely missed the point.)
A farm says the government is doing things to get the economy moving.
Ahmed plays a clip of someone talking about struggling with bills. She says the clip is heartbreaking to listen to.
A farm says it’s apparently “very, very difficult” for people like Lee (who was quoted). The energy bill package will stop people facing energy bills of £6,000. The maximum will be £2,500. And the act of driving the economy is all about driving the economy.
She says the government is trying to help people like Lee.
That’s it. Next up is Radio Norfolk.
A farm says the government is working closely with the Bank of England.
We are facing very difficult economic times, she says.
But the government has taken action on fuel bills, she says.
She said those measures would take effect this weekend.
Truss defends mini-budget, says ready to make ‘controversial and difficult decisions’
Liz Truss is in the show.
She says she slept well and “it’s great to be here.”
Rima Ahmed states that the pound has hit a record low, the IMF has called for a rethink and the Bank of England has spent £65bn to support markets. “Where were you?”
A farm says people have been facing energy bills of up to £6,000 this winter. The government had to take decisive action.
Q: But that was before the mini budget. We haven’t heard from you in four days.
A farm says he is here today.
She says the government needed to take urgent action on fuel bills and get the economy moving.]
This means making controversial and difficult decisions.
She wants to stimulate the economy.
Q: How is your risk reduced?
A farm says it means people and businesses will pay lower taxes. This means infrastructure projects will go ahead. And save people from rising fuel bills.
On BBC Radio Leeds Rima Ahmed presents, and she says she expects a lot of people to tune in when she interviews Liz Truss any moment. You can listen here.
The finance minister confirms the government department has been asked to make efficiency savings
Chris Philp, Chief Secretary to the Treasury, made the national broadcast on behalf of Number 10 this morning. He confirmed that government departments were being asked to make “efficiency savings” and that they would have to stick to existing spending caps despite inflation. He told Sky News:
The efficiency and prioritization exercise is designed to firstly ensure that we adhere to these spending limits and secondly to ensure that we prioritize spending not on something that is wasteful but on things that really deliver primary public services and drive economic growth
We will strictly adhere to these spending limits because it is important to be financially responsible.
He also said the government would not apologize for the turmoil caused by the mini-budget. He said:
Nobody’s perfect, but I won’t apologize for having a plan to grow the economy.
I’m certainly not going to apologize for an energy intervention that protects every single household in this country.
Former Bank of England governor Mark Carney criticized the mini budget
Sir Mark Carney, the former governor of the Bank of England, criticized last week’s mini-budget, saying it undermined financial institutions.
In an interview with the BBC’s Today programme, Carney said:
There has been an undermining of some of the institutions that underpin the overall approach – so the lack of an OBR forecast has been much commented on and the government, I think, has accepted the need for it, but it was important…
Unfortunately, having a partial budget in these circumstances – a difficult global economy, a difficult financial market position, working at cross purposes with the Bank – has led to some pretty dramatic movements in the financial markets.
Referring to the inflationary measures in the budget, which led to expectations that the Bank would have to raise interest rates by more than it otherwise would to curb the resulting inflation, Carney said that in the budget the government was “working at some cross-purposes with the Bank in terms of short-term support for the economy’.
Here is the list of times for Liz Truss’ interviews on local BBC radio this morning.
8am: Radio Leeds
8.08am: Radio Norfolk
8.15am: Radio Kent
8.22am: Radio Lancashire
8.30: Radio Nottingham
8.38am: Radio Tees
8.45am: Radio Bristol
8.52am: Radio Stoke
Some stations are expected to air their interview with Truss live, while others may record it and air it after the times listed above.
Truss later recorded television interviews with all 16 of the BBC’s regional and national political editors. They will be embargoed until 5 p.m.
Liz Truss is to be interviewed about the pound crisis in her first appearance in days
Good morning. Four years ago, when she was Principal Secretary to the Ministry of Finance, Liz Truss was overheard by a Green Party activist gossiping about her colleagues in a restaurant. He graciously posted all of her comments on Twitter, and among the private gossip, he recorded Truss laying out her approach to risk. Theresa May was too “pacifist”, she said. “While I embrace the chaos. I am a thrill seeker.
No one ever expected Truss to “embrace chaos” as recklessly as he did in his first few weeks as prime minister. As we reported in our overnight story, the Bank of England has to spend £65bn to repair the damage done to financial markets by last week’s disastrous mini budget. As Pippa Crerar and Jessica Elgott report in their story of the political fallout, some Tories see this as an “extinction-level” moment for the party.
One factor that worsened the situation is that Liz Truss has been silent since the mini-budget, except for an interview with CNN shown in the US on Sunday. But this morning she is giving interviews – to local BBC radio stations. The Conservative leader usually gives a round of local radio interviews at this point before the party conference, and apparently that’s why they’re in the diary. She is first on Radio Leeds at 8am. What she says will probably get a lot more attention than a simple radio station interview. We will cover all the interviews here.
I’m trying to follow the comments below the line (BTL), but it’s impossible to read them all. If you have a direct question, include “Andrew” somewhere in it and I’m more likely to find it. I try to answer questions and if they’re of general interest I’ll post the question and answer above the line (ATL), although I can’t promise I’ll do this for everyone.
If you want to get my attention quickly, you’re probably better off using Twitter. I’m on @AndrewSparrow.
Alternatively you can email me at andrew.sparrow@theguardian.com
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