Kwasi Kwarteng

Editorial: The chancellor claimed he would triumph over Treasury orthodoxy. But it has triumphed over him.

The reputation of the Bank of England is also on the line. Sir Keir’s party is outlining a broad social vision to chart a way forward – which is in welcome contrast to the Tories desiccated faith in the ruthless pursuit of self-interest. He said he would, by November, explain how the government intended to make good on his promise to reduce national debt in the medium term and that this would be vetted by the Office for Budget Responsibility. By the end of the day, Mr Kwarteng had to come clean about his programme. City analysts were left in the dark on Friday about how the government would increase the value of goods and services in the economy. The gyrations in the markets led to emergency statements from the Treasury and the Bank on Monday afternoon that sought to restore confidence.

Kwasi Kwarteng made headlines in 1995 when he twice uttered the word “fuck” on University Challenge: the same word reverberated around trading rooms on ...

British finance minister Kwasi Kwarteng will set out a "Medium-Term Fiscal Plan" on Nov. 23, alongside growth and borrowing forecasts from the Office for ...

23, alongside growth and borrowing forecasts from the Office for Budget Responsibility, Britain's finance ministry said on Monday. Register now for FREE unlimited access to Reuters.com

KWASI Kwarteng will attempt to calm market jitters about his tax-cutting bonanza by laying out a plan to wrestle down debt.The Chancellor will map out.

"As the MPC [Monetary Policy Committee] has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the Government’s announcements, and the fall in sterling, and act It added: "The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term." And a full-fat Budget and economic forecast will come in the spring, the Treasury said. It will set out "details on the government’s fiscal rules, including ensuring that debt falls as a share of GDP in the medium-term." [sparked a run on the pound](https://www.thesun.co.uk/money/19922427/pound-falls-record-low-kwasi-government/). The Chancellor will map out his blueprint to reduce massive levels of borrowing with a "Medium Term Fiscal Plan" on November 23.

Chancellor to set out medium-term 'fiscal plan' – but no proper budget until spring 2023, says Treasury.

“I don’t believe Margaret would have approved of the budget,” said Mr Clarke. He tweeted: “It would be wise to take stock of how through time the markets weigh up recent economic announcements rather than immediately signalling more of the same in the near term.” [Terms of use,](https://www.independent.co.uk/service/user-policies-a6184151.html) [Cookie policy](https://www.independent.co.uk/service/cookie-policy-a6184186.html) and [Privacy notice.](https://www.independent.co.uk/service/privacy-policy-a6184181.html) Paul Donovan, chief economist of UBS Global Wealth Management, said investors seemed to view Tory party as “a doomsday cult”. [Privacy policy](https://policies.google.com/privacy?hl=en) and [Terms of service](https://policies.google.com/terms?hl=en) apply. By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our The Treasury also announced that the government would be “sticking to spending settlements” for this spending review period – raising fears of a return to austerity and billions in cuts for the public sector. Former Tory chancellor George Osborne – who has urged the government to end the “schizophrenic” policy of slashing taxes and increasing borrowing – welcomed the November update from the OBR. [pound](/topic/pound) plummeted to its lowest level against the [dollar](https://www.independent.co.uk/topic/dollar) for 50 years on Monday, as [Labour](/topic/labour) accused [Liz Truss](/topic/liz-truss) and Mr Kwarteng of acting like “gamblers in a casino chasing a losing run”. [Bank of England](/topic/bank-of-england) governor Andrew Bailey warned that it is ready to hike interest rates “by as much as needed” to rein in inflation. The government said the statement would include details on the new approach to borrowing, spending and tax-raising rules, including a pledge to ensure debt falls as a share of GDP in the “medium term”. [Kwasi Kwarteng](https://www.independent.co.uk/topic/kwasi-kwarteng) is to reveal the government’s “fiscal plan” on 23 November, the [Treasury](/topic/treasury) has said amid market panic over borrowing-fuelled tax cut spree.

Party whip suspended after Labour MP accused of making 'racist' comment about chancellor.

He called for Huq to lose the Labour whip, and added: “I trust you will join me in unequivocally condemning these comments as nothing less than racist.” Huq faced swift condemnation, with a senior Labour source calling the comments “clearly totally inappropriate” and David Lammy, the shadow foreign secretary, telling BBC’s Politics Live programme: “I think those comment are unfortunate. Rupa Huq had the party whip suspended after she was accused of making a “racist” comments about the chancellor.

Labour MP Rupa Huq has been administratively suspended after calling the Chancellor Kwasi Kwarteng "superficially" black in an audio recording from a ...

That’s why we had to rip anti-Semitism out by its roots.” “We had to change our party and prepare for power all in one go. Change with a purpose. Labour MP Rupa Huq has been administratively suspended from the party after calling the Chancellor Kwasi Kwarteng "superficially" black. [was heard in an audio recording](https://order-order.com/2022/09/27/exclusive-labour-mp-claims-kwasi-is-superficially-black/) from a fringe event at Labour’s party conference in Liverpool talking about Kwarteng’s elite school background and saying "you wouldn't know he is black" when listening to him on the radio. The MP Rupa Huq has been suspended after describing the Chancellor Kwasi Kwarteng as being "superficially" black (Alamy)

British lawmaker Rupa Huq is understood to have been suspended from the UK Labour Party after facing criticism from colleagues for describing British ...

and I think the Labour Party has to be really careful”. If she fails to apologise, Ms Rayner said: “Well that’s a whipping matter, what they do regarding the whip. Asked if the Labour MP should have the whip withdrawn, he said: “I have only just heard this story to be honest, I don’t know the full circumstances so I don’t want to shoot from the hip. “I think Rupa needs to reflect on what she has said and she needs to take immediate action.” “I trust you will join me in unequivocally condemning these comments as nothing less than racist and that the Labour whip be withdrawn from Rupa Huq as a consequence,” he wrote. The move came shortly after Mr Starmer finished his conference speech, which he used to argue now is a “Labour moment” for the party to provide the leadership the nation “so desperately needs”.

Labour leader Sir Keir Starmer is facing calls to suspend MP Rupa Huq after she described Chancellor Kwasi Kwarteng as "superficially" black.

MP Rupa Huq has had the whip suspended after apparently making the comments at the Labour Party conference. | ITV National News.

If you hear him on the Today programme, you wouldn’t know he is Black.” A Labour spokesperson said "we condemn" the "totally inappropriate" remarks made by Dr Huq earlier on Tuesday and called on her to apologise. In a tweet the Labour MP for Ealing Central and Acton said: "I have today contacted Kwasi Kwarteng to offer my sincere and heartfelt apologies for the comments I made at yesterday’s Labour conference fringe meeting.