Liz Truss admits mistakes on controversial tax cuts plan, but doubles down on it anyway

London CNN  —  British Prime Minister Liz Truss admitted mistakes had been made with her government’s controversial “mini-budget” announced last week – which sent the pound to historic lows and sparked market chaos – but stood by her policies. Speaking to the BBC’s Laura Kuenssberg on Sunday morning Truss said: “I do accept we should … Read more

UK Train Strikes And Energy Hikes Add To Week Of Economic Turmoil

LONDON (AP) — Trains in Britain all but ground to a halt Saturday as coordinated strikes by rail workers added to a week of turmoil caused by soaring energy prices and unfunded tax cuts that roiled financial markets. Only about 11% of train services were expected to operate across the U.K. on Saturday, according to … Read more

The UK is gripped by an economic crisis of its own making

London CNN Business  —  A week ago, the Bank of England took a stab in the dark. It raised interest rates by a relatively modest half a percentage point to tackle inflation. It couldn’t know the scale of the storm that was about to break. Less than 24 hours later, the government of new UK … Read more

Liz Truss’s premiership has got off to the worst start possible

Liverpool, England CNN  —  Liz Truss’s first few weeks as British prime minister have been defined by crisis. She’d barely been in the job 48 hours when news broke that Queen Elizabeth II had died, placing the country in a state of official mourning and delaying the official launch of the Truss plan for Britain. … Read more

The Truss tax plan cushions the wealthy while pushing borrowers toward a financial cliff

This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN Business  —  After tumbling to a record low against the dollar, the British pound stabilized Tuesday, rising more than 1% to $1.08. But the economic policy that sparked the currency’s historic nosedive … Read more

Russian military escalation and ‘bogus threats’ show Putin has been ‘outsmarted’ by the Ukrainians, says UK PM

CNN  —  Vladimir Putin’s announcement of increased military conscription to bolster Moscow’s invasion of Ukraine shows that the Russian President “has been outsmarted” by Kyiv, UK Prime Minister Liz Truss told CNN in an exclusive and wide-ranging interview. The new British leader, who takes power at a time of historic upheaval, told CNN’s Jake Tapper … Read more

Liz Truss defends controversial tax cuts as pound falls

London CNN  —  Liz Truss has defended her government’s controversial announcement to cut taxes for citizens and businesses in an exclusive interview with CNN’s Jake Tapper. Truss told Tapper that by cutting taxes, her government was “incentivizing businesses to invest and we’re also helping ordinary people with their taxes.” While the cuts were expected, critics … Read more

Biden tells the United Nations that Putin’s attempts to ‘extinguish’ Ukraine should ‘make your blood run cold’

United Nations CNN  —  President Joe Biden on Wednesday declared Russia’s invasion of Ukraine a violation of the global order, sharpening his rebukes of President Vladimir Putin as the war entered a tense new moment. Biden’s speech at the United Nations General Assembly came hours after Putin announced an expansion of his war effort, lending … Read more

Biden returns to UN as world grapples with Putin’s latest provocations in Ukraine war

New York CNN  —  President Joe Biden returns to the green-marbled United Nations stage Wednesday hours after Russia’s president announced in a provocative speech an escalation in his war effort in Ukraine, setting up a rhetorical showdown between the two leaders on the international stage. Biden had already planned to make the Ukraine war a … Read more

State Funeral for Queen Brings Nation to a Halt

Among a congregation of 2,000 people was an almost unprecedented collection of foreign royalty, heads of state, and politicians, while thousands of mourners lined the streets of the capital to witness the procession of Her Late Majesty’s coffin, followed by King Charles and other leading members of the royal family.  Figures from the world of … Read more