2.55pm: Cuts to UK government capital spending on the cards?Įveryone knows that the government will have to make hefty cuts somewhere to pay for the giveaways in the mini-budget.Ĭoncern about funding the proposals is a major factor in the current market turmoil.Ĭutting Whitehall costs and day to day public spending have been mooted, but now there is talk that government capital spending could be on the chopping block. The campaign, which is fighting against the cost of living crisis, said events will be held in more than 50 cities, towns and villages.Ĭomedians, actors, poets and stars from Coronation Street and Hairy Biker Si King will be among the thousands taking to the streets to back the campaign. No one seemed to know where Liz Truss was over the past few days as market turmoil raged.īut if she disappears again over the weekend, at least on Saturday it will be possible to narrow her location down a little, because there are a number of places which can be immediately ruled out.Īnd those are the sites around the country where Enough is Enough is holding a national day of action . 3.27pm: Diary note for government ministers Risers are not much to write home about, with Anglo American PLC (LSE:AAL) leading the way even though it is up just 0.9%.
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Next PLC (LSE:NXT) is also a big faller, down 11.59% as it cut its full year price guidance. The 10 year yield is up 13 basis points at 4.15% while the 30 year is up 3 points at 3.965%.īut the pound has picked up from recent lows - it hit a record low against the dollar on Monday - and is now up 1.2% at US$1.0965.Īmong the share price fallers, housing stocks are being hit by worries about the market as more than 40% of mortgage products are pulled in the wake of Kwarteng's statement.īarratt Developments PLC (LSE:BDEV) is down 12.98%, Rightmove PLC (LSE:RMV) - which has also gone ex-dividend - is off 7.95% and Taylor Wimpey PLC (LSE:TW.) has lost 7.37%. Gilt yields are ticking up again despite the Bank of England unveiling a £65bn plan yesterday to buy bonds in the market, after falling prices put pressure on the UK's pension funds. Things have not been helped by an opening fall on Wall Street, with the Dow Jones Industrial Average down 2%.
The FTSE 100 has fallen 163.14 points or 2.33% to 6842.25 on renewed concerns about the economy and the implications for financial markets of Kwasi Kwarteng's badly received mini-budget. Leading shares are not far off their lows of the day heading into the close. So it is CRITICAL that forecast and Chancellor’s statement are brought foreword to end October or earlier.ģ.45pm: Shares down, gilt prices down, pound up Urgent need now to increase confidence of markets that fiscal plans stack up. So he is calling for the chancellor to bring forward his planned statement from November 23 to the same time. The chair of the Treasury Select Committee Mel Stride has said that the OBR's economic forecasts can be published by the end of October. 4.09pm: Office for Budget Responsibility forecasts could be ready by end of October - MP
Meanwhile, US markets were still bleeding by the midday trading point, with all three major indexes suffering big losses. The FTSE 100 recovered ever-so-slightly by the closing bell, but still finished well in the red as markets across the pond slumped as well.Īfter a tumultuous day, the UK's premier index finished 1.8% lower at 6,882 points.
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