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UK prime minister Liz Truss and chancellor Kwasi Kwarteng on Friday sought to reassure markets they are serious about bringing down Britain’s debt, by meeting the Office for Budget Responsibility, the official forecaster. Kwarteng’s sidelining of the OBR, an independent institution, in last week’s tax-cutting fiscal statement was seen as having contributed to the chaotic
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Allies of Liz Truss and Kwasi Kwarteng have hit back at the IMF’s biting attack on last week’s borrowing and tax cut plans, with Conservative MP Sir John Redwood saying the fund’s verdict reflected “the errors of the past”. After several days of financial turmoil with sterling falling and rising costs for government and mortgage
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Sterling tumbled against the dollar to below $1.09, hitting its lowest point since 1985, after UK chancellor Kwasi Kwarteng on Friday unveiled a £45bn debt-financed tax-cutting package that sparked a historic increase in borrowing costs. Kwarteng’s political and economic gamble includes the biggest set of tax cuts for 50 years, with the end of the
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Credit Suisse has drawn up plans to split its investment bank into three and resurrect a “bad bank” holding pen for risky assets, as the Swiss lender attempts to emerge from three years of relentless scandals. Under proposals put forward to the group’s board, Credit Suisse hopes to sell profitable units such as its securitised
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Vladimir Putin said Russia’s armed forces would call up its reserves immediately to support its invasion of Ukraine and indicated Moscow would probably annex large swaths of the country’s territory. In an address to his nation that significantly raised the stakes in the war, the Russian president announced “partial mobilisation” ahead of heavily stage-managed votes
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Ukraine still faces “a tough fight” after Russia gave up most of the territory it had taken near Kharkiv following a lightning counteroffensive that forced many retreating troops to leave the country, according to the Pentagon. A senior military official said on Monday that Russian forces “had largely ceded their gains” around Ukraine’s second-largest city
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Ukraine needs to secure the vast territory it has recaptured from possible Russian counter-attack, the country’s defence minister has warned, as he said Kyiv’s lightning offensive had gone far “better than expected”. The attack has routed the Kremlin’s forces, led to the recapture of some 3,000 sq km of Ukrainian territory and prompted an unusual
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Russia abandoned military strongholds in northeastern Ukraine on Saturday in an apparent rout of its front line positions, after Ukrainian forces pushed forward in a lightning advance that has left Moscow’s forces in disarray. Russia’s defence ministry said its forces had pulled back from the strategic city of Izyum, claiming it had decided to “regroup” and transfer
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