British Prime Minister Liz Truss said the government could have “laid the ground better” for a mini-budget that set off turmoil in the markets but she insisted she will press ahead with the proposals.
During the traditional Conservative party conference BBC interview, Ms Truss said the government made the “right decision” to borrow more this winter to cap the energy price people pay.
“I'm afraid there is an issue that interest rates are going up around the world and we do have to face that,” she told host Laura Kuenssberg.
“But I do want to say to people I understand their worries about what has happened this week.
“I do stand by the package we announced and I stand by the fact we announced it quickly because we had to act.
“But I do accept we should have laid the ground better … I have learnt from that and I will make sure that in future we do a better job of laying the ground,” Ms Truss said.
The economy was thrown into turmoil by Chancellor Kwasi Kwarteng's mini budget, which included the country’s biggest tax cuts in 50 years, abolishing the top rate among other changes.
The pound plummeted, falling to its lowest level yet against the dollar, while the FTSE tumbled, and the Bank of England was forced to step in to save the pensions system from collapse, all in a four-day period last week.
Interest rates are now predicted to treble between now and next year, rising to more than 6 per cent.
Ms Truss said the government made the “right decision” to borrow more this winter in order to cap the energy unit price in light of the “extraordinary circumstances” the country faced.
She said the UK has the “second lowest borrowing in the G7", less than France, the US, Canada and Japan. “And I think it's important people understand that,” she added.
“Of course, we need to bring down borrowing as a proportion of GDP over the medium-term, and I have a plan to do that. But what would have been wrong is for us not to have acted,” she said.
Addressing the abolition of the top rate of tax for the country's biggest earners, Ms Truss said she was committed to the plan.
She said scrapping the 45p rate was part of a plan to make the system simpler and taxes lower.
She admitted the plan was not discussed with the Cabinet, adding: “No, it was a decision the chancellor made.”
Ms Truss did not rule out cuts to public services, saying they [services] will remain “excellent”.
“What I'm going to do is make sure we get value for money for the taxpayer," she said.
“But I'm very, very committed to making sure we've got excellent frontline public services.
“And I'm not going to go into what the chancellor will announce in his medium-term fiscal plan,” she said.
“He's going to announce that very shortly, it will come together with an OBR forecast.”
Pressed on whether her refusal to rule out spending cuts suggested that she will go down that path, Ms Truss said: “No, it doesn't, because I can't exactly set out what is going to be in this plan. What I can promise is we're going to reduce debt as a proportion of GDP.”
The prime minister acknowledged the country faced a “turbulent and stormy time”.
“I'm not saying it's not going to be difficult. We do face a very turbulent and stormy time but it will deliver. It will deliver on the promises we made.
“And, in the circumstances, I'm very clear that we had to act quickly to get this plan going.”
Ms Truss ruled out publishing forecasts from the independent Office of Budget Responsibility before the chancellor's midterm plan on November 23.
She also said the government “simply didn't have time” to publish OBR data alongside the mini-budget.
Guest and shadow chancellor Rachel Reeves said some of what Ms Truss said was “shocking”.
“You showed Liz Truss a chart of what had happened to government borrowing costs and then you rightly made the point that was affecting on people’s mortgages and she said the two things were different,” Ms Reeves said.
“And they are different because the borrowing costs on mortgages are even higher than what you showed in that chart.
“And they leapt last week on the government budget. And (there is) the expectation the government will have to hike rates even further and faster because of that huge injection of spending into the economy by unfunded tax cuts.”
Michael Gove, a Tory MP who branded Ms Truss’s Conservative leadership campaign a “holiday from reality”, said cutting tax for the wealthiest during a cost-of-living crisis “is a display of the wrong values”.
“I thought it was right for the prime minister to acknowledge the events of the mini budget need to be 'revisited',” said Mr Gove, who was also a guest on Kuenssberg's show.
“It is still the case that there is an inadequate realisation at the top of government of the scale of change required.
“So, yes, the energy package was the most important thing in the fiscal event. But broadly 35 per cent of the additional money we are borrowing is not to cut energy costs. It is for unfunded tax cuts.”
He said he was “profoundly concerned” by that.
“There are two major things that are problematic with the fiscal event. The first is the sheer risk of using borrowed money to fund tax cuts. That is not conservative,” Mr Gove said.
“And then, the second thing is the decision to cut the 45p rate and, at the same time, to change the law which governs how bankers are paid in the City of London.
“Ultimately, at a time when people are suffering, when you have additional billions of pounds in play, to have as your principle decision, the headline tax move, cutting tax for the wealthiest, that is a display of the wrong values.”
Conservative MPs who vote against the government's plan for tax cuts will lose the whip, party chairman Jake Berry said.
It has been reported that some Tory MPs are preparing to vote with Labour to prevent measures announced by the chancellor on September 23.
Asked on Sky News's Sophy Ridge on Sunday whether this would result in them losing the party whip, Mr Berry said: “Yes.”
He also urged Tory MPs to unite behind Ms Truss and her programme, saying she had “a mandate both from colleagues and our membership”.
“I'm sure that if we do that it will lead ultimately to long-term electoral success,” he said.
UAE currency: the story behind the money in your pockets
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WonderTree%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20April%202016%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Muhammad%20Waqas%20and%20Muhammad%20Usman%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Karachi%2C%20Pakistan%2C%20Abu%20Dhabi%2C%20UAE%2C%20and%20Delaware%2C%20US%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Special%20education%2C%20education%20technology%2C%20assistive%20technology%2C%20augmented%20reality%3Cbr%3EN%3Cstrong%3Eumber%20of%20staff%3A%20%3C%2Fstrong%3E16%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EGrowth%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Grants%20from%20the%20Lego%20Foundation%2C%20UAE's%20Anjal%20Z%2C%20Unicef%2C%20Pakistan's%20Ignite%20National%20Technology%20Fund%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
More from Neighbourhood Watch:
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Scoreline
Al Wasl 1 (Caio Canedo 90 1')
Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')
Red cards: Ismail Ahmed (Al Ain) 77'
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
Killing of Qassem Suleimani
Related
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.7%22%20Super%20Retina%20XDR%20OLED%2C%202796%20x%201290%2C%20460ppi%2C%20120Hz%2C%202000%20nits%20max%2C%20HDR%2C%20True%20Tone%2C%20P3%2C%20always-on%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20A16%20Bionic%2C%206-core%20CPU%2C%205-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%206GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%20%2F%201TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Triple%2048MP%20main%20(f%2F1.78)%20%2B%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2012MP%20telephoto%20(f%2F2.8)%2C%206x%20optical%2C%2015x%20digital%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20%40%2030fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2030fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20TrueDepth%20(f%2F1.9)%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3B%20Animoji%2C%20Memoji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%C2%A04K%20%40%2024%2F25%2F30%2F60fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%2C%20ProRes%20(4K)%20%40%2030fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204323mAh%2C%20up%20to%2029h%20video%2C%2025h%20streaming%20video%2C%2095h%20audio%3B%20fast%20charge%20to%2050%25%20in%2030min%3B%20MagSafe%2C%20Qi%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Lightning%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP68%2C%20dust%2Fsplash%2Fwater%20resistant%20up%20to%206m%20up%20to%2030min%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual%20eSIM%20%2F%20eSIM%20%2B%20eSIM%20(US%20models%20use%20eSIMs%20only)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Deep%20purple%2C%20gold%2C%20silver%2C%20space%20black%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPhone%2014%20Pro%20Max%2C%20USB-C-to-Lightning%20cable%2C%20one%20Apple%20sticker%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh4%2C699%20%2F%20Dh5%2C099%20%2F%20Dh5%2C949%20%2F%20Dh6%2C799%3C%2Fp%3E%0A
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Killing of Qassem Suleimani
Children who witnessed blood bath want to help others
Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.
As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.
Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.
“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”
Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.
“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”
Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.
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