King Charles III held his first meeting with British Prime Minister Liz Truss on Wednesday, jokingly muttering “dear, oh dear” after welcoming her to Buckingham Palace.
His off-the-cuff remarks appeared to sum up the plight of the embattled leader, who faces backlash from her own party over the continuing fallout from the government’s mini-budget.
A clip released by the palace shows Ms Truss being announced by the equerry, as she bows and steps forward to shake hands with the king.
“Your Majesty, great to see you again,” she says in the footage.
The king replies: “Back again”
Ms Truss adds: “Well, it's a great pleasure.”
The king replies: “Dear, oh dear. Anyway.”
The meeting came hours after Ms Truss attempted to deflect the sense of growing doom palpable during Prime Minister’s Questions on Wednesday, when she insisted again she would not cut spending to pay for the series of tax cuts and energy price guarantee.
She later endured a difficult encounter with Tory backbenchers, as she told the 1922 Committee that small businesses would have faced “devastation” if the government had not acted to cap energy prices, according to aides.
She was met with open criticism, according to reports, with MPs reportedly raising concerns about rising mortgage rates and the Tories' slump in the polls.
Commons education committee chair Robert Halfon told Ms Truss she had “trashed the last 10 years of workers' Conservatism”.
Damian Green, a former deputy prime minister, said Conservative MPs were openly discussing reversing some of the mini-budget measures as they question how else she can reduce debt after she rejected public spending reductions.
“It is, indeed, a topic of conversation around the tea rooms of the House of Commons as well, because we can all do the rough maths and see that it is very difficult,” he told BBC Radio 4's PM programme.
“One of the obvious ways would be possibly to defer some of the tax cuts or the failure to put taxes up.”
But speaking on Sky News on Thursday morning, Foreign Secretary James Cleverly said the government was right to stick to its fiscal plans.
“Ultimately, what that mini-budget was about was protecting tens of millions of people from unaffordable energy prices. That was the bulk of that proposal,” he told Sky News.
“It was about making sure that taxes for 30 million people were reduced a little bit, and those are really strong principles. I think we should absolutely stick with those.
“All those things are really key for the growth agenda the prime minister has put forward.”
He said the prime minister made it clear she was running on a platform “to bring taxation levels down from the 70-year high” during the leadership campaign, “not put taxes up further than they already are”.
Plus, to make sure we have growth in the economy and to ensure Ukraine is successful in defending its territory against Russia, he said.
“She is delivering on all those three things,” said Mr Cleverly.
“I wasn’t in the meeting but I know what she said to the 1922 [committee] is we have got to make sure we help people keep more of their earnings in their own pockets. That we have to be good custodians of the public purse. But we have got to grow the economy. That’s what she’s pushing for.
“I think those are solid, traditional, governmental principles and I think we should stick with it.”
The prime minister and chancellor are expected to meet influential MPs from next week to try to assure them that Mr Kwarteng's medium-term fiscal plan on October 31 will address their concerns.
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2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
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- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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UAE currency: the story behind the money in your pockets
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US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
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SHOW COURTS ORDER OF PLAY
Centre Court (4pm UAE/12pm GMT)
Victoria Azarenka (BLR) v Heather Watson (GBR)
Rafael Nadal (ESP x4) v Karen Khachanov (RUS x30)
Andy Murray (GBR x1) v Fabio Fognini (ITA x28)
Court 1 (4pm UAE)
Steve Johnson (USA x26) v Marin Cilic (CRO x7)
Johanna Konta (GBR x6) v Maria Sakkari (GRE)
Naomi Osaka (JPN) v Venus Williams (USA x10)
Court 2 (2.30pm UAE)
Aljaz Bedene (GBR) v Gilles Muller (LUX x16)
Peng Shuai (CHN) v Simona Halep (ROM x2)
Jelena Ostapenko (LAT x13) v Camila Giorgi (ITA)
Jo-Wilfried Tsonga (FRA x12) v Sam Querrey (USA x24)
Court 3 (2.30pm UAE)
Kei Nishikori (JPN x9) v Roberto Bautista Agut (ESP x18)
Carina Witthoeft (GER) v Elina Svitolina (UKR x4)
Court 12 (2.30pm UAE)
Dominika Cibulkova (SVK x8) v Ana Konjuh (CRO x27)
Kevin Anderson (RSA) v Ruben Bemelmans (BEL)
Court 18 (2.30pm UAE)
Caroline Garcia (FRA x21) v Madison Brengle (USA)
Benoit Paire (FRA) v Jerzy Janowicz (POL)
UAE currency: the story behind the money in your pockets
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