In an interview with the Financial Times, Sunak said his leadership rival Liz Truss had made unfunded spending commitments that he feared could raise inflation and interest rates and raise the UK’s borrowing costs. The former chancellor said he “struggled to see” how Truss’ promises of sweeping tax cuts and help for families struggling with rising energy costs “add up”. Truss is widely expected to be named the UK’s next prime minister on Monday, but Mr Sunack refused to concede defeat in the contest, claiming many Tory campaigners had waited until the last minute to vote. He cited former Bank of England governor Mark Carney’s reference to the UK’s reliance on “foreign benevolence” to fund its deficits and said market confidence was maintained through having an independent BoE, strong institutions and a ” reliable fiscal trajectory”. Sunak said he did not believe the BoE needed a new mandate – Truss called for a review of the independent central bank’s mandate – arguing it had all the tools it needed to fight inflation. Big investors are betting on a further rise in UK borrowing costs on fears that spiraling energy costs will force the BoE to raise interest rates sharply. The two-year gold yield, which reflects market expectations for BoE policy, touched 3% on Tuesday for the first time in 14 years. “We have more debt linked to inflation at the margin than any other G7 economy — basically more than twice as much,” Sunak said. “Because of the structure of QE [quantitative easing]we’re also much more sensitive to a bullish interest rate cycle than we used to be.” “My general view on life, you can’t take anything for granted,” he said. He said it would be “complacent and irresponsible for a prime minister and chancellor not to think about the risks to the public finances”. Mr Sunak, who has previously accused Mr Truss of planning to borrow £50bn to fund her programme, toned down his criticism of his rival in the interview, accepting that the party needs to get back together. “Ultimately, you have to decide whether you think sustainable lending rates are important or not,” he said. “I think it is.” Speaking after addressing Tory MPs in Hertfordshire, he said: “What we need to do is just get inflation under control now. So this is a combination of monetary policy, making sure that fiscal policy doesn’t make things worse and doesn’t add fuel to the fire.” Ultimately, you have to decide whether you think sustainable lending rates are important or not. I think it is Truss promised an “emergency budget”, pledging to reverse rises in national insurance and corporation tax. Allies are hinting at cuts to income tax and value added tax. But the foreign secretary also promised to stick to fiscal rules that would see debt fall as a share of GDP within three years. “I hope that, if he wins, he sticks to them,” Sunak said. He warned that if the Conservative Party abandoned its reputation for fiscal discipline, it could destroy one of its main advantages over Labour. “This has historically been one of the strongest points of differentiation we’ve had against Labor when it comes to elections,” he said. “I am concerned about the consequences of ceding this area below the line politically.” The former chancellor defended his proposal to give ministers the right to “call in” decisions from City regulators, arguing that giving politicians powers over “similar people” was one of the benefits of Brexit. “But this power should not be used regularly,” he said. “It’s there to be used infrequently.” He added: “But it is right that the power exists if the government wants to use it.” Meanwhile, Sunak, who resigned from Boris Johnson’s government in July, suggested that while he expected Johnson to continue as an MP, the outgoing prime minister should accept that his time on the political frontline is over. “I think at this point, we have to move on. I mean, I think 60 members of parliament, 60 members of the government have all resigned, which you have to remember, is virtually unprecedented.” Sunak was speaking at Brocket Hall, which bills itself as “one of the finest stately homes in England”, set in 543 acres of Hertfordshire countryside, with two golf courses and an ornate Palladian bridge over the River Lea. This is where Colin Firth was filmed in the BBC adaptation of Jane Austen’s Pride and Prejudice. Some have said the Tory leadership contest is taking place in a parallel world to that inhabited by many voters, and on Tuesday party members showed up in Bentleys and Porsches to hear Sunak’s pitch. In a wood-panelled conference room overlooking the grounds, the former chancellor delivered a smooth and well-written speech. He joked that one of the best parts of the race was “all these people coming up to me and saying ‘wow, you’re shorter in real life.’ During the Q&A, no Tory MP mentioned the cost of living crisis – the closest was a question about better home insulation. The biggest round of applause came for Sunak’s stance on cultural issues: “I want to confront this culture of leftist awakening that wants to invalidate our values, our culture and our women.” A recent series of polls put Mr Sunak at least 30 points behind Mr Truss, who has been holding regular meetings this week with Cabinet Secretary Simon Case to prepare for the transition to government. But the former chancellor told the FT that “a bunch of people I’ve spoken to say they still haven’t voted” and said he was still hoping for an upset. His team is also in “transition” talks with Case should they win.

Sunak has spoken to many thousands of Tory party members over the past six weeks at more than a hundred events. One of the main reasons he is struggling is the perception that he was responsible for the downfall of Johnson, who remains popular among Tory MPs and would beat Truss or Sunak if he stood. Mr Sunak said it was “a great privilege to work for the Prime Minister”, but did not shy away from the policy areas where the pair disagreed, including the coronavirus restrictions and the rise in national insurance in April. “I’m instinctively loyal and my general view is old-fashioned and quaint, as seen now in this leadership race,” he said in a coded reference to attacks by his leadership rival. “As long as you’re in the team, you have these conversations one-on-one, you understand, and then you move on.” Sunak said he “always” tried to give Johnson the benefit of the doubt during political arguments. “I was there to be supportive, to try to implement what he wanted. I have always taken a fair view in making my case. Resigning as chancellor is a big deal, it’s not something you should do lightly.” Although he insisted he could still win, Sunak knew the odds were against him. “I’d rather lose on that basis than win on a false promise,” he said. “I was always going to do this only on terms that worked for me, in the sense that I would be true to myself, true to what I believe was right for the country.” Sunak was asked by members of the audience at Brocket Hall if he would take a job in a Truss government. “It’s a question for Liz and I’d have to think about it at the time,” he said. He also insisted that he had “no plans to leave politics”. Sunak said his campaign “won the big arguments”, a similar claim Jeremy Corbyn made in 2019 after leading Labor to its biggest post-war election defeat. “We started this thing, by everyone’s account, 30 to 40 points behind. It was no big secret with the membership that I always started way back,” he said. “I am here working, and last week, and I will continue to do so today, tomorrow. . . I’m totally proud of the campaign.”

title: “Rishi Sunak Warns Of The Risk Of Markets Losing Faith In The Uk Economy Klmat” ShowToc: true date: “2022-10-28” author: “Fred Wenrich”

In an interview with the Financial Times, Sunak said his leadership rival Liz Truss had made unfunded spending commitments that he feared could raise inflation and interest rates and raise the UK’s borrowing costs. The former chancellor said he “struggled to see” how Truss’ promises of sweeping tax cuts and help for families struggling with rising energy costs “add up”. Truss is widely expected to be named the UK’s next prime minister on Monday, but Mr Sunack refused to concede defeat in the contest, claiming many Tory campaigners had waited until the last minute to vote. He cited former Bank of England governor Mark Carney’s reference to the UK’s reliance on “foreign benevolence” to fund its deficits and said market confidence was maintained through having an independent BoE, strong institutions and a ” reliable fiscal trajectory”. Sunak said he did not believe the BoE needed a new mandate – Truss called for a review of the independent central bank’s mandate – arguing it had all the tools it needed to fight inflation. Big investors are betting on a further rise in UK borrowing costs on fears that spiraling energy costs will force the BoE to raise interest rates sharply. The two-year gold yield, which reflects market expectations for BoE policy, touched 3% on Tuesday for the first time in 14 years. “We have more debt linked to inflation at the margin than any other G7 economy — basically more than twice as much,” Sunak said. “Because of the structure of QE [quantitative easing]we’re also much more sensitive to a bullish interest rate cycle than we used to be.” “My general view on life, you can’t take anything for granted,” he said. He said it would be “complacent and irresponsible for a prime minister and chancellor not to think about the risks to the public finances”. Mr Sunak, who has previously accused Mr Truss of planning to borrow £50bn to fund her programme, toned down his criticism of his rival in the interview, accepting that the party needs to get back together. “Ultimately, you have to decide whether you think sustainable lending rates are important or not,” he said. “I think it is.” Speaking after addressing Tory MPs in Hertfordshire, he said: “What we need to do is just get inflation under control now. So this is a combination of monetary policy, making sure that fiscal policy doesn’t make things worse and doesn’t add fuel to the fire.” Ultimately, you have to decide whether you think sustainable lending rates are important or not. I think it is Truss promised an “emergency budget”, pledging to reverse rises in national insurance and corporation tax. Allies are hinting at cuts to income tax and value added tax. But the foreign secretary also promised to stick to fiscal rules that would see debt fall as a share of GDP within three years. “I hope that, if he wins, he sticks to them,” Sunak said. He warned that if the Conservative Party abandoned its reputation for fiscal discipline, it could destroy one of its main advantages over Labour. “This has historically been one of the strongest points of differentiation we’ve had against Labor when it comes to elections,” he said. “I am concerned about the consequences of ceding this area below the line politically.” The former chancellor defended his proposal to give ministers the right to “call in” decisions from City regulators, arguing that giving politicians powers over “similar people” was one of the benefits of Brexit. “But this power should not be used regularly,” he said. “It’s there to be used infrequently.” He added: “But it is right that the power exists if the government wants to use it.” Meanwhile, Sunak, who resigned from Boris Johnson’s government in July, suggested that while he expected Johnson to continue as an MP, the outgoing prime minister should accept that his time on the political frontline is over. “I think at this point, we have to move on. I mean, I think 60 members of parliament, 60 members of the government have all resigned, which you have to remember, is virtually unprecedented.” Sunak was speaking at Brocket Hall, which bills itself as “one of the finest stately homes in England”, set in 543 acres of Hertfordshire countryside, with two golf courses and an ornate Palladian bridge over the River Lea. This is where Colin Firth was filmed in the BBC adaptation of Jane Austen’s Pride and Prejudice. Some have said the Tory leadership contest is taking place in a parallel world to that inhabited by many voters, and on Tuesday party members showed up in Bentleys and Porsches to hear Sunak’s pitch. In a wood-panelled conference room overlooking the grounds, the former chancellor delivered a smooth and well-written speech. He joked that one of the best parts of the race was “all these people coming up to me and saying ‘wow, you’re shorter in real life.’ During the Q&A, no Tory MP mentioned the cost of living crisis – the closest was a question about better home insulation. The biggest round of applause came for Sunak’s stance on cultural issues: “I want to confront this culture of leftist awakening that wants to invalidate our values, our culture and our women.” A recent series of polls put Mr Sunak at least 30 points behind Mr Truss, who has been holding regular meetings this week with Cabinet Secretary Simon Case to prepare for the transition to government. But the former chancellor told the FT that “a bunch of people I’ve spoken to say they still haven’t voted” and said he was still hoping for an upset. His team is also in “transition” talks with Case should they win.

Sunak has spoken to many thousands of Tory party members over the past six weeks at more than a hundred events. One of the main reasons he is struggling is the perception that he was responsible for the downfall of Johnson, who remains popular among Tory MPs and would beat Truss or Sunak if he stood. Mr Sunak said it was “a great privilege to work for the Prime Minister”, but did not shy away from the policy areas where the pair disagreed, including the coronavirus restrictions and the rise in national insurance in April. “I’m instinctively loyal and my general view is old-fashioned and quaint, as seen now in this leadership race,” he said in a coded reference to attacks by his leadership rival. “As long as you’re in the team, you have these conversations one-on-one, you understand, and then you move on.” Sunak said he “always” tried to give Johnson the benefit of the doubt during political arguments. “I was there to be supportive, to try to implement what he wanted. I have always taken a fair view in making my case. Resigning as chancellor is a big deal, it’s not something you should do lightly.” Although he insisted he could still win, Sunak knew the odds were against him. “I’d rather lose on that basis than win on a false promise,” he said. “I was always going to do this only on terms that worked for me, in the sense that I would be true to myself, true to what I believe was right for the country.” Sunak was asked by members of the audience at Brocket Hall if he would take a job in a Truss government. “It’s a question for Liz and I’d have to think about it at the time,” he said. He also insisted that he had “no plans to leave politics”. Sunak said his campaign “won the big arguments”, a similar claim Jeremy Corbyn made in 2019 after leading Labor to its biggest post-war election defeat. “We started this thing, by everyone’s account, 30 to 40 points behind. It was no big secret with the membership that I always started way back,” he said. “I am here working, and last week, and I will continue to do so today, tomorrow. . . I’m totally proud of the campaign.”

title: “Rishi Sunak Warns Of The Risk Of Markets Losing Faith In The Uk Economy Klmat” ShowToc: true date: “2022-10-24” author: “Roger Concepcion”

In an interview with the Financial Times, Sunak said his leadership rival Liz Truss had made unfunded spending commitments that he feared could raise inflation and interest rates and raise the UK’s borrowing costs. The former chancellor said he “struggled to see” how Truss’ promises of sweeping tax cuts and help for families struggling with rising energy costs “add up”. Truss is widely expected to be named the UK’s next prime minister on Monday, but Mr Sunack refused to concede defeat in the contest, claiming many Tory campaigners had waited until the last minute to vote. He cited former Bank of England governor Mark Carney’s reference to the UK’s reliance on “foreign benevolence” to fund its deficits and said market confidence was maintained through having an independent BoE, strong institutions and a ” reliable fiscal trajectory”. Sunak said he did not believe the BoE needed a new mandate – Truss called for a review of the independent central bank’s mandate – arguing it had all the tools it needed to fight inflation. Big investors are betting on a further rise in UK borrowing costs on fears that spiraling energy costs will force the BoE to raise interest rates sharply. The two-year gold yield, which reflects market expectations for BoE policy, touched 3% on Tuesday for the first time in 14 years. “We have more debt linked to inflation at the margin than any other G7 economy — basically more than twice as much,” Sunak said. “Because of the structure of QE [quantitative easing]we’re also much more sensitive to a bullish interest rate cycle than we used to be.” “My general view on life, you can’t take anything for granted,” he said. He said it would be “complacent and irresponsible for a prime minister and chancellor not to think about the risks to the public finances”. Mr Sunak, who has previously accused Mr Truss of planning to borrow £50bn to fund her programme, toned down his criticism of his rival in the interview, accepting that the party needs to get back together. “Ultimately, you have to decide whether you think sustainable lending rates are important or not,” he said. “I think it is.” Speaking after addressing Tory MPs in Hertfordshire, he said: “What we need to do is just get inflation under control now. So this is a combination of monetary policy, making sure that fiscal policy doesn’t make things worse and doesn’t add fuel to the fire.” Ultimately, you have to decide whether you think sustainable lending rates are important or not. I think it is Truss promised an “emergency budget”, pledging to reverse rises in national insurance and corporation tax. Allies are hinting at cuts to income tax and value added tax. But the foreign secretary also promised to stick to fiscal rules that would see debt fall as a share of GDP within three years. “I hope that, if he wins, he sticks to them,” Sunak said. He warned that if the Conservative Party abandoned its reputation for fiscal discipline, it could destroy one of its main advantages over Labour. “This has historically been one of the strongest points of differentiation we’ve had against Labor when it comes to elections,” he said. “I am concerned about the consequences of ceding this area below the line politically.” The former chancellor defended his proposal to give ministers the right to “call in” decisions from City regulators, arguing that giving politicians powers over “similar people” was one of the benefits of Brexit. “But this power should not be used regularly,” he said. “It’s there to be used infrequently.” He added: “But it is right that the power exists if the government wants to use it.” Meanwhile, Sunak, who resigned from Boris Johnson’s government in July, suggested that while he expected Johnson to continue as an MP, the outgoing prime minister should accept that his time on the political frontline is over. “I think at this point, we have to move on. I mean, I think 60 members of parliament, 60 members of the government have all resigned, which you have to remember, is virtually unprecedented.” Sunak was speaking at Brocket Hall, which bills itself as “one of the finest stately homes in England”, set in 543 acres of Hertfordshire countryside, with two golf courses and an ornate Palladian bridge over the River Lea. This is where Colin Firth was filmed in the BBC adaptation of Jane Austen’s Pride and Prejudice. Some have said the Tory leadership contest is taking place in a parallel world to that inhabited by many voters, and on Tuesday party members showed up in Bentleys and Porsches to hear Sunak’s pitch. In a wood-panelled conference room overlooking the grounds, the former chancellor delivered a smooth and well-written speech. He joked that one of the best parts of the race was “all these people coming up to me and saying ‘wow, you’re shorter in real life.’ During the Q&A, no Tory MP mentioned the cost of living crisis – the closest was a question about better home insulation. The biggest round of applause came for Sunak’s stance on cultural issues: “I want to confront this culture of leftist awakening that wants to invalidate our values, our culture and our women.” A recent series of polls put Mr Sunak at least 30 points behind Mr Truss, who has been holding regular meetings this week with Cabinet Secretary Simon Case to prepare for the transition to government. But the former chancellor told the FT that “a bunch of people I’ve spoken to say they still haven’t voted” and said he was still hoping for an upset. His team is also in “transition” talks with Case should they win.

Sunak has spoken to many thousands of Tory party members over the past six weeks at more than a hundred events. One of the main reasons he is struggling is the perception that he was responsible for the downfall of Johnson, who remains popular among Tory MPs and would beat Truss or Sunak if he stood. Mr Sunak said it was “a great privilege to work for the Prime Minister”, but did not shy away from the policy areas where the pair disagreed, including the coronavirus restrictions and the rise in national insurance in April. “I’m instinctively loyal and my general view is old-fashioned and quaint, as seen now in this leadership race,” he said in a coded reference to attacks by his leadership rival. “As long as you’re in the team, you have these conversations one-on-one, you understand, and then you move on.” Sunak said he “always” tried to give Johnson the benefit of the doubt during political arguments. “I was there to be supportive, to try to implement what he wanted. I have always taken a fair view in making my case. Resigning as chancellor is a big deal, it’s not something you should do lightly.” Although he insisted he could still win, Sunak knew the odds were against him. “I’d rather lose on that basis than win on a false promise,” he said. “I was always going to do this only on terms that worked for me, in the sense that I would be true to myself, true to what I believe was right for the country.” Sunak was asked by members of the audience at Brocket Hall if he would take a job in a Truss government. “It’s a question for Liz and I’d have to think about it at the time,” he said. He also insisted that he had “no plans to leave politics”. Sunak said his campaign “won the big arguments”, a similar claim Jeremy Corbyn made in 2019 after leading Labor to its biggest post-war election defeat. “We started this thing, by everyone’s account, 30 to 40 points behind. It was no big secret with the membership that I always started way back,” he said. “I am here working, and last week, and I will continue to do so today, tomorrow. . . I’m totally proud of the campaign.”

title: “Rishi Sunak Warns Of The Risk Of Markets Losing Faith In The Uk Economy Klmat” ShowToc: true date: “2022-11-25” author: “Sang Espinoza”

In an interview with the Financial Times, Sunak said his leadership rival Liz Truss had made unfunded spending commitments that he feared could raise inflation and interest rates and raise the UK’s borrowing costs. The former chancellor said he “struggled to see” how Truss’ promises of sweeping tax cuts and help for families struggling with rising energy costs “add up”. Truss is widely expected to be named the UK’s next prime minister on Monday, but Mr Sunack refused to concede defeat in the contest, claiming many Tory campaigners had waited until the last minute to vote. He cited former Bank of England governor Mark Carney’s reference to the UK’s reliance on “foreign benevolence” to fund its deficits and said market confidence was maintained through having an independent BoE, strong institutions and a ” reliable fiscal trajectory”. Sunak said he did not believe the BoE needed a new mandate – Truss called for a review of the independent central bank’s mandate – arguing it had all the tools it needed to fight inflation. Big investors are betting on a further rise in UK borrowing costs on fears that spiraling energy costs will force the BoE to raise interest rates sharply. The two-year gold yield, which reflects market expectations for BoE policy, touched 3% on Tuesday for the first time in 14 years. “We have more debt linked to inflation at the margin than any other G7 economy — basically more than twice as much,” Sunak said. “Because of the structure of QE [quantitative easing]we’re also much more sensitive to a bullish interest rate cycle than we used to be.” “My general view on life, you can’t take anything for granted,” he said. He said it would be “complacent and irresponsible for a prime minister and chancellor not to think about the risks to the public finances”. Mr Sunak, who has previously accused Mr Truss of planning to borrow £50bn to fund her programme, toned down his criticism of his rival in the interview, accepting that the party needs to get back together. “Ultimately, you have to decide whether you think sustainable lending rates are important or not,” he said. “I think it is.” Speaking after addressing Tory MPs in Hertfordshire, he said: “What we need to do is just get inflation under control now. So this is a combination of monetary policy, making sure that fiscal policy doesn’t make things worse and doesn’t add fuel to the fire.” Ultimately, you have to decide whether you think sustainable lending rates are important or not. I think it is Truss promised an “emergency budget”, pledging to reverse rises in national insurance and corporation tax. Allies are hinting at cuts to income tax and value added tax. But the foreign secretary also promised to stick to fiscal rules that would see debt fall as a share of GDP within three years. “I hope that, if he wins, he sticks to them,” Sunak said. He warned that if the Conservative Party abandoned its reputation for fiscal discipline, it could destroy one of its main advantages over Labour. “This has historically been one of the strongest points of differentiation we’ve had against Labor when it comes to elections,” he said. “I am concerned about the consequences of ceding this area below the line politically.” The former chancellor defended his proposal to give ministers the right to “call in” decisions from City regulators, arguing that giving politicians powers over “similar people” was one of the benefits of Brexit. “But this power should not be used regularly,” he said. “It’s there to be used infrequently.” He added: “But it is right that the power exists if the government wants to use it.” Meanwhile, Sunak, who resigned from Boris Johnson’s government in July, suggested that while he expected Johnson to continue as an MP, the outgoing prime minister should accept that his time on the political frontline is over. “I think at this point, we have to move on. I mean, I think 60 members of parliament, 60 members of the government have all resigned, which you have to remember, is virtually unprecedented.” Sunak was speaking at Brocket Hall, which bills itself as “one of the finest stately homes in England”, set in 543 acres of Hertfordshire countryside, with two golf courses and an ornate Palladian bridge over the River Lea. This is where Colin Firth was filmed in the BBC adaptation of Jane Austen’s Pride and Prejudice. Some have said the Tory leadership contest is taking place in a parallel world to that inhabited by many voters, and on Tuesday party members showed up in Bentleys and Porsches to hear Sunak’s pitch. In a wood-panelled conference room overlooking the grounds, the former chancellor delivered a smooth and well-written speech. He joked that one of the best parts of the race was “all these people coming up to me and saying ‘wow, you’re shorter in real life.’ During the Q&A, no Tory MP mentioned the cost of living crisis – the closest was a question about better home insulation. The biggest round of applause came for Sunak’s stance on cultural issues: “I want to confront this culture of leftist awakening that wants to invalidate our values, our culture and our women.” A recent series of polls put Mr Sunak at least 30 points behind Mr Truss, who has been holding regular meetings this week with Cabinet Secretary Simon Case to prepare for the transition to government. But the former chancellor told the FT that “a bunch of people I’ve spoken to say they still haven’t voted” and said he was still hoping for an upset. His team is also in “transition” talks with Case should they win.

Sunak has spoken to many thousands of Tory party members over the past six weeks at more than a hundred events. One of the main reasons he is struggling is the perception that he was responsible for the downfall of Johnson, who remains popular among Tory MPs and would beat Truss or Sunak if he stood. Mr Sunak said it was “a great privilege to work for the Prime Minister”, but did not shy away from the policy areas where the pair disagreed, including the coronavirus restrictions and the rise in national insurance in April. “I’m instinctively loyal and my general view is old-fashioned and quaint, as seen now in this leadership race,” he said in a coded reference to attacks by his leadership rival. “As long as you’re in the team, you have these conversations one-on-one, you understand, and then you move on.” Sunak said he “always” tried to give Johnson the benefit of the doubt during political arguments. “I was there to be supportive, to try to implement what he wanted. I have always taken a fair view in making my case. Resigning as chancellor is a big deal, it’s not something you should do lightly.” Although he insisted he could still win, Sunak knew the odds were against him. “I’d rather lose on that basis than win on a false promise,” he said. “I was always going to do this only on terms that worked for me, in the sense that I would be true to myself, true to what I believe was right for the country.” Sunak was asked by members of the audience at Brocket Hall if he would take a job in a Truss government. “It’s a question for Liz and I’d have to think about it at the time,” he said. He also insisted that he had “no plans to leave politics”. Sunak said his campaign “won the big arguments”, a similar claim Jeremy Corbyn made in 2019 after leading Labor to its biggest post-war election defeat. “We started this thing, by everyone’s account, 30 to 40 points behind. It was no big secret with the membership that I always started way back,” he said. “I am here working, and last week, and I will continue to do so today, tomorrow. . . I’m totally proud of the campaign.”