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BBC's Watt-Former Minister Says 'Brace For U-Turn On Mini-Budget'

UK

Nicholas Watt at BBC Newsnight: "A former cabinet minister tells me: “Brace for the mother of all U-Turns on the mini budget today. A friendly person in the know is advising us to steer clear of the media today to avoid the explosion. We wouldn’t want to look silly by tomorrow"."

  • ITV's Robert Peston: "Wow. The 30 year bond yield - de facto interest rate on government debt - is down to 4.6%, having been over 5% yesterday. Investors are assuming there will be massive u-turn on mini budget tax cuts. Lots of rumours to that effect, but it’s not done. Not sure how Kwarteng and Truss could spin what would be one of the all-time great political humiliations."

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