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PM States No Progress On US FTA, Focus Shifts To UNGA Speech & Fiscal Event

UK

Overnight, Prime Minister Liz Truss stated to journalists that there would not be any more substantive trade talks with the United States in the short or medium term. The announcement has already seen criticism from the opposition and anti-Brexiteers given Truss had repeatedly talked up the prospect of a deal during her time as former PM Boris Johnson's Secretary of State for International Trade.

  • Main events for Truss in the remainder of the week will be her address to the UN General Assembly in New York City. She is due to meet with Japanese PM Fumio Kishida, European Commission President Ursula von der Leyen and French President Emmanuel Macron on the UNGA sidelines. Truss due to speak on Wednesday in the afternoon session of the UNGA.
  • On Friday, focus turns to the 'fiscal event' in the House of Commons, with Chancellor Kwasi Kwarteng due to announce the Truss gov'ts first action on taxes (reversing planned corporation tax rise, reversing National Insurance rise implemented in April), as well as outlining how the gov't plans to pay for massive energy price guarantee scheme announced two weeks ago. No timing on announcement yet, likely around midday or 1500BST.
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