Scottish First Minister Sturgeon: Hard To Overstate Scale Of Economic Crisis

Scottish First Minister Nicola Sturgeon has led the backlash to the minibudget unveiled by Chancellor Kwasi Kwateng on Friday.

• Sturgeon per Reuters: "Hard to underestimate the scale of the economic crisis caused by Friday's UK budget. The House of Commons should be in emergency session now."
• Bloomberg has reported that dissatisfaction amongst Tory MPs for Kwateng's minibudget extends beyond backbenchers but "while there has been some discussion about voting down the plans, the idea is not yet mainstream."
• A former minister told BBG that an emergency rate hike is likely. A move that could further damage public opinion of Prime Minister Liz Truss who has had a shaky start to her premiership. The former minister said: “When you start getting an emergency anything, the political optics are dire.”
• Kwateng said on Sunday that a short-term dip in the pound should be considered secondary to his strategy to focus on longer-term growth.
• In the past few minutes Sky News economics editor Ed Conway: "Wouldn't be surprised to see a statement from the Bank of England of what's going on in markets very soon."