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The Bank of England warned of a ‘material risk’ to financial stability as it stepped in to buy a wider range of gilts. But markets got the jitters again when Andrew Bailey, its governor, announced to pension funds: ‘You’ve got three days left.’ Kwasi Kwarteng, the Chancellor of the Exchequer, would present his ‘fiscal statement’ to parliament on 31 October, Halloween, not 23 November as originally planned. The Institute for Fiscal Studies thinktank said that under current plans, public spending would need to be cut by £60 billion a year by 2026-27 to put the economy on a safe footing. GDP shrank by 0.3 per cent in August. British Cycling announced an eight-year sponsorship deal with the oil company Shell.
King Charles and Queen Camilla are to be crowned at Westminster Abbey on Saturday 6 May. Sir Keir Starmer, the Labour leader, bade farewell to his chief of staff, Sam White, and said the party was on an election footing. Conor Burns, who was sacked as a trade minister and had the Conservative whip withdrawn after allegedly touching a man’s thigh in a Conservative party conference hotel bar, said that the action against him offended natural justice. Nicola Sturgeon, the leader of the Scottish National party, said during its conference: ‘I detest the Tories and everything they stand for.’ The Supreme Court considered whether Holyrood could set up a Scottish independence referendum without the agreement of Westminster. The Ministry of Defence said it had detected 1,065 migrants crossing the Channel in small craft on Sunday, bringing the total for the year to 34,672. Dame Angela Lansbury, the actress, died aged 96. Clocks with hands were being replaced by some schools with digital clocks because GCSE candidates could not otherwise tell the time.
Unemployment fell to 3.5
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