Financial Times

As Liz Truss began tackling an economic crisis with a massive energy bailout that could cost more than £150 billion, the new prime minister vowed Britain would “ride out the storm.”

The Financial Times reports that Liz Truss plans to launch a two-year energy relief package that could cost up to £100bn.

Liz Truss’ ally says she will be a “trusted hand” with the nation’s finances.

Financial Times reports that Liz Truss’ plans to cut taxes and defence spending will blow a £60bn hole in the public finances.

The Russian president is broadening the scope of his war on Ukraine’s “anti-Russian enclave”.

According to the Financial Times, German manufacturers are halting production due to Russia’s squeeze on gas supplies, causing energy prices to spike.

Ex-Chancellor and current Tory leadership contender Rishi Sunak warns that ignoring the risk of markets losing confidence in the British economy would be “complacent and irresponsible”.

The FT reports that the EU is preparing emergency measures to curb soaring electricity prices.

FT reports that central bankers will find it harder to tackle high inflation in the coming years due to the toughest economic landscape in decades.