Investors have thrown their weight behind Labour in a blow to Rishi Sunak’s attempts to repair the Conservative Party’s reputation for sound money.
Two thirds of money managers and traders surveyed by Bloomberg said that either a Labour-led government or a Labour-led coalition would be the “most market-friendly outcome” at the next general election.
The Telegraph said the majority cited the fallout from the mini-Budget bond market meltdown under Liz Truss as the reason for backing Sir Keir Starmer’s party, with 80% of the 227 people surveyed saying confidence in British assets had not yet fully recovered.
It came as former Bank of England governor Mark Carney accused Ms Truss of turning Britain into “Argentina on the Channel”.
Speaking at the Global Progress Action Summit in Canada, he said: “When Brexiteers tried to create Singapore on the Thames, the Truss government instead delivered Argentina on the Channel – and that was a year ago.
“Those with little experience in the private sector – lifelong politicians masquerading as free marketeers – grossly under-value the importance of mission, of institutions, and of discipline to a strong economy.”
Argentina has become a byword for economic dysfunction after suffering a string of economic crises, including defaulting on its international debts nine times.
Here is what else is happening in politics today:
Scottish Parliament:
No scheduled business
UK Parliament:
Today’s business includes:
- Oral Questions: Home Office (including Topical Questions)
- General debate: UK automotive industry
- General debate: UK export performance
- Adjournment: Sites of Special Scientific Interest
- Oral Questions (Lords): Funding to support future manufacturing of semiconductors in the UK
- Legislation (Lords): Pensions (Extension of Automatic Enrolment) (No. 2) Bill – third reading
- Legislation (Lords): Workers (Predictable Terms and Conditions) Bill – third reading
- Legislation (Lords): Levelling-up and Regeneration Bil – report stage (day 8)
- First Delegated Legislation Committee – Debate: The draft Retained EU Law (Revocation and Reform) Act 2023 (Revocation and Sunset Disapplication) Regulations 2023 – Debate
- Scottish Affairs Committee – Private meeting on Scotland’s space sector
Aberdeenshire Council
Today’s business includes:
- Requisitioned meeting of Full Council
Aberdeen City Council:
Today’s business includes:
- Pensions Committee and Pension Board