Ms Truss appointed Mr Hunt on Friday in an attempt to rescue her leadership as confidence in her ability to run the country drained away within both her own Conservative Party and international financial markets.
Investors have sold British government bonds heavily since Sept 23, when Mr Hunt's predecessor, Mr Kwasi Kwarteng, announced a string of unfunded tax cuts without publishing a set of independent economic forecasts.
The knock-on effects forced the Bank of England to make an emergency intervention to protect pension funds and drove up mortgage costs adding to the squeeze on Britons' finances.
This story is from the October 17, 2022 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 17, 2022 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Overwork is nothing to 'stress brag' about. So why do we do it?
We need to make our workplaces embody the values we care about.
Myanmar's Years of Living Dangerously Could Come to a Head in 2025
While South-east Asia watches distant wars, Myanmar's civil war—an unfolding crisis with regional consequences—remains dangerously overlooked.
Work or play? Rise of online 'kidfluencers' raises complex legal and ethical questions
As children turn to YouTube as a career goal, it brings up issues of exploitation and online safety.
AI's March Could Take a Pause, and That May Not Be a Bad Thing
It's getting harder to gather quality data that drives AI, but the slowdown gives us a chance to make adjustments.
Third executive fired by SingPost to contest decision
The third executive who was fired by Singapore Post on Dec 21 following investigations over a whistleblower's report will contest his termination, saying the move is undue, unfair and without merit.
Singapore's Factory Output Expands for Fifth Straight Month
Boost likely from electronics front-loading but analysts cautious about 2025 outlook
Taiwan Blocks Uber's $1.3b Foodpanda Deal Over Anti-Competition
Taiwan has blocked Uber Technologies' US$950 million (S$1.3 billion) purchase of Delivery Hero's Foodpanda business on the island because of concerns it would be anti-competitive, the Fair Trade Commission (FTC) said on Dec 25.
I Never Thought We Would Become Farmers," Says F&N CEO
Firm Is Developing Its First Large-Scale Dairy Farm in Malaysia in Its Bid to Go Upstream
UK economy to surpass European peers in next 15 years: Consultancy
Britain will outperform its struggling European peers in the next 15 years, helping it to cling on to its place among the world's biggest economies, according to long-term projections.
Chinese duo power Bangladesh's rickshaws with battery start-up
A young company created by chance is trying to transform urban transportation in the world's most populous region.
