38 days after taking office, British Chancellor Kwoten was fired...
British Chancellor Kwoten said on the 14th that he had resigned as requested by Prime Minister Elizabeth Trass.
KWorten made his resignation letter to Tras on social media. The letter reads: "You ask me to get off the position of Minister of Finance, I accept it."
The British Prime Minister's Office then issued a statement announcing the former Foreign Minister Jeremy Hunter as Minister of Finance. More than
media reported earlier that Tras will hold a press conference later on the 14th, announcing that he will abandon some of the previously announced tax cuts by the government; and before the press conference, Kwoten will be dismissed.
KWorten originally attended the G20 Finance Ministers and the Governors' Meeting of Central Bank in the United States. He returned to the UK early on the 14th, but did not disclose more details to the media. After returning to London that day, Kwoten entered the Prime Minister's Office at , No. 10 Downing Street, , stayed for a while before leaving.
On September 23, the British government announced the largest tax cut in 50 years to boost the economy, but it has attracted widespread doubts and criticism from the outside world. Some analysts believe that the above package of measures has limited effect on economic growth stimulus, but will significantly increase government debt and inflation risks and widen the gap between the rich and the poor. Faced with violent market fluctuations and external doubts, Kwoten issued a statement on October 3, announcing his abandonment of the plan to cancel the maximum income tax rate of 45% in the package.
KWorten was appointed as the Chancellor of the Exchequer on September 6. According to multiple media reports, he was the shortest-serving Secretary of the Exchequer in Britain since 1970.
On October 14th local time, after the release of the "mini budget" caused financial turmoil in and Conservative MPs opposed, British Chancellor Kwoten was dismissed and became the second shortest-term British Chancellor of the Exchequer. Previously, the "mini budget" released by Kwoten caused severe fluctuations in the UK financial market, the pound plunged sharply, the British Treasury bonds plummeted, and the British pension holding a large amount of long-term debts almost exploded.
Images are taken from the British " Daily Telegraph "
On the same day, British Prime Minister Tras announced at a press conference that the company tax will be raised from 19% to 25%. The tax cut policy in the "mini budget" will further "turn sharply", saying that the policy exceeded market expectations. This is the second reversal of the "mini budget" policy after the UK government abandoned the abolition of the highest income tax rate of 45%.
There is also new news on Russia. On October 14, Russian President Putin said there is no need to meet with Biden . Putin also said that he had not decided whether to attend the G20 summit held in Indonesia . In addition, Putin also said that if a direct conflict between NATO troops and the Russian army will be very dangerous and will lead to global disasters.
Saudi also has new trends. On the 13th local time, the Saudi Foreign Ministry issued a statement confirming that the US government had asked Saudi Arabia and other major oil-producing countries to postpone the plan to start a significant reduction in crude oil production in November this year by one month. This rare statement stressed that Saudi Arabia does not accept the "orders" of the United States.
Putin: There is no need to meet with Biden
According to Global Network , citing AFP , Russian President Putin held a press conference in Astana, Kazakhstan on the 14th. Asked about the possibility of a talk with U.S. President Biden during the G20 summit, Putin said he did not think it was necessary to talk with Biden.
Putin said, "We should ask him if he is ready to hold such a meeting with me. Honestly, I don't see the need for this." Putin also said that he has not decided whether to attend the G20 summit held in Indonesia.
Putin said that more than 220,000 people have been mobilized, and all mobilization measures will be completed within two weeks. In addition, Putin said that if a direct conflict between NATO troops and the Russian army will be very dangerous and will lead to global disasters.
Regarding the progress of the Russian-Ukrainian conflict, according to CCTV News, the Russian Investigation Committee released a message on the 14th that an ammunition depot in October Village, Bergorod Prefecture exploded after being shelled by Ukrainian armed forces. According to preliminary reports, there were deaths and injuries.
In addition, the Russian air defense system shot down the incoming missile in Belgorod . The missile wreckage fell near the railway, causing damage to the power line and temporarily interrupted the train traffic. According to preliminary reports, no casualties were found.
On October 13, the entire Ukraine launched an air defense alarm, and Kiev Prefecture , Lviv Prefecture and other places were attacked by Russian missiles. Ukraine said that a military facility in Lviv Prefecture was attacked by Russian missiles. By late on the 13th, air defense alarms were sounded again in Odessa Prefecture , Kiev City and Kiev Prefecture. Ukrainian military said that Ukrainian air defense forces intercepted five Russian "caliber" cruise missiles that day.
The British Chancellor of the Exchequer was dismissed 38 days after taking office. Trass responded that
38 days after taking office, British Chancellor of the Exchequer Kwoten was dismissed. The latest news from local media shows that British Prime Minister Tras has appointed former Foreign Minister Jeremy Hunter as the new British Chancellor of the Exchequer to replace Kwoten, who was dismissed on the same day.
On October 14th local time, Kwoten was fired after the release of the "mini budget" caused financial turmoil and opposition from Conservative MPs. At present, he has ended his meeting in the US capital Washington early and returned to London.
According to the Global Network, citing the BBC, Kwoten confirmed the news on Twitter and said that he was fired by British Prime Minister Tras, rather than choosing to leave himself. "I was asked to step down," Kwoten said.
BBC said this means that Kwoten became the second shortest-term British Chancellor of the Exchequer, and the shortest-term secretary of the Exchequer was Ian McLeod, who died of a heart attack 30 days after taking office in 1970.
In September, the new British Prime Minister Tras announced the most radical tax cut since 1972. The tax cut was considered too radical, which not only aggravated social injustice, but also caused serious damage to the UK's monetary policy . Not long after the plan was announced, the pound sterling exchange rate experienced a catastrophic "diving". After aroused widespread criticism across the country, Trass once called the plan Kwoten's decision.
According to CCTV News, on September 23, Kwoten released the government's "mini budget", which includes reducing national insurance, abolishing and increasing corporate tax plans, and reducing stamp duty on real estate purchases. According to reports, the British government plans to stimulate the economy through measures such as lowering taxes and curb inflation, but this has caused concerns about the further expansion of UK debt. Not long afterwards, the "mini budget" triggered a violent fluctuation in the financial market, and the exchange rate of the pound against the US dollar fell to 1 pound against 1.0327 US dollars, setting a new low since 1971. In addition, the UK Treasury bonds have plummeted, and the UK pension that holds a large amount of long-term debts has almost exploded. To this end, the Bank of England intervened urgently and decided to purchase government bonds to release liquidity to eliminate financial risks. The bond purchase is expected to end on October 14.
On October 3, Kwoten delivered a speech at the Conservative Party Annual Meeting held in Birmingham , acknowledging that his economic plan caused "some volatility". Earlier in the day, Kwoten issued a statement saying that he would abandon the previously proposed plan to cancel the maximum income tax rate of 45% for high-income earners.
On October 11th local time, the Bank of England warned that the imbalance in the bond market and the potential driving force of low-price selling still pose a major risk to the stability of the country's financial market. On the same day, in order to further stabilize the market, the Bank of England further expanded its emergency bond purchase plan and included index-linked bonds within the scope of bond purchases. The purpose is to restore the orderly operation of the market as soon as possible.
On October 14, Tras announced at a press conference that the company tax will be raised from 19% to 25%, the second reversal of the "mini budget" policy after the British government abandoned the abolition of the highest income tax rate of 45%. "It's obvious that part of our 'mini budget' is going to be further and faster than the market expected, so the way we can perform our mission now has to change."
Regarding Kwoten's dismissal, Tros said he felt "very regretful" about losing Kwoten, but the successor former Foreign Minister Hunter "has rich experience and respected."Truss said Hunter will submit a medium-term fiscal plan by the end of October this year, committed to improving economic performance and reducing debt burdens.
Saudi Arabia: Do not accept the "orders" of the United States
According to CCTV News, on the 13th local time, the Saudi Arabian Ministry of Foreign Affairs issued a statement confirming that the US government had asked Saudi Arabia and other major oil-producing countries to postpone the plan to start a significant reduction in crude oil production in November this year by one month.
statement stressed that Saudi Arabia does not accept the "issuance of orders" of the United States. On October 5, the "OPEC+" mechanism composed of member states of the Organization of Petroleum Exporting Countries ( OPEC ), including Saudi Arabia, and non-OPEC oil-producing countries such as Russia decided to reduce production significantly from November this year, reducing monthly output by 2 million barrels per day based on August output, which aroused dissatisfaction from the United States. The US side proposed the need to "re-evaluate" its relations with Saudi Arabia.
Also, according to Xinhua News Agency , citing AP , the Saudi Foreign Ministry issued a statement saying that the Saudi government "in the process of continuous consultation with the United States that all economic analysis shows that if the decision to delay the "OPEC+" (production cut) for one month in accordance with (US) recommendations, it will have a negative impact on the economy."
Biden said on the 11th that Saudi Arabia's approach has "consequences." White House National Security Council spokesman John Kirby said the same day that Biden was clearly aware of the need to "re-evaluate" the U.S. relations with Saudi Arabia. White House Press Secretary Karina Jean-Pierre also said that Saudi Arabia's move "is undoubtedly consistent with Russia."
However, in a statement on the 13th, the Saudi Foreign Ministry flatly denied the US statement, emphasizing that Saudi Arabia rejected any words and deeds that "distort Saudi's lofty goal of protecting the global economy from the impact of oil market fluctuations" and that "resolving economic challenges requires non-political constructive dialogue, and wisely and rationally considering the interests of all countries."
The Associated Press said that Saudi Arabia rarely issued this statement, showing the tension in the U.S. relations with Saudi Arabia.
Musk can't stand it anymore? SpaceX requires the US military to pay
According to Global Times , on October 13 local time, CNN (CNN) broke the news that Musk's SpaceX company said that it could not continue to pay for the "Starlink" satellite service used by Ukraine and asked the US Department of Defense to pay related fees.
Musk also confirmed on the 14th that SpaceX is unable to continue to pay the cost of running the " Starlink " project in Ukraine. Musk said, "SpaceX does not require the recovery of past expenses, but it cannot provide funds for existing systems indefinitely and send thousands of terminals with data usage up to 100 times that of ordinary families. This is unreasonable."
US media said that since the outbreak of the Russian-Ukrainian conflict, the "Starlink" ground terminal equipment provided by SpaceX to Ukraine has been a very important communication method for the Ukrainian army. These equipment allow the Ukrainian army to maintain a stable command link when the traditional communication device is destroyed and interfered by the Russian army.
So far, Ukraine has received about 20,000 sets of "Starlink" ground terminal equipment, and Musk said on social media on October 8: "This operation has cost SpaceX's $80 million, and by the end of this year, spending will exceed $100 million."
CNN said SpaceX's free support for Ukraine may be about to end, and the company has warned the US Department of Defense: unless the US military invests tens of millions of dollars a month, the company may no longer provide support to Ukraine as it is now. Documents obtained by
CNN show that in September, Musk's SpaceX company sent a document to Pentagon , saying it could no longer continue to fund Ukraine's "Starlink" service. SpaceX said the project is expected to cost more than $120 million for the rest of the year, while it could cost nearly $400 million in the next 12 months. SpaceX's government sales director said: "We cannot donate further terminals to Ukraine and cannot fund services for existing terminals indefinitely.”
While SpaceX asked the US Department of Defense to pay for the “Starlink” service used by Ukraine, Ukraine was also very worried about Musk’s attitude. A person familiar with the matter said: “Ukraine knows that its government and military communications rely on ‘Starlink’, and whether this system can continue to operate is completely in the hands of one person, Elon Musk . ”
column editor: Gu Wanquan Text editor: Li Linwei Title picture source: Xinhua News Agency Photo editor: Cao Liyuan
Source: Author: Securities China, Xinhua News Agency
