The Conservative Party Can't Decide Who's Gonna Replace Liz Truss

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There's been a massive sell-off of British government bonds that continued on Friday afternoon after Liz Truss's announcement about reversing part of her package. As bond price goes down, interest rates go up and that feeds through into the mortgages of middle Britain. We're gonna find out in the next few days and starting on Monday whether the markets were given that long or whether they're going to continue punishing the British government for what they see as an incredible economic strategy.

China’s leader Xi Jinping is set to begin his third-consecutive five-year term, and the UK’s Jeremy Hunt starts his first full week as the country’s latest chancellor of the Exchequer. Plus, the US Federal Reserve’s aggressive interest rate hikes are boosting US banks’ bottom lines.

Mentioned in this podcast:

US banks gain from Fed rate hikes while keeping deposit interest low

Xi Jinping heralds ‘critical time’ in history as he prepares for third term in power

Can anything save Liz Truss?

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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