Related Research Articles
His Majesty's Treasury,occasionally referred to as the Exchequer,or more informally the Treasury,is a ministerial department of the Government of the United Kingdom. It is responsible for developing and executing the government's public finance policy and economic policy. The Treasury maintains the Online System for Central Accounting and Reporting,the replacement for the Combined Online Information System,which itemises departmental spending under thousands of category headings,and from which the Whole of Government Accounts annual financial statements are produced.
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries,many financial crises were associated with banking panics,and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles,currency crises,and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy.
The Bank Charter Act 1844,sometimes referred to as the Peel Banking Act of 1844,was an Act of the Parliament of the United Kingdom,passed under the government of Robert Peel,which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England. It is one of the Bank of England Acts 1694 to 1892.
The Panic of 1847 was a major British commercial and banking crisis,possibly triggered by the announcement in early March 1847 of government borrowing to pay for relief to combat the Great Famine in Ireland. It is also associated with the end of the 1840s railway industry boom and the failure of many non-bank lenders. The crisis was composed of two phases,one in April 1847 and one in October 1847,which was more serious and known as 'The Week of Terror'.
The Panic of 1866 was an international financial downturn that accompanied the failure of Overend,Gurney and Company in London,and the corso forzoso abandonment of the silver standard in Italy.
The British Banking School was a group of 19th century economists from the United Kingdom who wrote on monetary and banking issues. The school arose in opposition to the British Currency School;they argued that currency issue could be naturally restricted by the desire of bank depositors to redeem their notes for gold. According to Jacob Viner the main members of the Banking School were Thomas Tooke,John Fullarton,James Wilson and J. W. Gilbart. They believed "The amount of paper notes in circulation was adequately controlled by the ordinary processes of competitive banking,and if the requirement of convertibility was maintained,could not exceed the needs of business for any appreciable length of time". Thus they opposed the requirement in the Bank Act of 1844 for a reserve requirement on banknotes.
Mary Elizabeth Truss is a British politician who served as Prime Minister of the United Kingdom and Leader of the Conservative Party from September to October 2022. On her fiftieth day in office,she stepped down amid a government crisis,making her the shortest-serving prime minister in British history. The member of Parliament (MP) for South West Norfolk since 2010,Truss previously held various Cabinet positions under three prime ministers—David Cameron,Theresa May and Boris Johnson—lastly as foreign secretary from 2021 to 2022.
Akwasi Addo Alfred Kwarteng is a British politician who served as the Chancellor of the Exchequer from 6 September to 14 October 2022 under Liz Truss and the Secretary of State for Business,Energy and Industrial Strategy from 2021 to 2022 under Boris Johnson. A member of the Conservative Party,he has been Member of Parliament (MP) for Spelthorne since 2010.
Britannia Unchained:Global Lessons for Growth and Prosperity is a political book written by several British Conservative Party MPs and released on 13 September 2012. Its authors present a treatise,arguing that Britain should adopt a different and radical approach to business and economics or risk "an inevitable slide into mediocrity".
Since late 2021,the prices for many essential goods in the United Kingdom began increasing faster than household incomes,resulting in a fall in real incomes. This is caused in part by a rise in inflation in both the UK and the world in general,as well as the economic impact of issues such as the COVID-19 pandemic,Russia's invasion of Ukraine,and Brexit. While all in the UK are affected by rising prices,it most substantially affects low-income persons. The British government has responded in various ways such as grants,tax rebates,and subsidies to electricity and gas suppliers.
The Truss ministry began on 6 September 2022 when Liz Truss was invited by Queen Elizabeth II—two days before the monarch's death—to succeed Boris Johnson as Prime Minister of the United Kingdom. Johnson resigned as leader of the Conservative Party the previous day after Truss was elected as his successor. The Truss ministry was formed from the 2019 Parliament of the United Kingdom,as a Conservative majority government.
Liz Truss's tenure as Prime Minister of the United Kingdom began on 6 September 2022 when she accepted an invitation from Elizabeth II to form a government,succeeding Boris Johnson,and ended 50 days later on 25 October upon her resignation. As prime minister,she served simultaneously as First Lord of the Treasury,Minister for the Civil Service,and Minister for the Union.
On 23 September 2022,the Chancellor of the Exchequer,Kwasi Kwarteng,delivered a Ministerial Statement entitled "The Growth Plan" to the House of Commons. Widely referred to in the media as a mini-budget,it contained a set of economic policies and tax cuts such as bringing forward the planned cut in the basic rate of income tax from 20% to 19%;abolishing the highest (45%) rate of income tax in England,Wales and Northern Ireland;reversing a plan announced in March 2021 to increase corporation tax from 19% to 25% from April 2023;reversing the April 2022 increase in National Insurance;and cancelling the proposed Health and Social Care Levy. Following widespread negative response to the mini-budget,the planned abolition of the 45% tax rate was reversed 10 days later,while plans to cancel the increase in corporation tax were reversed 21 days later.
In September and October 2022,the Conservative Party government led by newly appointed prime minister Liz Truss faced a credibility crisis. It was caused by the September 2022 mini-budget and a disorganised vote in the House of Commons over a parliamentary vote to ban fracking,ultimately resulting in the loss of support of Conservative members of parliament (MPs).
On 14 October 2022,the British tabloid newspaper the Daily Star began a livestream of an iceberg lettuce next to a framed photograph of Liz Truss,who had recently been appointed the prime minister of the United Kingdom. This act followed an opinion piece in The Economist that compared the expected brevity of Truss's premiership to the shelf life of a head of lettuce,with the October 2022 United Kingdom government crisis occurring just weeks into her tenure and leading many political commentators to opine that Truss's resignation would be imminent. She announced her resignation as prime minister on 20 October 2022,before the lettuce had wilted;the Daily Star subsequently declared the lettuce "victorious" over Truss.
The November 2022 United Kingdom autumn statement was delivered to the House of Commons on 17 November 2022 by Chancellor of the Exchequer Jeremy Hunt,after being delayed by three weeks from its original scheduled date of 31 October. The budget addressed the ongoing cost of living crisis,and saw the announcement of a five-year package of tax increases and spending cuts designed to steer the UK through recession. An economic forecast published on the same day by the Office for Budget Responsibility (OBR) stated the UK had entered a recession after experiencing two quarters of a shrinking economy,and predicted the UK's economy would shrink during 2023. A reduction in households' disposable income was also forecast.
The "anti-growth coalition" is a British pejorative term and political slogan used by former British Prime Minister Liz Truss during and after her premiership in 2022 against those critical of her policy agenda,particularly of the September mini-budget under Kwasi Kwarteng. It was used in an attempt to portray its targets,including the main opposition parties and environmental activists,as a coalition of interests opposed to the United Kingdom's economic growth,and to portray herself and her allies as pro-growth.
Jeremy Hunt has served as Chancellor of the Exchequer of the United Kingdom since his appointment on 14 October 2022. His tenure has so far been dominated by the cost of living crisis,and the global energy crisis. Hunt has served under two prime ministers during his tenure,Liz Truss until 25 October,and Rishi Sunak from 25 October.
References
- ↑ "Dr Charles Read". Corpus Christi College University of Cambridge.
- ↑ "Charles Read, economic historian and journalist". Charles Read, economic historian and journalist.
- 1 2 Charles Read, The Irish Famine and Britain's Financial Crisis (The Boydell Press, 2022)
- 1 2 https://twitter.com/EconCharlesRead/status/1622050159818317825
- ↑ Elgot, Jessica (2023-02-05). "Liz Truss's claim she was not warned about mini-budget risks 'misleading'". The Guardian. ISSN 0261-3077 . Retrieved 2023-06-07.
- ↑ "Dr Charles Read quoted in Liz Truss's press coverage | Faculty of History University of Cambridge". www.hist.cam.ac.uk. Retrieved 2023-06-07.
- ↑ Read, Charles (2023-03-13). "Silicon Valley Bank: how interest rates helped trigger its collapse and what central bankers should do next". The Conversation. Retrieved 2023-06-07.
- ↑ "Silicon Valley Bank collapse shakes confidence in U.S. banking, says expert -Xinhua". english.news.cn. Retrieved 2023-12-08.
- ↑ Scialom, Mike; https://www.facebook.com/CambridgeIndependent (2023-05-07). "Charles Read's second book offers a glimpse of greatness – if we can learn from the past".
- ↑ "Charles Read's second book offers a glimpse of greatness – if we can learn from the past". Cambridge Independent. 2023-05-07. Retrieved 2023-12-08.
- ↑ "Podcast | Charles Read, "The Great Famine in Ireland and Britain's…". New Books Network.
- 1 2 "Cambridge author exhumes Irish Famine and details a financial crisis still relevant today". Cambridge Independent. 2022-12-04. Retrieved 2023-12-08.
- 1 2 Calming the Storms. Palgrave Studies in Economic History. 2023. doi:10.1007/978-3-031-11914-9. ISBN 978-3-031-11913-2. S2CID 255712421 – via link.springer.com.
- ↑ "Dr Charles Read | Faculty of History University of Cambridge". www.hist.cam.ac.uk.
- ↑ "Corpus Bridging Course". Corpus Christi College University of Cambridge.
- ↑ "Dr Charles Read elected as a Fellow of the Royal Historical Society". Corpus Christi College University of Cambridge.
- ↑ "The Great Famine in Ireland and Britain's Financial Crisis: Myths nailed, villain exposed". The Irish Times.
- ↑ "Liz Truss claims she was not 'given a chance' by 'left-wing economic establishment'". NationalWorld. 2023-02-05. Retrieved 2023-06-07.
- ↑ "Dan Snow's History Hit - The Budget: Britain's Financial Crisi..." goloudnow.com.
- ↑ UK Parliament (7 February 2023). "Leveraged LDI strategies worsened September 2022 financial turmoil".
- ↑ Read, Charles (2023). "Calming the Storms". Palgrave Studies in Economic History. doi:10.1007/978-3-031-11914-9. ISSN 2662-6497.