The UK tax cut and pound U-turn
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 4 October 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
The UK government reversed course on a tax cut, Brazil’s president Jair Bolsonaro defied expectations in the first round of election voting, and Credit Suisse is trying to reassure investors that rumours about its financial health are overblown. Plus, the FT’s James Kynge tells us how China’s property market crash is hurting local governments.
Mentioned in this podcast:
Pound and gilts gain after Truss changes course on 45p tax rate cut
Jair Bolsonaro’s ‘beef, bible and bullets’ coalition is here to stay
Brazil braced for tense presidential runoff between Lula and Bolsonaro
Credit Suisse CDS hit record high as shares tumble
How big is the capital hole at Credit Suisse?
China’s property crash: ‘a slow-motion financial crisis’
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
Hosted on Acast. See acast.com/privacy for more information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.9 | Today is Tuesday, October 4th, and this is your FT News Briefing. |
| 0:18.0 | The British government made a U-turn and the pound did too. |
| 0:22.5 | Brazil's presidential election is headed to a runoff, |
| 0:26.0 | and Credit Suisse says rumors of its demise are overstated. |
| 0:30.6 | Plus, we look at the property market crash in China. |
| 0:34.4 | And what we're seeing now is real carnage |
| 0:37.9 | among these big property developers that have projects all over the country. |
| 0:42.9 | I'm Sonia Hudson in for Mark Filipino, and here's the news you need to start your day. |
| 0:47.5 | The pound has made a comeback after a nasty week and a half. |
| 0:58.2 | The rebound came after Chancellor Quasi Quarting announced yesterday |
| 1:02.1 | that he's scrapping controversial plans to cut the country's top tax rate. |
| 1:07.6 | Here he is speaking at the Conservative Party conference in Birmingham. |
| 1:11.9 | But I can be frank, I know the plan put forward only 10 days ago |
| 1:16.9 | has caused a little turbulence. I get it. I get it. |
| 1:22.0 | We are listening and have listened. |
| 1:24.4 | And now I want to focus on delivering the major parts of our growth package. |
| 1:30.1 | Sterling has now returned to where it was before the government announced the tax cut. |
| 1:35.8 | UK government bonds also made gains yesterday, but 10-year yields are still |
| 1:40.9 | way above where they were before the tax cut announcement on September 23rd. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Forhecz Topher, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Forhecz Topher and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.