Pound plunges as BoE warns emergency support to end

The Independent's Morning Headlines email [View online]( October 12, 2022 [Morning Headlines]( 1 / [Pound plunges as Bank of England warns market emergency support will end on Friday]( The pound has plunged again after the governor of the Bank of England Andrew Bailey warned that its emergency support package for the markets would end on Friday. Earlier on Tuesday the Bank intervened for the second time in as many days to prevent "fire sales" of pension fund assets, amid the continuing market turmoil in the wake of the chancellor's mini-Budget. The Bank has expanded its programme of daily bond purchases to also include inflation-linked debt. It cited a "material risk" to British financial stability with "the prospect of self-reinforcing 'fire sale' dynamics." [Downing Street is wavering on the package of tax cuts in Kwasi Kwarteng's mini-Budget]( amid mounting pressure from financial markets. A senior No 10 official told The Independent that staffers have been tasked with re-examining measures unveiled in the [chancellor's poorly-received statement]( to see if changes or U-turns might be required.   2 / [Angela Lansbury death: Murder, She Wrote and Beauty and the Beast star dies aged 96]( Oscar nominee and five-time Tony winner died ‘peacefully in her sleep’ days before 97th birthday 3 / [Lucy Letby trial: ‘Trust me’ nurse told mother after parent walked in on her ‘attacking baby’]( Lucy Letby told mother of one of the babies she killed, “Trust me, I’m a nurse”, a court has heard 4 / [King Charles coronation date confirmed by Buckingham Palace]( Plans for ‘Operation Golden Orb’ are underway 5 / [Nasa’s Dart mission changed path of asteroid: ‘A defender of the planet’]( Nasa Administrator Bill Nelson said the test proved the tactic could be used to save the planet from an asteroid threat     The Big Question Why is Keir Starmer shaking up his team when Labour is ahead in polls? Sir Keir Starmer has announced a shake-up of the leader of the opposition’s office as he [puts Labour on a general election footing](/news/uk/politics/liz-truss-general-election-starmer-labour-b2200155.html), even though the contest is likely to be two years away, writes Andrew Grice. The Labour leader has ousted Sam White, his chief of staff. The official reason is that Mr White’s job is being merged with one at Labour headquarters as the election looms into view, so it is a smaller role than he took on last year. Policy and communications will now come under the orbit of David Evans, the party’s general secretary. Mr White, a former special adviser to ex-chancellor Alistair Darling, said “we part very much as friends with the intent to work together again in the future”. Labour enjoyed a successful party conference in Liverpool last month and has moved to between 20 and 30 points ahead in the opinion polls since Kwasi Kwarteng’s disastrous mini-Budget. But tensions over strategy bubble away not far beneath Labour’s calm surface, with a perpetual battle for the leader’s ear among advisers offering conflicting advice. Mr White was seen as too cautious by some critics; others said he had not professionalised Sir Keir’s operation as the leader had hoped. Some insiders said his departure was about ensuring Labour has the best people, rather than “the nicest guys”, in the top posts. [For the full story click here >](   Watch/ [Industry and This England | Binge or Bin](   NUMBER OF THE DAY 2,000 – The expected number of guests at King Charles' coronation, which has been confirmed by Buckingham Palace will be held on May 6 2023.   QUOTE OF THE DAY “Yes, I do [think about it] on some days. I think, ‘Oh, no, goodness gracious. I can’t pull myself together to do this today.’ But I keep doing it.” – Dame Angela Lansbury, speaking in 2019. Yesterday her family announced the actor had died peacefully in her sleep aged 96.       Other stories you might like   [‘Windfall tax’ for low-carbon energy firms in U-turn from Liz Truss](   [More than 100 Russian troops killed in Kherson, say Kyiv officials](   [Shantaram: The incredible true story behind the outlaw epic](       Articles available exclusively to subscribers John Rentoul, The Independent - [Kwasi Kwarteng and Liz Truss are trapped – and Labour will leave them to it](   Other newsletters you might like [The Race Report] The Race Report Fortnightly, 7am (UK time) Written by Nadine White [Sign up]( [Inside Politics] Inside Politics Weekdays, 8am (UK time) Written by Matt Mathers [Sign up](   If you can spare a minute we’d love your [feedback]( on our newsletters. [The Independent]( Join the conversation or follow us [Facebook]( [Twitter]( Please do not reply directly to this email You are currently registered to receive The Independent's Morning Headlines newsletter. 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