UK businesses want stability amid political turmoil
(19 Oct 2022)
FOR CLEAN VERSION SEE STORY NUMBER: 4402661
ASSOCIATED PRESS
London - 18 October 2022
1. Various of newspaper stand and commuters
HEADLINE: UK businesses want stability amid political turmoil
2. Newspapers
ANNOTATION: The pound has recently fallen to record lows and businesses are struggling after Prime Minister Liz Truss sparked economic and political turmoil.
ANNOTATION: Her government last month announced 45 billion pounds ($50 billion) in unfunded tax cuts, many of which have since been reversed.
ANNOTATION: The move spooked the financial markets and led to the ouster of Treasury Secretary Kwasi Kwarteng.
ASSOCIATED PRESS
Manchester - 17 October 2022
3. Various of wine bottling line at Kingsland Drinks
ANNOTATION: Amid a turbulent market, the head of a UK wine bottling firm has called for a return to stability.
4. SOUNDBITE (English) Ed Baker, managing director at Kingsland Drinks: ++PARTLY OVERLAID BY SHOT 3++
"As a business, which fundamentally imports a large quantity of the value of our product, obviously the importance of (pound) sterling's strength has a big impact in terms of our overall market."
5. Various of wine bottling line
ANNOTATION: Baker said he believed all businesses want a degree of certainty from the government.
6. SOUNDBITE (English) Ed Baker, managing director at Kingsland Drinks:
"There seems to be such uncertainty within the Conservative Party. It's very hard to see how they can re-establish economic credibility for themselves. All we have to do is hope that they can do so, because it's in the interests of the country, whichever political party you're from, that we have some stability back."
7. Various of wine bottling line
STORYLINE:
The pound has recently fallen to record lows and businesses are struggling after Prime Minister Liz Truss sparked economic and political turmoil.
The government's September 23 announcement of 45 billion pounds ($50 billion) in unfunded tax cuts spooked the financial markets and led to the ouster of treasury secretary Kwasi Kwarteng.
The new Chancellor of the Exchequer, Jeremy Hunt, who was appointed on Friday after Truss fired Kwarteng, said he was scrapping "almost all" of Truss' tax cuts, along with her flagship energy policy and her promise - repeated just last week - that there will be no public spending cuts.
Amid a turbulent market, the head of a UK wine bottling firm has called for a return to stability.
Kingsland Drinks, one of the biggest wine bottlers in the UK, which supplies supermarkets and brands with private label wines, was hit as the pound slumped against a strong US dollar.
The company sells about 140 million litres of wine in the UK each year, and about a fifth of that amount is priced in US dollars.
Most of it is bulk imports from the US vineyards and some is wine from South American countries like Chile and Argentina that's also denominated in dollars, which Kingsland bottles at its facility in Manchester.
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