Fox Business host Larry Kudlow pulled himself from consideration from a top economic job in the upcoming Trump administration just hours after it was reported he was being considered for a job.

Kudlow met with Trump at Mar-a-Lago in Florida this week and was being considered to lead the National Economic Council as well as the plum Treasury Department cabinet post, according to the Wall Street Journal.

But on Friday, he yanked his name from consideration.

‘Larry Kudlow recently signed a new deal to continue hosting his eponymous program on FOX Business and has no plans to leave his current role helming one of the highest rated shows on the network,’ a Fox News spokesperson said in a statement with DailyMail.com.

It comes after Trump tapped another Fox Newshost, Pete Hegseth, to lead the Defense Department earlier this week.

Kudlow, 77, is a conservative TV host who served as Trump’s director of the National Economic Council during his first term from April 2018 until he left office in January 2021.

After leaving office, Kudlow joined the Fox Business Network as a television host with a weekday program where he has regularly touted Trump’s economic proposals and has even had the ex-president on his show for interviews.

Kudlow was the latest name floated for a top economic job in the upcoming Trump administration.

The president-elect has rolled out a series of nominations, but he has yet to announce his picks to lead the Treasure Department, Commerce Department and Labor Department as well as who will fill key White House economic policy roles.

Other names that have been floated as potential Treasury Secretary nominees include hedge fund executive Scott Bessent who met with Trump in Florida last week and again on Friday.

Billionaire businessman and Trump’s longtime friend Howard Lutnick is also potentially up for the job. The Cantor Fitzgerald CEO is helping lead the Trump transition team and has been a vocal supporter of Trump’s economic proposals including tariffs.

Robert Lighthizer, who served as U.S. trade representative in Trump’s first term, and Apollo Global Management CEO Marc Rowan are also both in consideration for top economic jobs.

Another billionaire and Trump supporter John Paulson recently ruled himself out of consideration for a role in the upcoming administration.

Larry Kudlow speaking outside the White House while serving as National Economic Council director during Trump’s first term in October 2018

Howard Lutnick

Scott Bessent

According to the Wall Street Journal, Trump is continuing his conversations with candidates on Friday.

Kudlow has been a vocal supporter of Trump’s agenda including the mass deportation of undocumented immigrants in the United States while criticizing Democrats’ legislation including the CHIPS Act and the bipartisan infrastructure deal.

While serving in Trump’s first term, Kudlow acknowledged that it is Americans and hot China who pay for tariffs, but he argued China’s GDP would suffer.

More recently, he argued for the use of tariffs as a negotiating tool and a pathway to free trade while touting proposed corporate tax cuts also pushed by Trump.

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Story by Mitchell Labiak and Faisal Islam – Business reporter and economics editor, BBC News

The UK must “rebuild relations” with the EU “while respecting the decision of the British people” who voted to leave in 2016, the Bank of England’s governor will say later.

Andrew Bailey’s Mansion House speech to investors will mark some of his strongest comments yet on Brexit, saying one of its consequences has been weaker trade.

He has previously avoided commenting on the topic because of the Bank’s independence from Westminster politics.

“As a public official, I take no position on Brexit per se,” he will say. “But I do have to point out consequences.”

Mr Bailey will say the changed relationship with the EU has “weighed” on the economy.

“The impact on trade seems to be more in goods than services… But it underlines why we must be alert to and welcome opportunities to rebuild relations while respecting the decision of the British people.”

Mr Bailey will also say the UK should not focus “just on the effects of Brexit”, warning about the “broader fragmentation of the global economy”.

His Brexit comments go much further than he previously has on the topic. Last November, he said the decision had “led to a reduction in the openness of the UK economy”.

Assessing the impact of the UK’s decision to leave the EU on the economy has been tricky given the multiple economic shocks in recent years.

The Office for Budget Responsibility and other independent analysts estimate the economy is 4% smaller over the past 15 years as a result.

Goods trade, especially in food and farm exports, has been especially hit by the imposition of new trade barriers. Trade in services, such as banking, has done better than expected, however.

The government remains opposed to rejoining the EU, but Prime Minister Keir Starmer and some EU politicians have said there could be a better relationship.

Spain’s Finance Minister Carlos Cuerpo told the BBC: “We need to be positive here and optimistic that a better deal can be actually closed on that front.”

A UK government spokesperson said: “We are committed to resetting our relationship with our European partners… and improving our trade and investment relationship.”

Mr Bailey’s Mansion House address will come alongside a speech by Chancellor Rachel Reeves, who will talk about her plans to shake up the UK pension system in a bid for growth.

She wants council pension pots to be merged so they can make bigger investments to generate higher returns, a move criticised as risky by some.

“The UK has been regulating for risk, but not regulating for growth,” she will say.

The annual event comes as the government also faces criticism from businesses for holding back growth through tax raises, which Reeves has said are necessary to “properly fund” public services.

‘Bottom line’

Mr Bailey’s speech will go on to address the wider UK economy and its lack of growth.

“Bottom line, it’s not a good story,” he will say, describing how productivity has fallen since the 2008 economic crash and has not recovered since.

He will explain that the UK is not alone in having this problem, which he says also affects other parts of Europe, but notes that the US has “a better story to tell”.

Mr Bailey will also echo Reeves’ concern that the UK pension system is “fragmented” and requires “heavy lifting” to fix it.

Former Chancellor Jeremy Hunt has said there was “much to welcome” in Reeves’ suggested reforms, though shadow chancellor Mel Stride has added that Conservatives will be “looking closely at the detail”.

By Uditha Jayasinghe and Sudipto Ganguly

COLOMBO (Reuters) -Sri Lankans handed Anura Kumara Dissanayake a thumping win in a snap general election, giving its new leftist president greater legislative power to pursue policies to alleviate poverty and fight graft as the country recovers from a financial meltdown.

Dissanayake, a political outsider in a country dominated by family parties for decades, comfortably won the island’s presidential election in September.

But his Marxist-leaning coalition, the National People’s Power (NPP), had just three of parliament’s 225 seats before Thursday’s election, prompting him to dissolve it and seek a fresh mandate.

The NPP won 107 seats, receiving almost 62% or 6.8 million votes in Thursday’s election, putting them past the majority mark in the parliament, latest results on the Election Commission of Sri Lanka’s website showed. A two-third majority appeared within reach of the coalition.

Sri Lanka’s President and National People’s Power (NPP) party leader Anura Kumara Dissanayake meets his party supporters after casting his vote on the day of the parliamentary election in Colombo, Sri Lanka, November 14, 2024. REUTERS/Thilina Kaluthotage
© Thomson Reuters

Voters directly elect 196 members to parliament from 22 constituencies under a proportional representation system. The remaining 29 seats will be allocated according to the island-wide proportional vote obtained by each party.

“We see this as a critical turning point for Sri Lanka. We expect a mandate to form a strong parliament, and we are confident the people will give us this mandate,” Dissanayake said after casting his vote on Thursday.

“There is a change in Sri Lanka’s political culture that started in September, which must continue.”

Celebrations were largely muted, with the exception of a few NPP loyalists who lit fireworks in the outskirts of the capital, Colombo.

Just over 17 million Sri Lankans were eligible to elect lawmakers for a five-year term. A record 690 political parties and independent groups were contesting across 22 electoral districts.

An election official holding a ballot box gets off the bus outside a vote counting centre after the voting ended for the parliamentary election in Colombo, Sri Lanka, November 14, 2024. REUTERS/Thilina Kaluthotage
© Thomson Reuters

Samagi Jana Balawegaya party of opposition leader Sajith Premadasa, the main challenger to Dissanayake’s coalition, won 28 seats and about 18% of the votes polled. The New Democratic Front, backed by previous President Ranil Wickremesinghe, won just three seats.

An election official carries a ballot box next to security force personnel at a vote counting centre after the voting ended for the parliamentary election in Colombo, Sri Lanka, November 14, 2024. REUTERS/Thilina Kaluthotage
© Thomson Reuters

TENTATIVE ECONOMIC RECOVERY

Sri Lanka typically backs the president’s party in general elections, especially if voting is held soon after a presidential vote.

The president wields executive power but Dissanayake still requires a parliamentary majority to appoint a fully-fledged cabinet and deliver on key promises to cut taxes, support local businesses, and fight poverty.

He also has plans to abolish Sri Lanka’s contentious executive presidency but requires a two-third majority in parliament to implement it.

A nation of 22 million, Sri Lanka was crushed by a 2022 economic crisis triggered by a severe shortage of foreign currency that pushed it into a sovereign default and caused its economy to shrink by 7.3% in 2022 and 2.3% last year.

An election official carries a ballot box next to police officers at a counting center, after voting ended for the parliamentary election in Colombo, Sri Lanka, November 14, 2024. REUTERS/Thilina Kaluthotage
© Thomson Reuters

Boosted by a $2.9 billion bailout programme from the International Monetary Fund (IMF), the economy has begun a tentative recovery, but the high cost of living is still a critical issue for many, especially the poor.

Dissanayake also aims to tweak targets set by the IMF to rein in income tax and free up funds to invest in welfare for the millions hit hardest by the crisis.

But investors worry his desire to revisit the terms of the IMF bailout could delay future disbursements, making it harder for Sri Lanka to hit a key primary surplus target of 2.3% of GDP in 2025 set by the IMF.