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The Telegraph
The Telegraph
National
Danny Boyle

Monday morning news briefing: U-turn over 45p tax cut

Morning briefing
Morning briefing

After days of turmoil on the markets and among MPs, a major government U-turn. Liz Truss has today abandoned plans to scrap the top rate of income tax following a rebellion by Tory MPs. 

The Prime Minister and Kwasi Kwarteng, the Chancellor, decided overnight they are not going to proceed with scrapping the 45p additional rate. 

The news – confirmed in a statement shortly before 7.30am – comes after a number of senior Conservatives expressed significant concerns about the policy amid fears the Government could struggle to get the change through the House of Commons at a crunch vote. 

Deputy political editor Daniel Martin reports how Tory rebels stepped up their campaign to force Ms Truss into an about-turn. 

And listen to Mr Gove, who had been part of the growing rebellion, on Chopper's Politics podcast

It comes as the embattled Chancellor will today deliver a make-or-break speech at the conference in Birmingham. 

In a bid to reassure the markets that were spooked by his mini-Budget, Mr Kwarteng will pledge an "iron-clad commitment to fiscal discipline". Follow the latest with politics live blog editor Jack Maidment

Associate editor Gordon Rayner explores how Ms Truss was left with a ticking tax time bomb by Gordon Brown.

Meanwhile, the Bank of England is liaising with Swiss authorities after an attempt by Credit Suisse to calm nerves instead stoked fears of turbulence in the financial system

There were no major developments at the Zurich-based lender after a statement from Ulrich Koerner, its chief executive, on Friday mixed with a febrile atmosphere on global markets to fuel speculation over potential threats to the 166-year-old lender's stability. James Warrington tracks the latest in our live blog.

Putin 'is making rash and secretive decisions'

Vladimir Putin is becoming rash and secretive in the face of battlefield defeats, Kremlin insiders have warned, as the Russian leader is said to be making snap decisions without consulting with some of his military chiefs

The Russian army's most significant defeat since the start of the war dramatically changed the situation. Senior sources said the Ukrainian offensive compelled the Kremlin to announce mobilisation and rush through referendums on the annexation of four regions. 

One source close to the Kremlin explained how Putin needs to urgently turn the situation around because he "cannot lose". 

And Lewis Page spells out why going nuclear in Ukraine would be a risky option for Putin.

Struggling to sleep? This surprising tip might help

For those who have trouble sleeping, the past month has brought two new scientific studies to keep them awake at night. But can worrying about insomnia really make it worse? 

During her eight years of sleeplessness, Miranda Levy tried sleeping pills, expensive lavender candles, gloopy magnesium sprays, hypnotherapy and electromagnetic pulses. 

But she now has a new approach. She explains a simple technique for managing your anxiety to finally get a decent night's rest.

Today's political cartoon

Liz Truss's economic problems are compared to Spaghetti Junction in Blower's cartoon today. Matt is away, but view his latest work.

Also in the news: This morning's other headlines

Health crisis | Hospitals are cancelling more than 22,000 appointments a day despite the Government's pledge to clear the NHS backlog, The Telegraph can reveal. The average number of daily cancellations this year so far is up 20pc on pre-pandemic figures, when about 18,000 were scrapped every day. Some patients' appointments are being cancelled repeatedly, according to data revealed by English hospital trusts.

Around the world: Football stampede tragedy

At least 125 football fans have been killed in stampedes and riots after an Indonesian side suffered its first home defeat in 23 years. The crush had echoes of the 1989 Hillsborough disaster in which 97 people died. Arema fans stormed the pitch, prompting officers to fire teargas into the stands. Lila Randall reports supporters fled to an exit where a crush developed.

Security officers detain a fan during the clash between supporters - YUDHA PRABOWO/AP
Security officers detain a fan during the clash between supporters - YUDHA PRABOWO/AP

Comment and analysis

Sport briefing: United hit for six

A furious Erik ten Hag accused his Manchester United players of collapsing like a "pack of cards" in their 6-3 humiliation by Manchester City. Erling Haaland and Phil Foden both scored hat-tricks, with Ten Hag admitting he had chosen not to bring substitute Cristiano Ronaldo off the bench when United were already 4-0 down "out of respect" for the striker’s fine career. Jason Burt has our match report from the Etihad stadium and Mike McGrath breaks down how United were dismantled by their ruthless neighbours. Meanwhile, Wolverhampton Wanderers sacked head coach Bruno Lage after the club's poor start to the season.

Editor's choice

  1. Health | 'Never too early and never too late to reduce your risk of dementia'
  2. Money Makeover | 'Can I live off my pension but still leave a £500k inheritance?'
  3. Review | 'Lindsey Buckingham shows Fleetwood Mac what they are missing'

Business briefing: Homes 'must cut gas use'

Households should turn down the heating to help lessen the risk of gas shortages in the face of Russian supply cuts, the International Energy Agency has suggested. The group warned Europe was still in danger despite high storage levels, and said demand cuts would help it cope with any late winter cold snaps such as the Beast from the East storm in March 2018. Rachel Millard says it comes as forecasters warn of an unusually cold, dry winter – heaping pressure on scarce gas supplies and potentially increasing the cost of government energy bailout packages.

Travel: Best alternatives to Airbnb

Many Telegraph readers have shared how disappointing their recent experiences using Airbnb have been. Our love affair with the booking website may be waning, but there are plenty of self-catering companies ready to pick up the slack. Sophie Dickinson profiles eight alternative providers – for luxury, a last-minute getaway or a spot of glamping.

Tonight's dinner

Spicy chicken and chickpea curry bake | This one-pot wonder recipe will fast become a family favourite.

And finally... for this morning's downtime

Motoring | Mounting environmental pressures and the move away from fossil fuels could spell danger for historic vehicles. With an expected future of electric models, Martin Gurdon examines if it really is the end of the road for classic cars.

If you want to receive twice-daily briefings like this by email, sign up to the Front Page newsletter here. For two-minute audio updates, try The Briefing - on podcasts, smart speakers and WhatsApp.

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