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The Latest Breaking News from Bank of England

New UK finance minister scraps more tax cuts in further government U-turn

Britain's new finance chief Jeremy Hunt on Monday axed debt-fuelled tax cuts to further calm market turmoil, in another major government U-turn that appears to leave Liz Truss's position as prime minister in a precarious state.

France 24

The Big Idea: Do governments really control their economies?

With markets, technocrats and voters on their backs, can politicians change anything?

The Guardian - UK

Nicola Sturgeon announces independent Scotland would launch its own currency

The First Minister said a new Scottish pound would be launched when the "time is right".

Daily Record

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UK Treasury chief Jeremy Hunt reverses nearly all tax cut plans

Treasury chief Jeremy Hunt scraps most of an economic package announced by the UK government just weeks ago.

Al Jazeera

UK energy firms using £40bn support scheme blocked from paying bonuses

Government’s energy markets financing scheme will also bar dividends to shareholders

The Guardian - UK

'We can’t go on lurching from crisis to crisis' - council's despair at UK's economic 'mismanagement'

As inflation soars and chaos grips Westminster, leaders in Sunderland have called for a return to stability

Chronicle Live

Pound rises and UK borrowing costs drop as Hunt scraps measures

Yield on 30-year UK government bonds plummets as chancellor reverses more of Kwarteng mini-budget

The Guardian - UK

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Martin Lewis demands four point emergency mortgage plan from Jeremy Hunt

Jeremy Hunt is being urged to help worried homeowners

Wales Online

Tesco boss warns millions of people face higher costs this winter as interest rates rise

John Allen, chairman of Tesco, said some people will face hardship this winter, on top of increased costs of food and energy, if interest rates continue to push up mortgage repayments

Daily Mirror

UK government bonds and pound rally ahead of Chancellor’s emergency budget plans

There had been worries the sell-off in gilt markets would resume in earnest after the Bank of England ended its government bond-buying plan.

The Independent UK

New Chancellor to unveil emergency budget plan - pound surges higher on news

Treasury says move designed to 'ensure sustainable public finances underpin economic growth'

Insider UK

What time is Jeremy Hunt's announcement today and what will he say?

He will also be addressing the House of Commons on Monday afternoon in a bid to reassure the markets

Wales Online

Tories now lag behind Labour on 14 out of 15 key policies, poll shows

Ipsos poll for the Standard reveals full scale of the damage to Tory party by Kwasi Kwarteng’s mini-budget

Evening Standard

UK to enter recession until summer 2023, experts warn

High energy prices, surging inflation, rising interest rates and global economic weakness to blame

Wales Online

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The Guardian - UK

Pound, shares and UK government bonds rally after most mini-budget tax cuts ditched – as it happened

Pound holds gains and gilt yields remain lower as new chancellor rips up Trussonomics, pushing tax take to 70-year high this parliament

The Guardian - UK

Monday briefing: What the prime minister can do to save her job

In today’s newsletter: With Jeremy Hunt installed in No11 and scrapping large swathes of her economic agenda, we look at whether Liz Truss can reverse her fortunes

Evening Standard

London politics latest LIVE: Jeremy Hunt in Commons to explain scrapping of disastrous ‘growth plan’

Jeremy Hunt is speaking to the House of Commons after Penny Mordaunt fielded an Urgent Question on the sacking of Kwasi Kwarteng

Evening Standard

Four in five finance heads predict recession within a year

Deloitte reveals businesses witnessing reset in cost and availability of credit

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Reuters

New UK finance minister Hunt reverses Truss's economic plan in dramatic U-turn

Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's economic plan and scaled back her vast energy support scheme on Monday, making a historic policy U-turn to try to stem a dramatic loss of investor confidence.

The Independent UK

UK to be plunged into recession until summer 2023, economists warn

Britain’s economy is expected to shrink around 0.2 per cent each quarter from October through to June next year

The Guardian - UK

Goldman Sachs expects worse UK recession in 2023

Bank tips economy to shrink 1% in downgraded forecast, but also predicts lower inflation and interest rates

The Independent UK

UK economy to enter recession until summer 2023, financial experts warn

Britain’s economy is expected to shrink around 0.2% each quarter from October through to June next year.

The Independent UK

Goldman Sachs warns UK set for ‘more significant’ recession after Truss tax U-turn

Investment bank analysts downgrade growth from -0.4% to -1%

The Guardian - UK

UK investors brace for another week of market turbulence

Analysts expect more financial jitters after Bank of England ends intervention, while new chancellor tries to project calm

The Guardian - UK

As Truss heads for crucial Monday, signs are that U-turns will not be enough

Jeremy Hunt is trying to reassure hedge funds but UK’s reputation for political stability has been shredded

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