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The Latest Breaking News from Bank of England

Truss dumps UK corporation tax freeze plan after firing ally

Liz Truss scrapped her plan to freeze corporation tax next year in another dramatic U-turn, hours after she fired her ally Kwasi Kwarteng and replaced him with Jeremy Hunt as UK Chancellor of the Exchequer.

Tribune News Service

UK's Truss sacrifices close friend Kwarteng over unloved fiscal plan

He was one of her closest friends and supporters, but Prime Minister Liz Truss sacked Britain's first Black finance minister Kwasi Kwarteng just 38 days into the job.

Reuters

Hunt replaces Kwarteng as Liz Truss plans humiliating U-turn

U.K. Prime Minister Liz Truss fired Chancellor of the Exchequer Kwasi Kwarteng and replaced him with former Foreign Secretary Jeremy Hunt as she prepared to make a humiliating U-turn on parts of her economic plan.

Tribune News Service

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UK PM Truss U-turns on mini budget, raises corporation tax and names Hunt finance minister

Embattled UK Prime Minister Liz Truss has appointed Jeremy Hunt to replace Kwasi Kwarteng as Finance Minister on Friday, while also ditching the cut in corporation tax in a major U-turn to her mini-budget announced just last month triggering major market turmoil.

France 24

How to understand what's going on with UK mortgage rates

The UK mortgage market has tightened as confidence in the economy has faltered in recent weeks. Lenders withdrew more than 1,600 homeloan products after the (then) chancellor Kwasi Kwarteng’s September mini-budget sent the UK economy into a tailspin.

The Conversation

Kwasi Kwarteng flies back to London after days of economic chaos caused by Tory mini-budget

The Chancellor cut short a visit to Washington amid speculation Conservative MPs are already plotting to replace him and Liz Truss.

Daily Record

Revealed: how top pension funds crashed even before gilts crisis

Around 85,000 people have seen the value of their pension funds halve this year

Evening Standard

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Kwasi Kwarteng accused of ‘Corbynism by another name’ as he flies home for crisis talks with Liz Truss

The Chancellor returns to UK for crisis talks with PM following weeks of economic turmoil

Evening Standard

Pound selloff intensifies, government bond, FTSE rally fades after Liz Truss press conference – as it happened

Liz Truss announces U-turn on corporation tax but fails to give the reassurances the public and markets were looking for

The Guardian - UK

Kwasi Kwarteng cuts US trip short for 'crunch talks' with Liz Truss amid expectation of another major U-turn

The Chancellor will fly back to the UK early as pressure grows on the government

Manchester Evening News

Friday briefing: How to understand gilts, yields and the Bank of England’s action to aid the economy

In today’s newsletter: Today the UK central bank is due to end its rare, urgent bond-buying to help stabilise the economy – but why, and what does it mean for you?

The Guardian - UK

Kwasi Kwarteng rushing back to UK as more mini-budget U-turns are on table

The Chancellor has scrapped meetings in the USA to fly back home early as Liz Truss fends off a leadership challenge from two former rivals

Wales Online

Will Bank of England have to step in again to mop up market mess?

Bond buy-up seems to have been a sound bet, but ending intervention after two weeks is more of a gamble

The Guardian - UK

Truss may ditch Budget pledge on corporation tax in new U-turn

Markets believe move is in the works as pressure grows on Prime Minister and Chancellor

Wales Online

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Daily Mirror

Kwasi Kwarteng cuts short US trip as Liz Truss faces crisis with tax U-turn expected

Chancellor Kwasi Kwarteng is cutting short a trip to Washington, to fly home and tackle the financial chaos caused from his mini-budget with pressure growing on him and Prime Minister Liz Truss

Al Jazeera

IMF chief rebukes UK officials over ‘policy coherence’

Kristalina Georgieva told UK’s finance minister and central bank chief that their policies should not be contradictory.

The Guardian - UK

Markets leap on reports of Liz Truss’s tax cuts U-turn. No time to dally

As PM ponders which measures to junk from mini-budget, pound rises by two cents against dollar

The Independent UK

‘Desperate’ Liz Truss set to U-turn on corporation tax this weekend

‘Don’t prolong the pain’: IMF suggests government should accept swift climbdown

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The Guardian - UK

Bank of England warns mortgage defaults to rise in months ahead

Survey of lenders paints gloomy picture of new deals drying up and end to ‘golden era’ of cheap mortgages

The Guardian - UK

The Bank of England is selling off its most valuable asset: the perception of competence

It was the government that started this fire – but the Bank is proving to be a poor firefighter, says economist Duncan Weldon

Wales Online

Pressure on Truss and Kwarteng to announce more U-turns as IMF hints at need for 'recalibration of policies'

IMF leaders also had a 'constructive' meeting with Kwarteng

The Independent UK

Expectations of imminent Truss U-turn on corporation tax

Rebuke for Kwasi Kwarteng’s budget from IMF boss in New York

The Guardian - UK

Liz Truss bows to pressure with corporation tax U-turn ‘on the table’

Speculation that reversal on leadership campaign pledge risks split with her chancellor, Kwasi Kwarteng

Daily Mirror

How safe is my pension pot as the Bank of England pulls emergency help?

Pension funds faced a black hole in their accounts without emergency action to shore them up by the Bank of England, which is now leaving them to fend for themselves

The Independent UK

Ditching Truss would be ‘disastrously bad idea’, says ally Cleverly

Foreign Secretary James Cleverly said the Government is focused on getting economic growth despite the market turbulence.

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