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The Latest Breaking News from George Osborne

‘Return to austerity’: Almost £50bn of cuts needed to fund tax breaks for rich, economists warn

Huge ‘unforced error’ set to push Britain back to George Osborne-era cuts, says think tank

The Independent UK

Tuesday briefing: Three scenarios for the British economy after the pound slumps

In today’s newsletter: The Guardian’s special correspondent Heather Stewart talks us through the best, worst and most likely result of another chaotic day in the money markets

The Guardian - UK

Labour says Kwasi Kwarteng 'fanned flames' for pound's fall with fresh tax cut hints

The pound plunged to an all-time low against the US dollar this morning amid hammered market confidence over the Government's economic plans

Daily Mirror

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Liz Truss and Kwarteng accused of ‘gambling with public’s money’ as pound plummets

Chancellor ‘fanned the flames’ for pound’s fall with hint of further unfunded tax cuts, says Labour

The Independent UK

The Tories’ huge gamble offers a fabulous opportunity Keir Starmer’s party must seize

Labour has a better plan for growth than Kwasi Kwarteng’s sugar-rush of tax cuts. Now it needs to pitch it to voters

The Guardian - UK

Starmer sets out energy plan and hits out at ’12 years of failure’ under Tories

The Labour leader said his party’s plans would see all electricity generated by renewable and nuclear power by 2030.

The Independent UK

Keir Starmer reveals plan to ‘boost jobs and slash emissions’ amid Liz Truss tax cuts

The move could create half a million jobs and make the UK the first country to have a zero-emission power system, Labour says

The Independent UK

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Budget tax breaks for ‘affluent’ Tory areas will take funds from poorer places, Labour warns

Wealthier counties containing seats of Liz Truss and her deputy earmarked for ‘investment zones’

The Independent UK

Mini-budget benefits London and south-east England, study shows

Analysis by Resolution Foundation shows 95% of UK population will be worse off after chancellor’s actions

The Guardian - UK

When Trussonomics arrives, the big winner may well turn out to be Labour

The PM’s assault on economic orthodoxy is a leap in the dark with every prospect of backfiring spectacularly, says Guardian economics editor Larry Elliott

The Guardian - UK

The era of low interest rates is ending – its legacy is inequality and toxic politics

Over the past 14 years, older homeowners have continued to benefit – creating an unpleasant form of economic progress, says sociologist and political economist William Davies

The Guardian - UK

Forget ‘levelling up’ – Liz Truss isn’t even pretending to care about inequality

Under Boris Johnson, the agenda failed because of incoherence and incompetence. For our new PM, the problem’s ideological, says Guardian columnist John Harris

The Guardian - UK

The heat is on after Liz Truss’s extraordinary energy bill gamble

The PM will hope for some credit for taking out the big bazooka, but there are fears it’s missing the target and may backfire

The Guardian - UK

Letters: growing up learning another language helps free the mind

Speaking both Welsh and English imbues life with a richness lost to those who know only one tongue

The Guardian - UK

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Daily Mirror

The Queen asked Chancellor 'tell drunk Barack Obama' to go to bed after banquet Martinis

George Osborne's story about the monarch was recalled in December last year and has re-emerged as people fondly remember the forthright Queen's amusing sense of humour.

The Guardian - UK

Now Britain is in the 100% debt-to-GDP club, what’s the spending plan?

Covid has pushed many states’ debts above annual income, but the UK has lower credibility than some with lenders

Daily Mirror

The best politician food fails: From Theresa May's chippy cone to Ed Miliband's bacon blunder

Scoffing on a snack might seem like a failsafe way to project a populist image, but politicians are often left wishing they'd never bothered after being photographed eating awkwardly

Daily Mirror

Liz Truss report demanded vast cuts and £10 fee to see GP - 'true colours' in full

Liz Truss' campaign have distanced her from the eye-popping suggestions she co-authored in 2009, from axing 'gimmick' pensioner payments to hiking the pension age and building fewer hospitals. Here's what the report said

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Chronicle Live

Figures show North East earns £8,404 less as Tory leadership hustings to be held in region

Northern Powerhouse Partnership think-tank has accused the leadership hopefuls of betraying voters.

Daily Mirror

Northerners earn £8,404 less despite years of Tory promises to 'level-up'

The figures were revealed to the Mirror by the Northern Powerhouse Partnership as the Conservative Party leadership hustings roll into the heart of the Red Wall

The Guardian - UK

Why is Starmer peddling the Tory ‘magic money tree’ line on public spending? It’s just bad economics

In such times of crisis, smart state investment is to be welcomed, not feared, says the Guardian columnist Frances Ryan

Manchester Evening News

Manchester's success still isn't being felt in Oldham and Rochdale, says Northern Powerhouse leader

But Manchester-born ex-Minister Lord Jim O'Neill says city's approach should be repeated across the North

Evening Standard

Fighting to become PM - the inner workings of the race to No 10

Few contests are as brutal as the battle currently being waged for control of the Conservative Party. Katy Balls uncovers the behind-the-scenes goings-on in the scrap to become the next prime minister

The Guardian - UK

How a great English city sold itself to Abu Dhabi’s elite – and not even for a good price

Manchester’s Labour council let Sheikh Mansour buy up acres of public land for seemingly a fraction of its worth, says Guardian columnist Aditya Chakrabortty

The Guardian - UK

It’s taken a leadership race for the Tories to fess up: they’ve wrecked the economy

Don’t take my word for it that they are the low-growth party? Just ask Liz Truss and Tom Tugendhat, says the Guardian columnist Owen Jones

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