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The Latest Breaking News from Kwasi Kwarteng

The Leader podcast: Can Liz Truss recover from humiliating tax U-turn?

Chancellor Kwasi Kwarteng has defended his rapid tax cut U-turn on the first main day of the Conservative Conference, saying he was influenced to scrap the policy after listening to MPs and people up and down the country.

Evening Standard

Pound recovers but remains at low levels – how to assess the long-term value of sterling

The pound has recovered from a recent record dip after the chancellor’s mini-budget announcement. But it is still at low levels versus many other currencies.

The Conversation

DWP urged to confirm date of £324 cost of living payment as people 'struggling' with bills

'Weather is getting colder each day and energy prices are ridiculous. People want to stay warm but can’t afford to put the heating on'

Manchester Evening News

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Tory public service cuts of £18bn to pile MORE pressure on Scottish budget

FRESH plans for a new wave of Tory austerity will deliver a “hammerblow” to struggling households and put further pressure on Scotland’s…

The National (Scotland)

Pound and gilts rally as Kwarteng U-turns on top tax rate

Money markets reined in expectations on next interest rate rise from Bank of England

Evening Standard

Douglas Ross branded 'flip flop' after Scottish Conservatives leader backs U-turn on tax cuts

Douglas Ross was left humiliated after Kwasi Kwarteng reversed a controversial plan to abolish the 45p tax rate for the richest.

Daily Record

'Liz Truss hasn't just torched her reputation - she's sabotaged her own project'

'It has taken less than 30 days for the Prime Minister to achieve the triple dishonour of being incompetent, uncaring and weak,' writes the Mirror's Jason Beattie

Daily Mirror

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Rich still gain 40 times more than poor from Budget, even after Kwasi Kwarteng U-turn

Quarter of all benefits from £43bn tax giveaway go to 1.5m wealthiest households

The Independent UK

Murphy warns against Tory ‘return to austerity’ after tax U-turn

Stormont’s Finance Minister welcomed the decision to abandon plans to abolish the top rate of income tax for the highest earners.

The Independent UK

Truss drops tax cut for top UK earners to fend off rebellion

Prime Minister Liz Truss dropped a plan to cut taxes for the U.K.’s highest earners just 10 days after announcing it, a humiliating reversal designed to fend off a mounting rebellion within her own Conservative Party.

Tribune News Service

Humiliated Liz Truss is in office but barely in power. Rebel MPs have the whip hand now

The PM and chancellor have some breathing space, but the rest of their plan will trigger more revolts, says Guardian columnist Gaby Hinsliff

The Guardian - UK

What is the impact of 45p tax U-turn on markets and mortgages?

Kwasi Kwarteng and Liz Truss will be hoping move reverses some of effects of mini-budget

The Guardian - UK

Millionaire Tory donor defects to Labour with blistering 'GCSE economics' attack

In a blistering attack Gareth Quarry said the government had turned the UK into a "laughing stock" and accused Liz Truss and Kwasi Kwarteng of embarking on a "maverick" journey

Daily Mirror

‘Massive spending cuts will still be needed’ despite Chancellor’s U-turn

Think tank experts said the Government’s mini-budget plans will still leave the UK’s public finances on an unsustainable path.

The Independent UK

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Evening Standard

The Standard View: After the 45p U-turn, Truss and Kwarteng must get back to business

The U-turn came, and it felt all but inevitable. This morning, Chancellor Kwasi Kwarteng announced that the proposed 45p tax cut — one of the centrepieces of his mini-Budget — was to be reversed.

Daily Mirror

Solemn 'no cuts' promise Liz Truss made 3 months ago - that she's now set to break

This morning Chancellor Kwasi Kwarteng refused to rule out a return to Tory austerity after a humiliating tax U-turn - but in July Liz Truss unequivocally told The Mirror that her plans would not involve slashing services

Daily Mirror

Tory Esther McVey warns Liz Truss slashing benefits will be a 'huge mistake'

The former Work and Pensions Secretary joined the chorus against Liz Truss warning 'it cannot be that the books are balanced on the back of benefits. That is not right at all'

The Independent UK

Chancellor again declines to say if benefits will rise in line with inflation

It comes as the Government U-turned on plans to cut the top rate of income tax for the highest earners.

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Evening Standard

This endless Tory chaos is now starting to wear very thin for the country

One of the axioms of communication is that nobody ever had a communication problem who didn’t have a real problem. Liz Truss and her diminishing band of supporters have been trying to argue that her political problems are really just flaws in presentation but they are kidding themselves. The mood…

The Guardian - UK

The political time bombs ticking for Truss and Kwarteng

Despite the screeching U-turn on income tax, the PM still needs to regain the confidence of her backbenchers

WEKU

The UK scraps a proposed tax cut for the wealthy that sparked market turmoil

The tax cut was part of a package of unfunded cuts unveiled only days ago that sent the pound to record lows and was widely seen as politically toxic.

The Independent UK

Tories have made UK ‘laughing stock’, says donor defecting to Labour

Truss and Kwarteng are ‘zealots’ practising ‘GCSE economics’, says Gareth Quarry

The Independent UK

Timeline: How Liz Truss and Kwasi Kwarteng’s 45p tax policy spectacularly fell apart

The policy was being defended by the government as recently as 24 hours before it collapsed

The National (Scotland)

'Charlatan' Douglas Ross says Chancellor 'right' to U-turn on tax cuts

DOUGLAS Ross has said the Tory government was “right” to U-turn on plans to cut taxes for the rich – despite having publicly backed the policy.

The Guardian - UK

‘Imagine losing £65bn and keeping your job’: Twitter reacts to tax U-turn

Social media awash with people poking fun at PM, chancellor, and others who backed cut to 45p tax rate

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