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The Latest Breaking News from Kwasi Kwarteng

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

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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

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.

Evening Standard

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

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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'

Daily Mirror

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.

The Independent UK

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…

Evening Standard

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

The Guardian - UK

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.

WEKU

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 Independent UK

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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

Daily Mirror

Kwasi Kwarteng refuses to rule out new era of austerity as Universal Credit cut looms

The Chancellor faces accusations of leaving vital public services with a 'massive black hole in their budgets' as he refused to be drawn on whether the government will curb public spending

The National (Scotland)

'I was very clear': Truss adviser insists he DID warn her about mini-budget risks

LIZ Truss’s own external economics adviser has insisted he warned her and the Chancellor about the risks of their mini-budget after Kwasi Kwarteng…

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The Independent UK

Tax U-turn ‘does not draw line’ under Tory backbench anger over Kwarteng budget

Spending on welfare benefits and public services is next battleground, predicts former minister

Daily Mirror

What Tories' 45p income tax U-turn means for you - check our cash calculator

Chancellor Kwasi Kwarteng has scrapped plans to ditch the highest rate of income tax after just 10 days after national outcry, but is keeping basic rate tax cuts for lower earners

Daily Mirror

Kwasi Kwarteng says he 'had to' go to Budget day champagne bash for 15 minutes

The embattled Chancellor insisted he only attended the boozy do for 15 minutes and added: 'I totally get how it looks.'

The Guardian - UK

Truss U-turned on tax cuts for the super-rich – now she can axe the rest of her disastrous budget

If the PM and Kwasi Kwarteng want to stem public fury, they must go further, says Guardian columnist Simon Jenkins

Evening Standard

Who pays 45% tax in the UK? Tories scrap tax cut for top earners after backlash

People have to earn more than £150,000 to qualify for an additional tax rate

Evening Standard

Tory rebel Grant Shapps says Liz Truss has admitted that she rushed into tax cut

Tory rebel Grant Shapps insisted on Monday that he did not want Liz Truss to be toppled as Prime Minister after the humiliating U-turn over the top rate of tax.

Evening Standard

HospoDemo returns as hospitality industry cries out for government support

The protest will call for a VAT cut to 10 per cent, business rates reform and a new staff visa

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