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The Latest Breaking News from Kwasi Kwarteng

Mark Carney accuses Truss government of undermining Bank of England

Former governor’s comments come after central bank forced into £65bn intervention to avert financial crisis

The Guardian - UK

Tories threaten to cut benefits and the state to pay for tax cuts for the rich

As post-mini-Budget chaos engulfs Britain, Treasury minister Chris Philp refused to rule out a real-terms cut to DWP Universal Credit, asked for 'efficiency savings' and said 'I'm not going to apologise'

Daily Mirror

Liz Truss government ‘undercutting’ economic institutions, says ex-Bank of England governor

Mark Carney says mini-Budget measures ‘working at some cross-purposes’ with central bank

The Independent UK

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Liz Truss defends Budget but stops short of guaranteeing people’s pensions are safe

Former Chancellor Ken Clarke accused Kwasi Kwarteng of having ‘rushed out’ his fiscal statement last Friday

Evening Standard

Prime Minister Liz Truss to appear on local radio stations - including Bristol

Many are asking when she will call a general election, while others don't want interviewers to "give her an easy ride"

Bristol Post

Pound slips again in Asia trading after rallying due to Bank of England intervention

Economists say BoE addressed symptom and not cause with intervention

The Independent UK

Thursday briefing: Tehran faces a season of dissent - and the Bank of England acts in the UK

In today’s newsletter: Extraordinary protests have lit up Iran after a Kurdish woman died in police custody. Chowra Makaremi walks us through what it all means – and if this could be how the country’s theocracy ends

The Guardian - UK

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Challenging 'orthodoxy,' Kwarteng clings on after UK market rout

As new British finance minister, Kwasi Kwarteng hoped to take down finance ministry groupthink that he and new Prime Minister Liz Truss saw as holding Britain back.

Reuters

Who can argue now that Keir Starmer’s approach is not working?

The Labour leader has responded to Kwarteng’s gift with a textbook illustration of why thought and judgment count, says Guardian columnist Martin Kettle

The Guardian - UK

Mini-budget to pile on debt interest, warns Tony Blair Institute

Kwasi Kwarteng’s growth plan included £45bn of tax cuts

Wales Online

Truss and Kwarteng take just five days to show Tories can't be trusted with our money

Record View says the Chancellor should be sacked immediately if the economy is to survive another pummelling after he gambled with all our futures.

Daily Record

Ray Dalio Says UK Operating 'Like An Emerging Country,' Spending Plan 'Suggests Incompetence'

The rout in the financial market resulting from the U.K. government’s spending plan “suggests incompetence,” billionaire investor and founder of Bridgewater Associates, Ray Dalio, said in a series of tweets.

Benzinga

London renters in leakiest homes face £1,000 premium on energy bills

Exclusive: Sadiq Khan demands rent freeze, as new research shows tenants in most poorly-insulated homes will pay extra £947 a year

The Independent UK

Inevitable Conservatives will lose next election, says former Tory MSP

Adam Tomkins who was a Tory MSP between 2016 and 2021 said it was time for the party to be in opposition after this week’s economic turmoil.

The Independent UK

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Wales Online

Welsh Secretary urges 'calm' in face of turmoil sparked by mini-budget

Robert Buckland stood by Chancellor Kwasi Kwarteng’s plans during an interview with ITV Wales

The Independent UK

Cabinet minister urges people to remain ‘calm’ amid mini-budget turmoil

Welsh Secretary Robert Buckland has stood by the Chancellor’s economic plans, saying it is time to be ‘bold’.

Evening Standard

Treasury minister says ‘we’ll press ahead with tax cuts’ as Tory backlash grows amid market turmoil

Cabinet ministers ‘to be told to make efficiency savings’ amid growing Tory backlash over mini-Budget chaos

The Guardian - UK

Bank of England in £65bn scramble to avert financial crisis

Bank of England left with no action but to intervene after Kwasi Kwarteng’s mini-budget

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news in one place.

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Evening Standard

‘That is what we do’: Trader claims he shorted the pound after mini-budget

Kieran told LBC bankers were ‘rubbing their hands’ when Kwasi Kwarteng unveiled the mini-budget

Wales Online

Government departments 'will be asked to make spending cuts to balance budget'

It comes after the markets went into turmoil following the Chancellor's £45 billion package of tax cuts

The Guardian - UK

Kwarteng’s fiscal pyrotechnics caused this mess – now we need some U-turns

Chancellor pitched mini-budget as way to avoid deep recession, but market’s reaction has created risk of a deeper one

The Independent UK

Calls for Truss to ‘come out of hiding’ as Bank fights turmoil caused by mini-Budget

‘Inept madness’: Tory MPs fear chancellor’s ‘growth plan’ may cost them next election

The Guardian - UK

The Guardian view on the financial crisis: a meltdown made in Downing Street

Editorial: Liz Truss’s first big policy has been shot down by financial markets – and her economic credibility shredded

The Guardian - UK

Labour membership rises as party ends conference buoyed by polls

Angela Rayner invites activists to imagine meeting under a Labour government, and insiders say gathering was big financial success

The Guardian - UK

Tory MPs tell Truss: sack Kwarteng or face mutiny

MPs express disbelief over sterling slump as privately some fear PM’s government is ‘dead on arrival’

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