The Latest Breaking News from Kwasi Kwarteng

In the US they call it ‘starving the beast’ – cut taxes and, as revenue decreases, you create irresistible pressure for austerity, says Adam Tooze, an economic historian at Columbia University

New survey puts Labour party 17 points ahead

Front pages channel fears about Truss government’s economic strategy after pound sinks to all-time low against the dollar

The Labour leader will quote Sir Tony Blair to dub his party the ‘political wing of the British people’.

The 17-point lead represents a level of support Labour had not had since 2001

The Treasury moved to settle the markets with the promise of a Budget next spring as the pound tumbled against the dollar on Monday.

Sir Keir will outline an ambition to ‘turn the UK into a growth superpower’.

Labour leader borrows slogan from Tony Blair as he describes party as ‘political wing of British people’

While most people in the UK were still in bed in the early hours of Monday morning, the pound dived. It fell over 4% during Asia trading to reach its lowest ever level against the dollar of US$1.035, while also hitting €1.079 against the euro. This was an exceptional fall,…