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The Latest Breaking News from Liz Truss

Chancellor Kwasi Kwarteng makes second U-turn in two days as he promises to set out debt plan earlier than planned

Kwasi Kwarteng has made the change after markets reacted badly to his package of tax cuts

Wales Online

Tuesday briefing: The Truss thinkers that tanked the Tories

In today’s newsletter: Free market thinktanks are rejoicing at Kwasi Kwarteng’s neo-Thatcherism. But how do they operate – and what might their influence mean for Britain?

The Guardian - UK

Kwasi Kwarteng may have U-turned, but huge spending cuts are still coming

The government is clinging to £43bn of tax cuts. Public services and those on benefits will feel the pain, says former prime minister Gordon Brown

The Guardian - UK

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Tories seek to shift focus from economy after U-turn humiliation

The Government are turning their attentions to immigration and supporting Ukraine

Wales Online

Douglas Ross has risen to the top of the Tory hit list

Douglas Ross has stood by and watched as the UK's economy has been sent into tailspin, and its time for him go, says Record View

Daily Record

‘Damage is done’: what the papers say after Truss and Kwarteng’s tax U-turn

The UK newspaper front pages pull no punches after PM and chancellor perform reversal over 45p tax rate for high earners

The Guardian - AU

Tories laugh as Kwasi Kwarteng forced into humiliating U-turn - but 'damage already done'

Mr Kwarteng was forced to abandon his plan to give a massive tax cut to millionaires - but critics warned the damage has already been done after the Bank of England had to step in

Daily Mirror

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Kwasi Kwarteng U-turn is too late to stop mortgages soaring, experts fear

More than 40% of mortgage products were pulled after the Chancellor’s Budget triggered a slump in the pound and fears of interest rate hikes. The average two-year fixed mortgage rate is now close to 6%

Daily Mirror

Truss caves to Mirror’s demands to mark ‘Plutonium Jubilee’ with cash for nuclear test vets

The heroes of Britain’s Cold War radiation experiments and their families welcomed the news, but said it did not go far enough to address the tests’ legacy of cancers, early death and birth defects

Daily Mirror

Night of the hurried U-turn: how Truss and Kwarteng dumped their tax cut

Even as Liz Truss was being toasted for her tax-cutting boldness, the PM and chancellor were bowing to clamour to reverse course

The Guardian - UK

Kwasi Kwarteng ‘to bring forward plan to cut debt after 45p tax U-turn’

The chancellor will accelerate the publication of his medium-term fiscal plan later this month, according to reports

Evening Standard

Tory MPs ‘openly talking’ about removing Liz Truss, says ex-No 10 chief of staff

‘Very difficult’ for PM to recover, says Nick Timothy – as Rachel Johnson predicts Truss could ‘go down with the pound’

The Independent UK

Tory MPs plot to avert benefit squeeze after humiliating U-turns

Kwasi Kwarteng to bring forward fiscal statement to later this month amid disquiet in party over spending cuts hitting poorest

The Guardian - UK

Kamikwasi Kwarteng delivers his excruciating career suicide note

Tactless jokes and half-arsed platitudes made up chancellor’s vapid Tory conference speech

The Guardian - UK

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Daily Mirror

Kwasi Kwarteng will announce his plan for cuts early in SECOND budget U-turn

Kwasi Kwarteng axed the 45p tax cut earlier today after widespread critisim in what's been a tumultuous few days for the new Chancellor and Prime Minister Liz Truss

Benzinga

UK Backpedals On Income Tax Cut For Top Earners After Rattling Markets

The iShares MSCI United Kingdom ETF (NYSE: EWU) and the SPDR S&P 500 ETF Trust (NYSE: SPY) both traded higher by more than 2% each on Monday after the U.K.

Evening Standard

Food bank near Liz Truss and Kwasi Kwarteng may struggle to survive as demand soars

Jamie Ginns, chief executive of the food bank, said it is facing “serious operational issues” this winter as the cost-of-living crisis continues to cause unprecedented levels of demand.

The New Daily

Paul Bongiorno: Time overdue for a conversation about our welfare state

The penny is dropping even in the citadels of western capitalism that trickle-down economics is no longer fit for purpose – if it ever was.

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The Guardian - UK

I’d like inheritance tax to be abolished, says UK Treasury minister

Andrew Griffith tells business people at Tory conference that ‘fantastic’ Truss is right to prioritise wealth creation

Belfast Live

Prime Minister Lis Truss says 'no reason' why Stormont should not be re-established

Northern Ireland's powersharing institutions have been dormant for months due to a DUP protest against the protocol

Evening Standard

Kwasi Kwarteng shrugs off ‘little turbulence’ after U-turn over tax cut for rich

The Chancellor admitted it had been a ‘tough’ day after scrapping the abolition of the top income tax rate

The Independent UK

No reason why Stormont should not be re-established now – PM

Liz Truss says she wants a settlement with the EU over the NI Protocol which works for everybody.

The Guardian - UK

The Guardian view on a Tory U-turn: the problem goes beyond tax

Editorial: How people feel when facing an economic crisis often decides their choice in elections. That spells doom for Liz Truss

The Guardian - UK

These Tories are heading for oblivion, and no amount of U-turns can change that

On everything from the 45p tax rate to immigration, Kwarteng and Truss are living in a different world to voters, says Guardian columnist Polly Toynbee

Birmingham Post

Kwasi Kwarteng accepts growth plan caused 'a little turbulence' as government U-turns over income tax cuts

Embattled Chancellor says 'it has been tough but we need to focus on the job in hand'

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