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The Latest Breaking News from Torsten Bell

Hunt’s tax cuts based on ‘implausible’ public spending squeeze – think tanks

Economists said the Chancellor’s tax reductions will not prevent this from being the ‘biggest tax-raising’ parliament in modern times.

The Independent UK

Jeremy Hunt cuts national insurance but UK tax burden set to hit high amid plummeting living standards – as it happened

Chancellor cuts national insurance but OBR says UK facing biggest fall in living standards since records began

The Guardian - UK

Interest rates blame game erupts between Tories and Bank of England, as recession warnings grow

Bank governor Andrew Bailey fights for future – and blames company bosses for fuelling inflation with pay rises

The Independent UK

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Price of food to replace energy as biggest cost-of-living problem – think tank

The head of the Resolution Foundation warned poorer households would end up eating less as food prices continue to rise.

The Independent UK

Hunt’s pensions tax break expected to help ‘nearly as many bankers as doctors’

Head of Resolution Foundation says other measures to retain NHS staff could have offered better value for money

The Guardian - UK

UK workers £11,000 worse off after years of wage stagnation – thinktank

Resolution Foundation analysis suggests UK lagging behind similar economies such as Germany

The Guardian - UK

Budget 2023: UK faces ‘disastrous decade’ for living standards as households set to be £4,200 poorer

Economy in ‘deep funk’, warns think tank – attacking Jeremy Hunt’s ‘wasteful’ pensions tax break

The Independent UK

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Labour would scrap Chancellor’s ‘gilded giveaway’ to wealthy pensions savers

Shadow chancellor Rachel Reeves would reverse the ‘pensions bung for the 1%’

Evening Standard

Labour promises to reverse Jeremy Hunt’s pensions ‘giveaway for richest 1%’

Rachel Reeves vows to reverse ‘free-for-all for wealthy few’

The Independent UK

Hunt’s ‘budget for growth’ gives top 1% a pension bonus but ignores public services

No money for nurses, doctors or teachers note critics as Starmer says UK is on ‘path of managed decline’

The Guardian - UK

Budget leak claims big changes ahead for DWP assessments and Universal Credit sanctions

The DWP will not confirm reports published on social media by think tank boss ahead of tomorrow's Budget

Chronicle Live

We’ve avoided recession for now, but the outlook is one of perma-gloom

December’s GDP was boosted by us all cranking up the heating. Actual economic growth has not looked so weak in decades

The Guardian - UK

Families facing ‘groundhog year’ as financial squeeze continues – think-tank

Family finances face a repeat of 2022’s squeeze as the cost-of-living crisis deepens, the Resolution Foundation has warned.

The Independent UK

UK unveils emergency budget amid big demands but little cash

Just three weeks after taking office, British Prime Minister Rishi Sunak faces the challenge of balancing the nation’s budget while helping millions of people slammed by a cost-of-living crisis

The Independent UK

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The Guardian - UK

Letters: nurses need a little nurturing

No wonder they are leaving the profession: nurses don’t expect to be rich, they just want to feel valued

The Guardian - UK

Change of prime minister is likely to delay UK’s fiscal plan

Credibility of economic event could be in doubt if it is launched on Halloween, just a few days into new leader’s tenure

The Independent UK

Austerity cuts could be as deep as 2010, experts warn as energy bills set to hit £5,000

Chancellor Jeremy Hunt leading push for ‘austerity season two’, says Labour

The Guardian - UK

EU proposes joint gas buying and curbs on energy price spikes – business live

European Commission proposes mechanism to cap “excessive and volatile” gas price moves, and to let member countries start jointly buying gas

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Wales Online

Warning to expect £4,000 energy bills after Jeremy Hunt scrapped price cap

Even middle-income homes would not be able to afford the new bills

The Independent UK

Liz Truss U-turn will send taxes to highest levels since 1950s

But economists warn more pain yet to come with spending cuts

The Independent UK

Spending cuts of up to £40bn expected after Liz Truss announcement

U-turns have filled less than half the £62bn ‘black hole’ created by Kwasi Kwarteng

Wales Online

Economists fire back after Rees-Mogg tries to pin blame on others for mini-budget chaos

Senior Conservative says it was all down to Bank of England’s failure to raise interest rates in line with the US

Daily Mirror

Benefits will hit lowest level in 40 YEARS if Liz Truss's cut goes ahead

The Resolution Foundation said real-terms benefits could be at their lowest level since the early 1980s - as ex-Chancellor Sajid Javid said a cut wouldn't be 'social justice'

The Guardian - UK

Mini-budget will not lead to promised growth, leading economists tell MPs

Economic confidence in UK seriously undermined by Kwarteng and Truss’s ‘guerrilla tactics’, Commons committee hears

The Guardian - UK

Fitch predicts deeper UK recession; mortgage rates climb – as it happened

Kwasi Kwarteng brings forward release of debt-cutting plan, as Bank of England announces new measures to support pensions sector through crisis

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