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The Latest Breaking News from Torsten Bell

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

The Independent UK

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

Wales Online

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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'

Daily Mirror

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

The Guardian - UK

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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BBC apologises after technical glitches mar Liz Truss interview

Blackout during PM’s appearance on Sunday with Laura Kuenssberg prompted social media quips about ‘interference’

The Guardian - UK

Markets treating UK like ‘developing country’ after Kwarteng budget, warns ex-US Treasury chief

Current turmoil ‘hallmark of situations where credibility lost’, says Larry Summers

The Independent UK

'Richest 5 per cent to get richer while 95 per cent get poorer' under Tory plans

THE Tory government's huge package of personal tax cuts amid the cost-of-living crisis will do nothing to stop more than two million people falling…

The National (Scotland)

‘Only the very richest’ in Britain will see incomes grow, tax cut analysis says

Chancellor's huge package of personal tax cuts will do nothing to stop more than two million people falling below the poverty line, says think tank

Wales Online

‘A budget for the 1%’: government accused of huge tax cut for super-wealthy

Kwasi Kwarteng’s measures benefit the rich at expense of struggling families, say critics

The Guardian - UK

Truss plans ‘skew support’ to richest households, warns Resolution Foundation

There is a case for a ‘solidarity tax’ to recoup some of the cost from those who can pay more, said the think tank.

The Independent UK

Rich to get 'twice as much' support to help with cost-of-living, think tank claims

RICH households will receive twice as much support to help with the cost of living than poorer ones, a think tank has said.

The National (Scotland)

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The Guardian - UK

Risk of gaps on UK supermarket shelves if small firms collapse, food sector warns

Head of Food and Drink Federation tells MPs that soaring costs mean industry faces ‘really difficult winter’

The Independent UK

‘Simplistic’ Liz Truss warned her VAT cut will ‘crash the public finances’

Institute for Fiscal Studies attacks ‘worrying’ idea – amid fresh confusion over likely next PM’s plans for energy crisis

Manchester Evening News

The cheapest petrol prices in every Greater Manchester borough

Oldham has some of the cheapest fuel prices in Greater Manchester

Nottingham Post

HMRC urges eligible families to claim £500 cash boost this summer

Accounts can be opened at any time of the year and used straight away

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Daily Record

Inflation soars to 9.1 per cent threatening savings, wages and family budgets

Experts warned that rising prices are “bad news for everyone”.

The Guardian - UK

Letters: manufacturing is key to our future

The UK service sector is important, but we ignore our expertise in industries such as aerospace and pharmaceuticals at our peril

The Independent UK

UK families ‘nearly £9,000 worse off than in comparable countries’

A report by the Resolution Foundation and LSE found the incomes of the poorest UK households are 40% behind counterparts in similar economies.

The National (Scotland)

Tax cuts promised by Tory leadership hopefuls are 'not serious', say experts

EXPERTS have claimed large tax cuts being promised by Conservative leadership candidates are "not serious".

The Independent UK

Tax cut pledges of Tory leadership candidates are ‘not serious’, say experts

Almost all the candidates have promised large tax cuts, but experts say the trade-offs are likely to be too high.

The Guardian - UK

From pandemic solidarity to bitter enemies: how Tories turned on workers

Spirit of consensus has gone as ministers seek a scapegoat for the stagflation affecting the economy

The Guardian - UK

Wednesday briefing: How Boris Johnson could have tackled the cost of living crisis

In today’s newsletter: after a Queen’s speech that ignored rising costs, Archie Bland asks economist Torsten Bell what should have been announced

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