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The Latest Breaking News from Bank of England

UK axes 'almost all' budget tax cuts in humiliation for Truss

London (AFP) - The British government on Monday axed almost all of its debt-fuelled tax cuts unveiled last month to avert fresh markets chaos, in a humiliating climbdown for embattled Prime Minister Liz Truss.

AFP

Jeremy Hunt’s economic plan turns the clock back to austerity

UK chancellor’s tightening of fiscal policy will lead to weaker growth and a deeper recession

The Guardian - UK

New UK finance minister scraps more tax cuts in further government U-turn

Britain's new finance chief Jeremy Hunt on Monday axed debt-fuelled tax cuts to further calm market turmoil, in another major government U-turn that appears to leave Liz Truss's position as prime minister in a precarious state.

France 24

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The Big Idea: Do governments really control their economies?

With markets, technocrats and voters on their backs, can politicians change anything?

The Guardian - UK

Britain junks budget tax measures as Truss hangs by thread

London (AFP) - Britain's new finance chief Jeremy Hunt on Monday axed debt-fuelled tax cuts to further calm market turmoil, in another major government U-turn that appears to leave Liz Truss's position as prime minister in a precarious state.

AFP

Nicola Sturgeon announces independent Scotland would launch its own currency

The First Minister said a new Scottish pound would be launched when the "time is right".

Daily Record

UK Treasury chief Jeremy Hunt reverses nearly all tax cut plans

Treasury chief Jeremy Hunt scraps most of an economic package announced by the UK government just weeks ago.

Al Jazeera

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UK energy firms using £40bn support scheme blocked from paying bonuses

Government’s energy markets financing scheme will also bar dividends to shareholders

The Guardian - UK

'We can’t go on lurching from crisis to crisis' - council's despair at UK's economic 'mismanagement'

As inflation soars and chaos grips Westminster, leaders in Sunderland have called for a return to stability

Chronicle Live

Pound rises and UK borrowing costs drop as Hunt scraps measures

Yield on 30-year UK government bonds plummets as chancellor reverses more of Kwarteng mini-budget

The Guardian - UK

Pound rallies as UK set to unveil spending plans

London (AFP) - The pound jumped more than one percent against the dollar Monday as Britain's fourth finance minister in as many months prepared to update on UK tax and spending plans that spooked markets in recent weeks.

AFP

Britain fast-tracks fiscal plans as Truss hangs by thread

London (AFP) - Britain's new finance chief Jeremy Hunt will Monday bring forward fiscal measures to further calm markets turmoil, in another government U-turn that appears to have left Liz Truss's position as prime minister hanging by a thread.

AFP

Martin Lewis demands four point emergency mortgage plan from Jeremy Hunt

Jeremy Hunt is being urged to help worried homeowners

Wales Online

Tesco boss warns millions of people face higher costs this winter as interest rates rise

John Allen, chairman of Tesco, said some people will face hardship this winter, on top of increased costs of food and energy, if interest rates continue to push up mortgage repayments

Daily Mirror

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The Independent UK

UK government bonds and pound rally ahead of Chancellor’s emergency budget plans

There had been worries the sell-off in gilt markets would resume in earnest after the Bank of England ended its government bond-buying plan.

AFP

UK brings forward fiscal measures after budget turmoil

London (AFP) - Britain's new finance minister Jeremy Hunt will unveil tax and spending measures later Monday, bringing forward part of his fiscal plan to calm markets after a botched debt-fuelled budget.

Insider UK

New Chancellor to unveil emergency budget plan - pound surges higher on news

Treasury says move designed to 'ensure sustainable public finances underpin economic growth'

Wales Online

What time is Jeremy Hunt's announcement today and what will he say?

He will also be addressing the House of Commons on Monday afternoon in a bid to reassure the markets

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Evening Standard

Tories now lag behind Labour on 14 out of 15 key policies, poll shows

Ipsos poll for the Standard reveals full scale of the damage to Tory party by Kwasi Kwarteng’s mini-budget

Wales Online

UK to enter recession until summer 2023, experts warn

High energy prices, surging inflation, rising interest rates and global economic weakness to blame

The Guardian - UK

Pound, shares and UK government bonds rally after most mini-budget tax cuts ditched – as it happened

Pound holds gains and gilt yields remain lower as new chancellor rips up Trussonomics, pushing tax take to 70-year high this parliament

The Guardian - UK

Monday briefing: What the prime minister can do to save her job

In today’s newsletter: With Jeremy Hunt installed in No11 and scrapping large swathes of her economic agenda, we look at whether Liz Truss can reverse her fortunes

Evening Standard

London politics latest LIVE: Jeremy Hunt in Commons to explain scrapping of disastrous ‘growth plan’

Jeremy Hunt is speaking to the House of Commons after Penny Mordaunt fielded an Urgent Question on the sacking of Kwasi Kwarteng

Evening Standard

Four in five finance heads predict recession within a year

Deloitte reveals businesses witnessing reset in cost and availability of credit

Reuters

New UK finance minister Hunt reverses Truss's economic plan in dramatic U-turn

Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's economic plan and scaled back her vast energy support scheme on Monday, making a historic policy U-turn to try to stem a dramatic loss of investor confidence.

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