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The Latest Breaking News from Kwasi Kwarteng

Britain is now facing spending cuts for which we are utterly unprepared

In politics, character is electoral destiny: which is to say, the voters have to know what they’re getting. Ever since she announced her bid to succeed Boris Johnson, Liz Truss has presented herself as the heir to Margaret Thatcher; a politician who scorned backsliding, deplored the “drift and delay” of…

Evening Standard

Government needs £60bn public spending cuts to tax giveaway

Institute for Fiscal Studies says it is not possible to deliver cuts on that scale through efficiency savings

Wales Online

Kwasi Kwarteng held undisclosed meetings with Saudi oil firms

Green MP Caroline Lucas urges chancellor to ‘come clean about dealings with Saudi oil giants’

The Independent UK

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Liz Truss 'must find' £60 billion of cuts as Scots warned of 'threat' to homes and pensions

A leading think-tank has predicted the UK Government will have to slash spending to fix the fiscal mess caused by Liz Truss and Kwasi Kwarteng.

Daily Record

Documents reveal Kwasi Kwarteng's undisclosed meetings with Saudi Arabian oil firms

CHANCELLOR Kwasi Kwarteng held undisclosed meetings with senior executives of Saudi Arabian firms when he was business secretary, according to…

The National (Scotland)

Thérèse Coffey says nurses won’t get higher pay offer as strike vote looms

Health secretary says there is limited scope for negotiation on 3% offer and she is ‘not anticipating further changes’

The Guardian - UK

The Bank of England hits panic button yet again with emergency bond-buying plan

The central bank is attempting to stop tumbling government bond prices causing a market collapse

Manchester Evening News

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NHS won’t get ‘single penny less’ despite health and care levy repeal, says Treasury minister – as it happened

Latest updates: minister tells MPs health service budget will remain unchanged

The Guardian - UK

Furious Richard Madeley says Liz Truss has 'destroyed her credibility' after tax U-turn

Richard Madeley has slammed Prime Minister Liz Truss on Good Morning Britain, insisting that she has 'destroyed her credibility' following a U-turn on tax reductions

Daily Mirror

BoE widens action on 'UK financial stability' fears

London (AFP) - The Bank of England on Tuesday unveiled yet more measures aimed at calming markets rocked by a UK budget as it warned over risks to the nation's financial stability.

AFP

Inside Politics: ‘Material risk to UK financial stability’

IFS issues warning to chancellor on tax and spend plans as BoE steps in again to calm market turoil caused by chancellor’s ‘mini-Budget’, writes Matt Mathers

The Independent UK

Bank of England forced to boost bond-buying scheme amid market turmoil

‘Material risk to UK financial stability’, warns central bank

The Independent UK

IMF steps up criticism of mini-budget after ‘disorderly’ rise in borrowing costs – as it happened

International Monday Fund says a ‘change in fiscal policy’ would help calm bond markets…on day that Bank of England steps up its bond-buying support

The Guardian - UK

Bank of England repeats intervention as calls mount for prolonged action

Downing St says Truss sticking to tax cut plans

Financial Times

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The Guardian - UK

Tuesday briefing: After Russia retaliates, what might happen next?

In today’s newsletter: Russia responded to an attack on a military supply line with a devastating blitz on civilian targets. Peter Beaumont speaks from Kyiv about defiance, destruction and what to expect

The Guardian - UK

Kwasi Kwarteng’s secret meetings with Saudi oil firms revealed

Exclusive: Meetings while in Saudi Arabia undisclosed due to ‘administrative oversight’, says business department

Daily Mirror

'Aftershocks of Kwarteng’s disastrous mini-Budget continue to be felt across country'

The Chancellor’s botched intervention has caused the price of mortgages to spiral, damaged confidence in Britain’s economy and increased the cost of government borrowing

The Independent UK

Labour to pile pressure on government for further U-turns over ‘disastrous’ mini-Budget

Party intends to use parliamentary processes to force the Tory chancellor to reverse his budget

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The Independent UK

Chancellor’s tax giveaways mean ‘painful’ £60bn spending cuts, IFS warns

The government must slash spending by £60bn and risk political turmoil to get debt under control unless it abandons plans for lower taxes, a leading economic think tank has warned

The Guardian - UK

Unfunded tax cuts mean UK ‘will need £60bn spending cuts’

IFS says Kwasi Kwarteng’s mini-budget will leave ministers making serious reductions in public services

The Independent UK

Kwarteng faces finding £60bn of public spending cuts, says IFS

The Institute for Fiscal Studies said efficiency savings and ‘trimming the fat’ will not be enough to get debt falling.

Daily Mirror

Dithering Truss leaves families in benefit limbo as Kwarteng may need to cut £60BILLION

Lib Dem Wendy Chamberlain warned the failure of Prime Minister Liz Truss to make a decision on benefits meant "millions of people are left in a grim limbo" across Britain

The Independent UK

Opposition seeks to pile pressure on PM as Parliament returns

Parliament returns on Tuesday, after a remarkable recess punctuated by Tory infighting and market turmoil.

Daily Record

Unearthed 2018 clip shows Liz Truss warn tax cuts like hers could lead to 'boom and bust'

The clip, taken in 2018, showed the PM appearing to contradict her £43billion plan to slash taxes, which will increase the national debt.

The Guardian - UK

Kwarteng’s latest ‘we’re listening’ messaging fails to reduce credibility gap

Worryingly, gilt yields are rising again and another potential cliff-edge moment comes on Friday

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