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The Latest Breaking News from Kwasi Kwarteng

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

The Government are turning their attentions to immigration and supporting Ukraine

Wales Online

Pound – live: Sterling bounces back in Asia trading after Truss U-turns

Pound rises to $1.1343, a bounce of about 10% from last week’s record low against dollar

The Independent UK

Asian traders track Wall St up as US data tempers rate fears

Hong Kong (AFP) - Asian markets followed Wall Street higher Tuesday after weak US factory data sparked optimism that a series of big interest rate hikes were taking their toll, allowing the Federal Reserve to ease its foot off the pedal.

AFP

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‘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

What the papers say – October 4

Turbulence in the Tory party leads many of the front pages.

The Independent UK

Bleak times remain ahead for Britons — and their idiot leaders

Think the Truss government is out of the woods after a humiliating backdown on tax cuts? Think again.

Crikey

45% tax U-turn is too late to stop mortgages soaring, experts warn

More than 40% of mortgage products were pulled after Kwasi Kwarteng's mini-Budget triggered a slump in the pound, with the average two-year fixed rate now close to 6%

Wales Online

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Liz Truss, a failed tax cut for the rich, and a honeymoon that barely began

Behaving like a caricature of Margaret Thatcher on speed, the UK’s new prime minister has detonated her reputation in record time.

Crikey

'Shameless PM and Chancellor forced into 45p U-turn by public backlash'

Savage cuts to key public services, benefits losing value by rising below inflation and expensive extra borrowing are also on the way

Daily Mirror

'Tory MPs cashing in on Rupa Huq's offensive Kwarteng comments fail to see own record'

Our columnist Darren Lewis doesn't mince his words as he calls out Tory MPs and right-wing commentators for jumping on the opportunity to criticise Huq's comments without looking at their own behaviour

Daily Mirror

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

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

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

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The Guardian - AU

Morning mail: Queensland police failure in assault case, UK U-turn on tax cuts for well-off, ID scam fears

Tuesday: Queensland and NSW police lost key documents and failed to investigate a series of alleged sexual assaults against a 14-year-old girl. Plus: the must-read books for October

The Independent UK

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 Guardian - 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

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The Guardian - UK

Tories accuse police of failing to protect conference delegates from protesters

West Midlands police blame shortchanging by Home Office as party officials report abuse and assaults on delegates

Chronicle Live

DWP announces exact dates £324 cost of living payment will be paid into bank accounts

The £324 payment - which is the second half of a £650 package for those on some benefits - will flood into accounts between November 8 and November 23

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

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 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

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

Daily Mirror

Exact dates £324 cost of living payment will hit bank accounts finally confirmed

The government today said that the £324 payment - the second half a £650 package for people on certain benefits - will be made between November 8 and November 23

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