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The Latest Breaking News from Tax Cuts

Truss was right to focus on growth. But her rush to get things done was short-sighted

City comment: Rather than hurrying to make announcements, the PM should have spent more time reassuring markets her policies were credible

Evening Standard

Liz Truss to raise corporation tax in another humiliating U-turn

PM makes second climbdown and sacks chancellor after package of unfunded tax cuts sent the pound tumbling

The Guardian - UK

The U.K. prime minister fires her finance chief and nixes tax cuts to calm markets

In a move to calm financial markets and her own Conservative Party, Prime Minister Liz Truss canceled planned tax cuts for corporations and replaced Kwasi Kwarteng as treasury head with Jeremy Hunt.

WEKU

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Even neoclassical ideologues have to admit stage-three tax cuts aren’t the answer

While Stage 3 tax cuts are good for the top four percent of income earners, they literally give nothing for those earning below $45,000.

The New Daily

UK Treasury chief dashes back to London amid crisis

Britain’s Treasury chief is dashing back to London for urgent talks with Prime Minister Liz Truss amid growing expectations that they will scale back unfunded tax cuts to calm financial markets and quell a burgeoning revolt by members of their own party

The Independent UK

FTSE 100 Live: Truss scraps corporation tax cut; Hunt replaces Kwarteng

Liz Truss has U-turned on her policy to block a planned rise in the rate of corporation tax. Speaking at a press conference in Downing Street, the PM said: “Parts of our mini budget went further and faster than markets were expecting...we will do whatever is necessary to ensure debt…

Evening Standard

Liz Truss news - live: Kwasi Kwarteng sacked as chancellor ahead of press conference

PM to make announcement after days of pressure from backbenchers

The Independent UK

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Stage-three tax cuts condemned as ‘unconscionable’ as Acoss report shows extent of poverty

Advocates say it should be a ‘source of great shame’ that one in eight people live in poverty in such a wealthy country

The Guardian - AU

This mini-budget crisis feels like the death of the Conservative party

Liz Truss has reduced the Tories to a failed revolutionary faction staring into a £62bn black hole, says the Guardian columnist Polly Toynbee

The Guardian - UK

Debate on tax gets ugly as Sussan Ley takes on Teal independents

Deputy Liberal leader Sussan Ley attacked new teal MPs for opposing the stage-three tax cuts for high-income earners.

The New Daily

Liz Truss faces growing pressure to rip up tax-slashing plans

An attempt to win over mutinous MPs at a meeting of the 1922 Committee reportedly failed

Insider UK

Liz Truss leadership 'in peril' after own MPs turn on her in fiery meeting

The Prime Minister was accused of “trashing the last 10 years” of the Tories’ record at a meeting with backbenchers

Manchester Evening News

Poorer families risk £1,000 hit from earnings-related benefits rise

Below-inflation rise would save exchequer tenth of £40bn to be given out through tax cuts, says thinktank

The Guardian - UK

Treasurer Jim Chalmers warns of US recession prior to meeting with G20 counterparts

Treasurer Jim Chalmers acknowledges the "deteriorating global economy and rising inflation" would put pressure on his upcoming budget, ruling out changes to legislated stage 3 tax cuts.

ABC News

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Daily Mirror

'Blundering Liz Truss must U-turn on tax or risk turning Britain into basket case'

The Prime Minister is in a crisis entirely of her own making and deserves no sympathy - she must ditch her unfunded tax cuts for the wealthy and swallow her pride

Daily Mirror

Why Liz Truss' pledge not to cut public spending is not all that it seems

Critics believe the Prime Minister has three options: U-turn and cut spending, U-turn on tax cuts, or keep going and drive the economy off a cliff. Some of the answers may lie in the detail

Daily Mirror

Furious Tories order Liz Truss to get rid of tax cuts for the rich - or she will be GONE

The blundering Prime Minister was tonight urged to ditch her tax cuts for the rich bonanza as the financial crisis deepens amid fears for pensions, mortgages and jobs.

The Guardian - UK

Liz Truss in fresh peril as senior Tory MPs round on her over economy

PM accused of ‘trashing’ Conservative values and a PMQs performance that was ‘just appalling’

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Evening Standard

Liz Truss under mounting pressure to make further tax cuts U-turn

Senior Tory suggests ‘further row back on the tax package’ needed to calm financial markets after PM rules out public spending cuts

AAP

Labor's new plan to slash consultancy bill

The finance minister has outlined a new plan to cut back on consultancy fees while the treasurer has promised to leave controversial stage three tax cuts alone.

AFP

IMF warns against 'costly' tax cuts to fight inflation

Washington (AFP) - Soaring food and energy prices are raising the risk of social unrest, but attempting to tame costs through tax cuts, subsidies and price controls would be too costly, the IMF said Wednesday.

Daily Mirror

All Liz Truss's biggest U-turns exposed - and the ones that are yet to come

From fracking, windfall taxes and tax cuts to Britain's relationship with Emmanuel Macron, Liz Truss is no stranger to a change of heart - and there's plenty more to come from the flip-flopping PM

Daily Mirror

Top Tory warns tax cuts U-turn WILL happen as 'pyromaniac' government refuse to back down

Mel Stride, who chairs the influential Treasury Select Committee, says he is among those who expects Chancellor Kwasi Kwarteng will have to row back further when he announces full financial plans

Daily Record

Keir Starmer scolds Liz Truss as PM promises no cuts to public spending despite '£60bn needed'

Labour leader Keir Starmer probed the Prime Minister in the House of Commons on her mini-budget which sent the markets into turmoil due to unfunded tax cuts.

The Independent UK

‘Dystopian soundbites’: Tory minister under fire for suggesting tax cuts for women who have more children

‘Tax cuts to mums for having kids is completely pointless and actually just insulting when we have the second most expensive childcare system, and the third worst maternity pay in Europe,’ campaigner says

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