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The Latest Breaking News from Tax Cuts

Live: Truss tries to shake off disastrous start with Tory conference speech

British Prime Minister Liz Truss is set to address the Tory faithful at 12pm Paris time (GMT+2) on Wednesday, closing a tumultuous conference after her announcement of billions in unfunded tax cuts sent the pound plunging and prompted fears that the Conservatives are doomed to lose the next election. Watch…

France 24

‘Differences of opinion’ within Labor over stage-three tax cuts amid worsening economic outlook

Assistant treasurer Stephen Jones says government ‘not walking away’ from previous policy but framing budget in ‘difficult’ circumstances

The Guardian - AU

It’s a bad time to ditch those tax cuts — both politically and in policy terms

Should Labor dump the 2024 tax cuts just because the British dumped theirs? Of course not — and anyway it’s too soon to decide what will be needed in 2024.

Crikey

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Economy woes cloud tax cut ahead of budget

Pressure is mounting to change or scrap costly tax cuts baked in by the former government as Labor prepares to hand down its budget in less than three weeks.

AAP

Treasurer pleads caution on tax cuts as calls to ditch them grow louder

With deteriorating global economic conditions and no prospect of remission inflation, the Treasurer promised a “sustainable” budget.

The New Daily

Pound bounces back after Government's U-turn on tax cuts for the rich

The pound is beginning to rise again after it slumped due to Government plans to scrap income tax cuts for the very richest in society that panicked markets last week

Daily Mirror

Priti Patel says Tories will 'live and die' by economy and must 'regain' credibility

The former Home Secretary is expected to tell a conference meeting later that the Tories will "live or die" by its economic credibility - after nearly two weeks of chaos following the mini-budget and a screeching U-turn on tax cuts for the rich

Daily Mirror

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Word from The Hill: Yet another rate rise, Stage 3 tax cuts, a repatriation mission, Higgins case

As well as her interviews with politicians and experts, Politics with Michelle Grattan includes “Word from The Hill”, where she discusses the news with members of The Conversation politics team.

The Conversation

Watch: Kwarteng shrugs off ‘little turbulence’ after U-turn over tax cut for rich

Kwasi Kwarteng has sought to shrug off the chaos that triggered his astonishing U-turn on income tax cuts for the highest earners as a “little turbulence” as he battled to regain authority. The Chancellor remarked it had been a “tough” day as he told Conservative members in his set-piece conference…

Evening Standard

Chancellor Kwasi Kwarteng makes second U-turn in two days as he promises to set out debt plan earlier than planned

Kwasi Kwarteng has made the change after markets reacted badly to his package of tax cuts

Wales Online

Kwasi Kwarteng may have U-turned, but huge spending cuts are still coming

The government is clinging to £43bn of tax cuts. Public services and those on benefits will feel the pain, says former prime minister Gordon Brown

The Guardian - UK

Rate pain will add more scrutiny to Labor's economic management

The sixth consecutive rate rise may impinge on Labor's budget plans.

The Canberra Times

Jim Chalmers says he will make the ‘right decisions’ on stage-three tax cuts

Treasurer says while the government’s policy has not yet changed ‘any responsible government’ would be looking at global economic pressures

The Guardian - AU

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

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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 New Daily

Paul Bongiorno: Time overdue for a conversation about our welfare state

The penny is dropping even in the citadels of western capitalism that trickle-down economics is no longer fit for purpose – if it ever was.

Birmingham Post

Kwasi Kwarteng accepts growth plan caused 'a little turbulence' as government U-turns over income tax cuts

Embattled Chancellor says 'it has been tough but we need to focus on the job in hand'

The Guardian - AU

A shift on stage-three tax cuts would move the first Albanese budget from B for boring to B for big

Labor understands any broken promise will be weaponised by its political foes. But an economic storm is brewing and it’s time to change tack

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Daily Mirror

Piers Morgan set for explosive Question Time return after Tory U-turn on tax cuts

Former Good Morning host Piers Morgan has said that he's excited to make an explosive return to BBC's Question Time following Liz Truss and Kwasi Kwarteng's tax cuts U-turn

Daily Record

Douglas Ross branded 'flip flop' after Scottish Conservatives leader backs U-turn on tax cuts

Douglas Ross was left humiliated after Kwasi Kwarteng reversed a controversial plan to abolish the 45p tax rate for the richest.

The Independent UK

‘Massive spending cuts will still be needed’ despite Chancellor’s U-turn

Think tank experts said the Government’s mini-budget plans will still leave the UK’s public finances on an unsustainable path.

The National (Scotland)

'Charlatan' Douglas Ross says Chancellor 'right' to U-turn on tax cuts

DOUGLAS Ross has said the Tory government was “right” to U-turn on plans to cut taxes for the rich – despite having publicly backed the policy.

The Guardian - UK

Truss U-turned on tax cuts for the super-rich – now she can axe the rest of her disastrous budget

If the PM and Kwasi Kwarteng want to stem public fury, they must go further, says Guardian columnist Simon Jenkins

Daily Mirror

Tory Penny Mordaunt says 'our comms is s***' and can't promise Truss will last two years

Penny Mordaunt earned the dubious honour of being the last minister to publicly defend Liz Truss's tax cuts for the rich - saying 'our policies are great, but our comms is s***!'

The National (Scotland)

Seven tweets on tax cuts the Scottish Tories will wish they'd deleted

THE UK Government has been forced into an embarrassing U-turn on their plans to abolish the upper 45 per cent rate of tax for earnings over…

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