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The Latest Breaking News from Tax Cuts

Paul Bongiorno: A budget to reset the big arguments

The Albanese government tells us it has taken to heart the admonition that those who fail to learn from history are doomed to repeat it.

The New Daily

Forget tax cuts. We need a tax rise – or Britain’s public services will collapse

The idea won’t please those on the right or the left, but Labour must break the taboo and argue for higher tax, says former Labour minister Chris Mullin

The Guardian - UK

Have Liz Truss’s 44 days in office destroyed 40 years of free market philosophy?

Economists soon saw through Truss and Kwasi Kwarteng’s plans for billions of unfunded tax cuts to benefit the rich

The Guardian - UK

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Fall of Liz Truss gives Italy’s far right a lesson in what not to do

Giorgia Meloni’s radical economic agenda had resembled Kwasi Kwarteng’s. It won’t any longer

The Guardian - UK

Liz Truss ignored economists’ stark warnings over mini-budget

Pair sympathetic to her growth agenda told Truss before she became PM that plans needed to be handled with care

The Guardian - UK

Malcolm Turnbull, an architect of stage 3 tax cuts, still backs them, despite higher costs

The prime minister who originally introduced the stage three tax cuts to the parliament says you would probably not legislate them today, given their growing cost and the deteriorating budget position.

ABC News

Jim Chalmers is ignoring his own warnings of a possible recession

The Treasurer appears to be ignoring his own warnings ahead of the federal budget about the need to be prepared for a global recession.

The New Daily

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Leadership crisis: What next for the UK after Liz Truss?

Despite their record brevity, Liz Truss's 44 days in office will long be remembered. The UK prime minister has now resigned after pressure that became too much. How did the Conservative Party elect a leader who so badly misread the mood and the markets with her failed bid for unfunded…

France 24

From fighter to quitter: timeline of Liz Truss’s U-turn littered premiership

Key moments in the 45 days between Truss becoming prime minister and announcing her departure

The Guardian - UK

Truss resigns as UK prime minister after tax-cut plan backfires

Liz Truss resigned as U.K. prime minister after a brief and chaotic tenure that saw her announce a massive package of unfunded tax cuts before unwinding most of it in the face of a market rout.

Tribune News Service

Forecast cost for stage 3 tax cuts rises by $11 billion

Treasurer Jim Chalmers says the forecast cost of the stage 3 tax cuts has risen and will now cost the nation around $254 billion over 10 years.

ABC News

Pensions: how yours may have been affected by recent market turmoil

The early signs are that the financial markets have been appeased by the government’s October 17 decision to reverse two-thirds of its September mini-budget tax cuts.

The Conversation

Kwasi Kwarteng failed to brief Bank of England about risks from mini-budget, MPs told

Bank would have warned of any a threat to ‘financial stability’ – but was in the dark about tax cuts to be unleashed

The Independent UK

Truss faces tough PMQs after being forced to junk her economic strategy

Prime Minister to face Starmer for the first time since Jeremy Hunt ripped up her plan for tax cuts and increased public borrowing

Wales Online

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Daily Mirror

Rising mortgage rates put 45 Tory seats at risk in southern heartlands

Mortgage rates shot up after Liz Truss's disastrous mini-Budget amid fears the Bank of England would hike interest rates to manage the flurry of unfunded tax cuts

France 24

Figurehead prime minister? Liz Truss and the UK's political instability

We knew about the figurehead king. But does Britain now have a figurehead prime minister? Liz Truss's grip on power is slipping by the day. A U-turn on unfunded tax cuts for the rich will most likely not be enough to repair the damage. Is she really reduced to the…

Radio France Internationale

Position of UK's PM, Liz Truss, in doubt after new Treasury chief axes 'Trussonomics'

The UK’s new Treasury chief has ripped up the government’s economic plan, dramatically reversing most of the tax cuts and spending plans that new Prime Minister Liz Truss announced less than a month ago.

Benzinga

US Stock Futures Surge Following Monday's Rally; Goldman Sachs, Johnson & Johnson Earnings In Focus

Pre-open movers U.S. stock futures traded higher in early pre-market trade on Tuesday after closing sharply higher in the previous session. The Dow Jones jumped by more than 550 points in the previous session following Friday's selloff after the UK reversed its proposed tax cuts.

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Evening Standard

Liz Truss apologises for ‘mistakes’

Liz Truss has apologised for her “mistakes” as she sat down for an interview at the end of a dramatic day in Westminster.The Prime Minister is battling to save her premiership after her economic agenda was left in tatters by the dismantling of her former chancellor’s landmark mini-budget.Speaking after she…

Asharq Al-Awsat

Pound Rockets as UK Rips Up Budget, US Stocks Gain

The pound surged against the dollar Monday as Britain's fourth finance minister in as many months sensationally ripped up a tax-cutting budget that had spooked markets. Chancellor of the Exchequer Jeremy Hunt axed almost all of the debt-fueled tax cuts unveiled last month by the new government of Prime Minister…

The Guardian - AU

Following its Faustian pact to keep the stage-three tax cuts, Labor should stick with the fable and find salvation

Having made a deal with the devil, can the government leverage trust to seek a fresh mandate to preserve this vital part of our nation?

ABC News

ASX and Wall Street rally after UK backflip on tax cuts, RBA to keep increasing rates

The ASX has jumped and US stocks rallied overnight after the UK Government ditched major parts of its economic plan that caused turmoil in financial markets, and the Bank of America posted stronger earnings. The Reserve Bank says it will keep raising interest rates.

Evening Standard

Brewers and distillers face ‘huge blow’ as alcohol duty freeze scrapped

New Chancellor Jeremy Hunt confirmed on Monday that the Government will reverse a raft of tax cuts announced last month

The Independent UK

Liz Truss U-turn will send taxes to highest levels since 1950s

But economists warn more pain yet to come with spending cuts

Evening Standard

Watch: Jeremy Hunt warns of tough spending decisions as he tears up Liz Truss’s plan

Liz Truss is battling to save her premiership as Chancellor Jeremy Hunt warned “eye-wateringly difficult” decisions were needed as he tore up her economic strategy. Mr Hunt scaled back the energy support package and ditched “almost all” the tax cuts announced by his predecessor Kwasi Kwarteng less than a month…

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