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The Latest Breaking News from Tax Cuts

What's happening with the British pound and what does it mean for Australia's economy?

With the UK government fighting off fears of a recession, the British pound tumbled against the US dollar this week. Here's why stock markets are concerned and what it means for Australia.

ABC News

What do you think of Liz Truss's planned tax cuts?

Labour leader Keir Starmer has slammed the proposed cuts

Liverpool Echo

Pound – live: Calls for Truss to ‘come out of hiding’ to fix ‘economic disaster’

Bank of England launches emergency action after pound falls

The Independent UK

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International Monetary Fund makes extraordinary intervention as it urges Chancellor to change course

Kwasi Kwarteng has been urged to 're-evaluate the tax measures' outlined in last week's mini-budget

Wales Online

IMF criticises Government tax plan saying it will ‘likely increase inequality’

There is international pressure on Kwasi Kwarteng to change course after his mini-budget spooked the markets with its package of tax cuts and increased borrowing.

Evening Standard

IMF urges UK government to reconsider tax-cutting plans

International Monetary Fund says measures should target households worst affected by energy crisis and inflation

The Guardian - UK

Michael Pascoe: RIP trickle-down economics – even the financial markets have given up

Trickle-down economics: The cry of “you can’t tax your way to prosperity” is joined by “you can’t tax cut your way to prosperity either”.

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Douglas Ross demands 'appalling' tax cuts that'd save Tory MSPs thousands on bills

DOUGLAS Ross is facing questions over his demands for Holyrood to replicate Liz Truss's “appalling” tax cuts after estimates revealed it would…

The National (Scotland)

Kwarteng’s tax cuts will force ‘significant’ interest rate rises by Bank of England

Chief economist says mini-budget will increase inflationary pressure in remarks likely to further spook mortgage borrowers

The Guardian - UK

How Kwasi Kwarteng’s budget damaged the economy and what will happen now

Policy Correspondent Jon Stone unpacks how unfunded tax cuts pulled the rug out from under the UK economy

The Independent UK

Massive majority of Tory voters reject UK Government's tax cuts, poll finds

A NEW YouGov poll suggests there is widespread dissatisfaction with Liz Truss's government ...

The National (Scotland)

Kwasi Kwarteng denies boasting 'who cares if the pound crashes' on night of Brexit vote

The Chancellor's spokesman claimed a 2016 article, reporting he said 'who cares if sterling crashes? It will come back up again' outside a private members' club, was 'untrue'

Daily Mirror

Everything you need to know after pound hit all-time low against US dollar

The pound has hit a record low after sweeping tax cuts were announced by the chancellor on Friday. Here we explain some of the reasons behind the fall and how it affects households and businesses across the country

Daily Mirror

Labour surges to largest poll lead over Conservatives in over two decades

A new YouGov survey suggests Labour has opened up a 17-point lead over the Conservatives - the greatest since the firm began polling in 2001.

Daily Record

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The Guardian - UK

What is Kwasi Kwarteng really up to? One answer: this is a reckless gamble to shrink the state

In the US they call it ‘starving the beast’ – cut taxes and, as revenue decreases, you create irresistible pressure for austerity, says Adam Tooze, an economic historian at Columbia University

Daily Record

Liz Truss and Kwasi Kwarteng successfully drive the value of the pound off a cliff

Record View says Nicola Sturgeon was right when she angrily denounced the Tory tax cuts for the richest yesterday.

The Independent UK

Starmer takes aim at Tories as Labour buoyed by promising poll

The Labour leader will quote Sir Tony Blair to dub his party the ‘political wing of the British people’.

Wales Online

Letters of no confidence in Liz Truss 'already being put in' by Tory MPs

It comes as the pound has hit an all-time low against the US dollar

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The Independent UK

Kwasi Kwarteng declines to comment as pound hits all-time low against US dollar

The Bank of England is expected to give a statement on the sterling’s slump

Reuters

Targetting government, UK's Labour pledges sound finances and strong public services

Britain's opposition Labour Party set out its economic vision on Monday, promising, if in power, to be fiscally responsible and take care of public services, in a swipe at the Conservative government's tax cuts for the wealthy.

Wales Online

UK's wealthiest were not asking for tax cuts, survey shows

Most high net worth individuals say they were saying the right amount of tax

The Guardian - UK

Markets warn sterling slump could lead UK interest rates to triple by next year

Analysts expect Bank of England to convene meeting to raise rates with further increase in November

The Independent UK

Kwarteng ‘not reading room’ with tax cuts for rich, says ex-England star Neville

Former footballer Gary Neville was speaking at the Labour Party conference in Liverpool.

Evening Standard

Government to push on with tax cuts as pound hits all-time low against dollar

Neither Chancellor Kwasi Kwarteng nor Liz Truss are currently expected to publicly address the major market shift, following Friday’s mini-budget

Wales Online

Warning to everyone with a mortgage after Friday's announcement

A raft of tax cuts unveiled on Friday last week have prompted concerns

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