Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Guardian - AU
The Guardian - AU
Business
Virginia Harrison

‘Out of control’: what the papers said about government handling of UK’s sterling crisis

United Kingdom Kwasi Kwarteng Liz Truss Daily Express Express Metro
composite of uk front pages
Tuesday’s newspaper front pages reflected the jitters sparked by Kwasi Kwarteng’s mini-budget plans. Composite: Mirror / The Guardian / Metro / The Daily Telegraph / The Times / Financial Times / i / Daily Express

Turmoil in financial markets which saw the pound fall to a record low against the dollar dominates today’s front pages.

The currency tumbled as investors lost confidence in the UK’s public finances after last Friday’s mini-budget.

The Guardian leads with “Sterling crisis deepens as Truss’s strategy unravels,” reporting that the government was struggling to prevent a full-scale loss of financial market confidence in its economic strategy.

The Financial Times has “Bank of England and Treasury fail to calm market nerves over UK finances”. The paper says a statement from the Bank “dashed market hopes of an emergency interest rate rise to prop up the pound”.

The Times leads on the central bank’s pledge to act after the fall of the pound with its headline “Bank vows to step in after day of turmoil”.

The Telegraph has “Spooked lenders ditch new mortgages in pound chaos,” noting Halifax, Virgin Money and Skipton were among the lenders pulling mortgage deals ahead of an anticipated rate rise.

The i newspaper has a similar take with its lead story: “New mortgages blocked amid UK market turmoil” above a picture of PM Liz Truss and a smiling chancellor Kwasi Kwarteng.

The Express says “Don’t panic! We have got a plan to cut debt”. It says the chancellor “shrugged off yesterday’s financial market jitters” with a vow to set out his strategy to bring down debt.

The Metro has “The pound Kwartanks” alongside a picture of Kwarteng.

The Mirror runs the subheading “Tories economic disaster” above its headline “Out of control”. The paper says millions of households face further financial misery as “Kwarteng’s tax cuts plunge markets into chaos”.

The Mail’s take is “Fury at the city slickers betting against UK Plc.” It cites senior Tories as saying short sellers were “trying to make money out of bad news.”

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Britney Spears & Marilyn Monroe: The Secret Family Link Between the Two Troubled Stars
Discover the surprising link between stars Britney Spears and Marilyn Monroe, both icons of entertainment whose genealogical connection adds a new layer to their stories.
Latin Times
Latin Times
What time are the NFL Christmas games and when does Beyoncé perform?
What time does it start? Why Netflix? And when does Beyoncé start? We (mostly) have the answers
The Guardian - US
The Guardian - US
How an unlikely Bavarian village became the Christmas capital of Washington state
Freshly baked pretzels, shining tree lights and sleds in the snow lend a ruddy warmth to an unlikely collection of Bavarian-themed chalets in the mountains of Washington state
The Independent UK
The Independent UK
Middle children are more cooperative than their siblings, study suggests
After decades of debate, one of the largest ever studies on birth order suggests it does actually make a difference
The Guardian - UK
The Guardian - UK
Work or play? The rise of online ‘kidfluencers’ is raising complex legal and ethical questions
Videos of children opening boxes of toys and playing with them have become a feature of online marketing – making stars out of children as young as two.
The Conversation
The Conversation
She's here for 'a kitchen pep talk' during the holiday whirlwind
If you’re feeling too overwhelmed to cook during the holidays, maybe a new book by Margaret Eby can help
The Independent UK
The Independent UK
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play