Liz Truss and Kwasi Kwarteng’s economic plans lead almost all the front pages on Tuesday.
“The pound Kwartanks” reports Metro, with The Guardian saying the Government is struggling to prevent a “full-scale loss of financial market confidence” in its economic strategy.
The Bank of England (BoE) has vowed it will not hesitate to raise interest rates in response to the plunging pound, according to The Times and The Independent.
But the Financial Times says moves by the BoE and the Treasury failed to calm market nerves over the UK’s finances.
Banks including Halifax and Virgin Money on Monday night withdrew mortgages in anticipation of the flagged rate rise, say The Daily Telegraph and i.
Unnamed senior Tories have complained to the Daily Mail that speculators were “trying to make money out of bad news” and warned against “taking the pound down”.
The situation is “out of control”, according to the Daily Mirror‘s headline, while the Daily Star runs with a humorous film reference over a photograph of the Chancellor as it says “Honey, I shrunk the quids”.
“Don’t panic! We have got a plan to cut debt”, states the Daily Express alongside a photo of a “resolute” Mr Kwarteng.
And The Sun carries a story about a “love rat” who dumped his partner for a Ukrainian refugee, but then broke up with her too.
