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The Latest Breaking News from Andrew Bailey

The Guardian view on central bankers: don’t put them in charge of the crisis

Editorial: The UN is right to warn that governments risk a worldwide recession precipitated by excessive rate rises

The Guardian - UK

UK’s Liz Truss struggles to save premiership after tax U-turns

Truss is under pressure after making U-turns on two major policies, as new Chancellor Hunt makes a new budget plan.

Al Jazeera

Jeremy Hunt welcomed by Tories as he tears up Liz Truss’s fiscal plan

There’s relief among Conservative MPs as the new chancellor seeks to bring stability back to government

The Guardian - UK

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London politics latest LIVE: Third MP calls for Truss to go saying she ‘undermined Britain’s economic credibility’

Jamie Wallis, the MP for Bridgend and Porthcaw, said Ms Truss ‘no longer holds the confidence of the country’

Evening Standard

Jeremy Hunt warns of ‘difficult decisions’ ahead amid reports of delay to basic rate tax cut

The Chancellor is reportedly considering delaying the 1p cut to the basic rate of income tax by a year

Evening Standard

Bank of England governor warns of further interest rates rise amid mortgage crisis

The governor also revealed that he has met with new chancellor Jeremy Hunt

Manchester Evening News

Mini-budget will likely mean higher interest rates, warns Bank of England governor

Andrew Bailey says UK borrowers can expect to feel impact of Truss government’s tax and spending decisions

The Guardian - UK

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Interest rate rises could be higher than expected next month, warns Andrew Bailey

Bank of England Governor says ‘inflationary pressures’ could prompt stronger response than bank had previously thought

Evening Standard

Bank of England warns next interest rate hike could be higher than expected

‘Stronger response’ needed to tackle inflation, says Andrew Bailey

The Independent UK

Kwasi Kwarteng: how ex-chancellor’s fate was sealed by IMF orthodoxy he fought against

Former occupant of No 11 Downing Street finally sacked after financial institution chief’s remarks in Washington

The Guardian - UK

Pound falls after Liz Truss U-turn, as IFS warns ‘piecemeal’ changes won’t cut it

Sterling dips and cost of government borrowing rises despite PM’s bid to reassure markets

The Independent UK

Truss dumps UK corporation tax freeze plan after firing ally

Liz Truss scrapped her plan to freeze corporation tax next year in another dramatic U-turn, hours after she fired her ally Kwasi Kwarteng and replaced him with Jeremy Hunt as UK Chancellor of the Exchequer.

Tribune News Service

Hunt replaces Kwarteng as Liz Truss plans humiliating U-turn

U.K. Prime Minister Liz Truss fired Chancellor of the Exchequer Kwasi Kwarteng and replaced him with former Foreign Secretary Jeremy Hunt as she prepared to make a humiliating U-turn on parts of her economic plan.

Tribune News Service

Friday briefing: How to understand gilts, yields and the Bank of England’s action to aid the economy

In today’s newsletter: Today the UK central bank is due to end its rare, urgent bond-buying to help stabilise the economy – but why, and what does it mean for you?

The Guardian - UK

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Daily Mirror

Kwasi Kwarteng cuts short US trip as Liz Truss faces crisis with tax U-turn expected

Chancellor Kwasi Kwarteng is cutting short a trip to Washington, to fly home and tackle the financial chaos caused from his mini-budget with pressure growing on him and Prime Minister Liz Truss

The Guardian - UK

The Bank of England is selling off its most valuable asset: the perception of competence

It was the government that started this fire – but the Bank is proving to be a poor firefighter, says economist Duncan Weldon

The Guardian - UK

The Bank of England governor plans to stick – but it is a gamble

Andrew Bailey’s tough stance fuels the danger that ending one form of emergency intervention creates a need for a bigger one

The Guardian - UK

The Guardian view on the UK’s financial crisis: a lot of blame to go around

Editorial: Liz Truss and Kwasi Kwarteng deserve all the criticism coming their way – but spare some flak for the Bank of England

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Evening Standard

Bailey must come clean on the way out of this mess

Bank of England Governor insisted pensions emergency bond market intervention would end Friday

Evening Standard

Shock fall in monthly growth leads to new fears of recession

Markets’ jitters over Kwasi Kwarteng’s plan continue

Evening Standard

Gilt yields jump again on confusion over BoE intentions next week

Governor Bailey insists that the emergency buying programme will end this week

Wales Online

Bank of England reveals its scheme to protect market will end on Friday

There were reports it might be extended past Friday

The Independent UK

Bank of England confirms emergency bond-buying scheme will end on Friday

Other measures will continue past 14 October, the Bank said

The Independent UK

How the pound is performing against other currencies

The pound fell against the Albanian Lek, the Lebanese pound, and the Malaysian Ringgit, among many others

Daily Mirror

What Bank of England emergency action means for your pension, mortgage and the pound

The Bank of England has been forced to intervene to help pension funds after the Mini-Budget spooked financial markets - but its emergency bond-buying programme is set to end on Friday

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