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The Latest Breaking News from Bank of England

UK Backpedals On Income Tax Cut For Top Earners After Rattling Markets

The iShares MSCI United Kingdom ETF (NYSE: EWU) and the SPDR S&P 500 ETF Trust (NYSE: SPY) both traded higher by more than 2% each on Monday after the U.K.

Benzinga

Kwarteng 45p tax U-turn ‘won’t make substantial difference’, warns ex-deputy Bank of England governor

Sir Charlie Bean, said the chancellor’s U-turn will not be enough to calm down the financial markets

The Independent UK

Liz Truss' failed bid to become a 21st-Century Margaret Thatcher

In 1981 Thatcher took the drastic but successful step of increasing taxes by 2% of GDP to tackle interest rates and inflation. But Truss has just done a reverse-Thatcher, says Oliver Hartwich

Newsroom.co.nz

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Kwasi Kwarteng forced into major U-turn on 45p tax cut

From a strictly fiscal perspective, the government’s decision to U-turn on the cut to the 45p top rate of income tax is essentially meaningless. What was a £45 billion tax-cutting budget that sunk the pound, set off gilts and required an emergency intervention by the Bank of England is now…

Evening Standard

Pound recovers but remains at low levels – how to assess the long-term value of sterling

The pound has recovered from a recent record dip after the chancellor’s mini-budget announcement. But it is still at low levels versus many other currencies.

The Conversation

Mini-budget: lessons from the UK's long history of economic crises

It was a mini-budget with a major impact. Shortly after the UK chancellor announced his plans for a “new era” full of tax cuts, there were dramatic falls in the pound, a nervous response from mortgage lenders and an urgent intervention from the Bank of England.

The Conversation

Why UK final-salary pensions may now be unpayable without state support

When long-dated UK government bonds fell sharply following the consistent criticism of the new economic measures laid out by the UK government, it forced the Bank of England to intervene to prevent an “unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy”.

The Conversation

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What is the impact of 45p tax U-turn on markets and mortgages?

Kwasi Kwarteng and Liz Truss will be hoping move reverses some of effects of mini-budget

The Guardian - UK

How do interest rates affect inflation?

Borrowing costs at their highest level in 14 years

The Independent UK

What is inflation and what is its current rate in the UK and Europe?

UK inflation fell this week as fuel prices dropped

The Independent UK

Soaring costs force firms to increase prices - report

Quarterly business report from chamber of commerce says the proportion of firms experiencing an increase in domestic sales fell by seven per cent

Birmingham Post

Alan Kohler: Past budgets and tax cuts are a foreign country

When LP Hartley wrote “the past is a foreign country: they do things differently there”, as the first line of his novel The Go-Between, he was on about

The New Daily

Pensions watchdog called in to emergency talks on UK market turmoil

First time regulator drafted to high-level meetings on measures to tackle meltdown that followed mini-budget

The Guardian - UK

UK’s ‘pro-growth’ government has only made a recession more likely

Thanks to Truss and Kwarteng, the country is now far riskier for the investors who finance our trade and budget deficits

The Guardian - UK

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Irish Mirror

Warning for Irish people with British pounds as paper £20 and £50 notes have lost status as money

The old notes cannot be spent in shops or used in business transactions and will not even be accepted by most banks

Daily Mirror

Liz Truss admits she should have done a 'better job' over Budget disaster

The Prime Minister refused to back down from her plan and failed eight times to rule out cutting benefits and the state - but admitted she has 'learned' from the market chaos

Manchester Evening News

'It's a disgrace': The Manc holidaymakers, businesses and mortgage holders in 'fear and panic' over the pound's slump

A weak pound threatens to exacerbate the cost of living crisis and drive up the cost of mortgages and foreign holidays

The Guardian - UK

Ten days that shook the British political world: the inside story of Tory collapse

Last Friday, Liz Truss and her chancellor expected acclaim for their mini-budget. This weekend, she goes into her first Tory conference as leader – battling for survival

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The National (Scotland)

How the Tories wrecked the economy in seven days

IT took Liz Truss’s Government just under a month to see the value of the pound drop to historic lows, the Bank of England being forced to step in…

The Guardian - UK

Labour will not waver from putting the UK economy on secure ground

The disastrous Conservative mini-budget has left the country in tatters. This government can no longer be trusted, says shadow chancellor Rachel Reeves

The Guardian - UK

Trickle-down Truss is carrying on the dirty work of Thatcher, Blair and Osborne

Britain has endured 40 years of decline thanks to this faulty economic theory. Will Keir Starmer finally kill it off?, says Yanis Varoufakis, leader of MeRA25 in Greece’s parliament

Liverpool Echo

Can I still use £20 notes? What to do with paper money that is no longer legal tender

The deadline to use paper £20 and £50 notes by was Friday

Financial Times

Inside the breakdown of the UK’s mortgage machine

Market turmoil sparked by mini-budget saw banks scrambling and 1,688 home loans pulled from shelves

The Guardian - US

How Liz Truss plunged the UK to the brink of recession in just one month

The new prime minister began September promising a ‘new era’ for Britain. One economic crisis later, she has delivered

The Conversation

Bank of England bonds rescue has two ugly implications: more inflation and an even weaker pound

With UK government bonds and sterling both falling hard in recent days, the Bank of England has been forced to step in. Only a few months after it started tightening monetary policy to fight inflation by raising benchmark interest rates and ending its programme to “create” money through quantitative easing…

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