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The Latest Breaking News from Kwasi Kwarteng

UK govt makes humiliating tax cut U-turn

LONDON: The government of British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn, reversing plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets.

Bangkok Post

Government drops plans for 45p rate tax cut after mounting opposition

Opposition to the plan included several former Ministers and speculation was growing that the Government could be defeated

Chronicle Live

Chancellor's 45p income tax rate cut SCRAPPED in major U-turn for government

Mr Kwarteng has confirmed the U-turn in a TV interview in the last few minutes

Manchester Evening News

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UK's Truss forced into tax U-turn after market turmoil, party rebellion

British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn after less than a month in power, reversing a cut to the highest rate of income tax that helped spark turmoil in financial markets and a rebellion in her party.

Reuters

Kwasi Kwarteng abandons plans to abolish 45p tax rate in major U-turn

CHANCELLOR Kwasi Kwarteng has announced he will abandon the plan to scrap the 45p rate of income tax for top earners in a dramatic U-turn.

The National (Scotland)

Liz Truss scraps controversial 45p tax cut for rich in U-turn after Tory revolt

The humiliated Prime Minister dropped her plans to axe the 45p top Income Tax rate just a day after saying she was "absolutely committed" to it on national TV.

Daily Record

UK Chancellor Kwasi Kwarteng in bombshell 45p tax cut U-turn

Kwasi Kwarteng also not ruling out U-turn on bankers bonuses

Evening Standard

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Chancellor u-turns on scrapping 45p tax rate

The plan had been to axe the 45% rate for earnings over £150,000 and pay for it by borrowing

Insider UK

Kwarteng abandons 45p tax rate cut after Tory revolt and markets turmoil

’We get it and we have listened,’ chancellor says, in humiliating U-turn that has derailed the Tory conference

The Independent UK

Liz Truss abandons plan to scrap 45p top rate of income tax amid Tory revolt

Government makes U-turn over proposal to abolish top-rate tax cut after growing backlash over mini-budget

The Guardian - UK

Truss and Kwarteng U-turn on plans to abolish 45p rate of tax for the rich - updated

Proposal had proved unpopular during cost of living crisis

Wales Online

Chancellor expected to U-turn on scrapping 45p tax rate

The Chancellor’s mini-budget triggered turmoil in the City and was criticised by the International Monetary Fund.

The Independent UK

Government makes U-turn on mini-Budget income tax pledge

Chancellor Kwasi Kwarteng will no longer be scrapping the 45p rate of income tax

Wales Online

Tory Party conference latest LIVE: Kwasi Kwarteng admits mini-budget caused market turmoil

Mr Kwarteng defended the Government’s measures aimed at growing the economy

Evening Standard

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The Guardian - UK

Monday briefing: Bolsonaro is down in Brazil’s election – but not out

In today’s newsletter: Brazilians will go to the polls again after leftist former president Lula won the first vote but failed to secure a majority over far right incumbent

Daily Mirror

Liz Truss and Kwasi Kwarteng SCRAP 45p tax cut for rich in U-turn after Tory mutiny

Chancellor Kwasi Kwarteng made an announcement saying 'we have listened' after a procession of top Tories came out to savage the idea - while benefits look to be cut for the poor

The Guardian - UK

Kwasi Kwarteng ‘to bring forward planned fiscal statement’ in another U-turn – as it happened

Guardian understands chancellor will make statement later this month, rather than in November as originally planned

The Guardian - UK

Here’s the question to define this sorry era: Truss or Johnson, which is worse?

The former PM was a shambles; his successor is a zealot. Still, calling for him to be replaced was a risk we had to take, says philosopher Julian Baggini

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The Guardian - UK

Food bank near Truss and Kwarteng’s homes says locals need ‘torrent’ of help

Greenwich charity in south-east London admits it will struggle to meet demand without surge in donations

The Independent UK

Pound - live: Kwarteng to accelerate fiscal plan after joking about ‘little turbulence’

It comes after chancellor made a U-turn on his plans to axe the 45p tax rate for the highest earners

The National (Scotland)

Truss administration has shattered the Tory myth of economic competence

WITH the value of the pound falling faster than a slice of buttered toast determined to leave a stain on the carpet, I thank my lucky stars every…

Daily Record

Scots must feel we can do better than Tories’ economic shambles

It’s hard to find any comparisons of a fiscal statement having such a significant impact on the wider economy in such a short space of time.

Wales Online

Kwasi Kwarteng: We must stay the course with tax-cutting plan

Chancellor to make crunch speech today

Daily Mirror

Tory MP 'submits letter' calling for Liz Truss confidence vote amid backbench rebellion

The unnamed member of the parliamentary Conservative party reportedly handed in their letter to the 1922 committee on Sunday night as the Tories' public approval rating plummets

Wales Online

Grant Shapps joins Tory revolt over PM scrapping top rate of income tax

Fellow former cabinet minister Michael Gove had earlier threatened to vote against the Government's mini-budget

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