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The Latest Breaking News from Liz Truss

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

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

UK financial credibility ‘still damaged’ despite 45p tax rate U-turn; factory downturn continues – as it happened

Sterling has recovered its mini-budget losses, but traders and economists warn debacle has hurt UK

The Guardian - 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

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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

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

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

The Guardian - UK

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

Daily Mirror

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

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 Guardian - UK

Truss's 'yes' boosts Macron's new European forum initiative

UK Prime Minister Liz Truss's decision to join the inaugural summit of a pan-European grouping this week has given a boost to the initiative, a brainchild of French President Emmanuel Macron that some have written off already as just another talking shop.

Reuters

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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…

The Independent UK

Liz did it, Charles did it, lots of celebs have done it: Why don’t we care about the awfulness of adultery any more?

Cheating will always be a gut-wrenchingly awful thing to do. Yet we seem more relaxed than ever when the great and good have done it. Oliver Keens asks: has our morality changed or are we just too deferential, confused or downright hypocritical to discuss it any more?

Daily Record

Douglas Ross branded a 'fringe figure' as he prepares to give keynote speech at side event

Labour's shadow Scottish Secretary Ian Murray took aim at Douglas Ross saying he has been "left an absolute joke" ahead of his speech.

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Daily Record

Sarah Smith reveals dad's career leading Labour party put her off politics

The Rt Hon John Smith served as an MP for almost a quarter of a century and, as leader of the UK Labour Party.

Wales Online

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

Chancellor to make crunch speech today

Wales Online

General election petition gathers momentum as more than 430,000 sign

The matter will be debated in Parliament after the petition more than quadrupled the required threshold

The Independent UK

What the papers say – October 3

Politics and a heartfelt plea from Mel B feature among Monday’s front pages.

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

The New Daily

King ‘ordered’ to skip climate summit by British PM

King Charles will not attend an international COP27 climate change summit due to be held in Egypt next month.

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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