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The Latest Breaking News from Office for Budget Responsibility

PM eyes £50 billion tax hikes and spending cuts amid ‘massive fiscal black hole’

The figures won't be finalised until the latest forecasts from the Office for Budget Responsibility are received

Insider UK

New UK leader to face highest government debt in 60 years

British government debt rose to the highest level in almost 60 years last month and retail sales slumped

The Independent UK

Pound, shares and UK government bonds rally after most mini-budget tax cuts ditched – as it happened

Pound holds gains and gilt yields remain lower as new chancellor rips up Trussonomics, pushing tax take to 70-year high this parliament

The Guardian - UK

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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

Downing Street distances itself from Jacob Rees-Mogg’s attack on Office for Budget Responsibility

Business Secretary questioned the accuracy of OBR’s forecasting claiming its record hasn’t been ‘enormously good’

Evening Standard

Liz Truss: After a torrid Tory conference, what next for the Prime Minister?

Here is what lies ahead for the under-fire Prime Minister over the next few weeks.

The Independent UK

Truss and Kwarteng warned not to stretch medium-term growth timeline

Concerns that fiscal plan may take longer to deliver than the traditional definition of three to five years

The Guardian - UK

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Government U-turns again on date of new fiscal plan

Shadow chancellor Rachel Reeves says the Government should 'get a grip'

Wales Online

‘We must stay the course with tax plan,’ Chancellor to say in crunch Tory conference speech

Kwasi Kwarteng will defend his planned tax cuts following criticism from Michael Gove

Evening Standard

6 dramatic flashpoints facing new PM Liz Truss at chaotic Tory party conference

Once the darling of the Tory grassroots, the new Prime Minister heads into her party's annual conference in Birmingham facing mutinous mutterings from her own MPs

Daily Mirror

Kwasi Kwarteng to keep expert OBR Budget verdict secret for nearly two months

Chancellor resists calls for ‘reset moment’ for economy despite OBR promising forecast next Friday

The Independent UK

Why OBR forecast is being held back until Kwarteng’s next fiscal plan

Huge policy changes are needed to get UK back on track – so early publication would give an incomplete picture

The Guardian - UK

The Guardian view on Tory shock therapy: the wrong medicine for the country

Editorial: Liz Truss’s policies have put the Tories behind Labour by 30 points. Without reversing course she will be in office but not in power

The Guardian - UK

The Leader podcast: Could Liz Truss OBR talks be a turning point?

The Prime Minister, Chancellor and the Office for Budget Responsibility have held crisis talks as concerns continue to grow about the economy.

Evening Standard

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Birmingham Post

The huge fallout from the mini-Budget has quelled its positive growth measures

Chancellor Kwasi Kwartang should have asked to independent Office for Budget Responsibility to assess the impact of his mini-Budget

Daily Mirror

Top Tory bizarrely claims mini-Budget 'so detailed' it couldn't be assessed by watchdog

Treasury Minister Andrew Griffith suggested the Office for Budget Responsibility would have struggled to get through the 40-page document in time - directly contradicting the watchdog

The Guardian - UK

Treasury to delay publishing OBR forecast by six weeks after 7 October delivery – as it happened

Budget watchdog to give assessment of fiscal plans next week but public will have to wait until chancellor’s November statement

Daily Mirror

Liz Truss holds emergency talks with budget watchdog after failing to calm markets

Liz Truss was due to hold emergency talks with the Office for Budget Responsibility today as the Government scrambles to calm market panic in the wake of the disastrous mini-Budget

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Liverpool Echo

Warning to home buyers after stamp duty cut in mini budget

The Chancellor, Kwasi Kwarteng confirmed a cut in stamp duty

The Guardian - UK

Five charts that will underpin chancellor’s mini-budget

From soaring inflation and gas prices to tax take and national debt, these are the trend lines that frame Kwasi Kwarteng’s calculations

Crikey

Charting a new course with old maps: Truss’s economic plan for UK is outdated and risky

The incoming UK prime minister is taking advice from a right-wing economist favoured by Thatcher. It’s a gamble that could wreck the economy.

The Independent UK

Fiscal watchdog ready to publish forecast for new PM’s spending plans

The OBR’s confirmation puts the new government in the position of having to formally reject its offer.

The Guardian - UK

New PM’s spending plans must face scrutiny, says Treasury committee chair

Mel Stride says OBR must provide fiscal forecasts as Liz Truss urged to ‘come clean’ on promised tax cuts

The Independent UK

Labour calls for ‘national mission’ on home insulation to tackle soaring bills

Labour has set out plans to upgrade 19 million homes across the country over the next decade in a major insulation project.

Evening Standard

The Standard View: So, Rishi, Liz, Sajid, Suella, Jeremy, Kemi, Penny, Grant, Nadhim and Tom: Where’s the money to cut tax coming from?

Perhaps the most useful thing the candidates for the Tory party leadership might do over the next few days is to read the sobering report last week by the Office for Budget Responsibility. That report points out that “at over 90 per cent of GDP, public debt is now more…

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