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The Latest Breaking News from Tax Cuts

Forecast cost for stage 3 tax cuts rises by $11 billion

Treasurer Jim Chalmers says the forecast cost of the stage 3 tax cuts has risen and will now cost the nation around $254 billion over 10 years.

ABC News

Pensions: how yours may have been affected by recent market turmoil

The early signs are that the financial markets have been appeased by the government’s October 17 decision to reverse two-thirds of its September mini-budget tax cuts.

The Conversation

Kwasi Kwarteng failed to brief Bank of England about risks from mini-budget, MPs told

Bank would have warned of any a threat to ‘financial stability’ – but was in the dark about tax cuts to be unleashed

The Independent UK

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Truss faces tough PMQs after being forced to junk her economic strategy

Prime Minister to face Starmer for the first time since Jeremy Hunt ripped up her plan for tax cuts and increased public borrowing

Wales Online

Rising mortgage rates put 45 Tory seats at risk in southern heartlands

Mortgage rates shot up after Liz Truss's disastrous mini-Budget amid fears the Bank of England would hike interest rates to manage the flurry of unfunded tax cuts

Daily Mirror

Figurehead prime minister? Liz Truss and the UK's political instability

We knew about the figurehead king. But does Britain now have a figurehead prime minister? Liz Truss's grip on power is slipping by the day. A U-turn on unfunded tax cuts for the rich will most likely not be enough to repair the damage. Is she really reduced to the…

France 24

Position of UK's PM, Liz Truss, in doubt after new Treasury chief axes 'Trussonomics'

The UK’s new Treasury chief has ripped up the government’s economic plan, dramatically reversing most of the tax cuts and spending plans that new Prime Minister Liz Truss announced less than a month ago.

Radio France Internationale

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US Stock Futures Surge Following Monday's Rally; Goldman Sachs, Johnson & Johnson Earnings In Focus

Pre-open movers U.S. stock futures traded higher in early pre-market trade on Tuesday after closing sharply higher in the previous session. The Dow Jones jumped by more than 550 points in the previous session following Friday's selloff after the UK reversed its proposed tax cuts.

Benzinga

Liz Truss apologises for ‘mistakes’

Liz Truss has apologised for her “mistakes” as she sat down for an interview at the end of a dramatic day in Westminster.The Prime Minister is battling to save her premiership after her economic agenda was left in tatters by the dismantling of her former chancellor’s landmark mini-budget.Speaking after she…

Evening Standard

Pound Rockets as UK Rips Up Budget, US Stocks Gain

The pound surged against the dollar Monday as Britain's fourth finance minister in as many months sensationally ripped up a tax-cutting budget that had spooked markets. Chancellor of the Exchequer Jeremy Hunt axed almost all of the debt-fueled tax cuts unveiled last month by the new government of Prime Minister…

Asharq Al-Awsat

Following its Faustian pact to keep the stage-three tax cuts, Labor should stick with the fable and find salvation

Having made a deal with the devil, can the government leverage trust to seek a fresh mandate to preserve this vital part of our nation?

The Guardian - AU

ASX and Wall Street rally after UK backflip on tax cuts, RBA to keep increasing rates

The ASX has jumped and US stocks rallied overnight after the UK Government ditched major parts of its economic plan that caused turmoil in financial markets, and the Bank of America posted stronger earnings. The Reserve Bank says it will keep raising interest rates.

ABC News

Brewers and distillers face ‘huge blow’ as alcohol duty freeze scrapped

New Chancellor Jeremy Hunt confirmed on Monday that the Government will reverse a raft of tax cuts announced last month

Evening Standard

Liz Truss U-turn will send taxes to highest levels since 1950s

But economists warn more pain yet to come with spending cuts

The Independent UK

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Evening Standard

Watch: Jeremy Hunt warns of tough spending decisions as he tears up Liz Truss’s plan

Liz Truss is battling to save her premiership as Chancellor Jeremy Hunt warned “eye-wateringly difficult” decisions were needed as he tore up her economic strategy. Mr Hunt scaled back the energy support package and ditched “almost all” the tax cuts announced by his predecessor Kwasi Kwarteng less than a month…

The Independent UK

UK leader in peril after Treasury chief axes 'Trussonomics'

New U.K. Treasury chief Jeremy Hunt has reversed most of an economic package announced by the government just weeks ago, including a planned cut in income taxes

The Guardian - AU

Guardian Essential poll: voters split on whether Labor should ditch the stage-three tax cuts

Bare majority of respondents say Labor should stick with tax cuts despite changed economic situation – but most of those in favour stand to benefit

Daily Mirror

All Liz Truss's U-turns so far in her chaotic 41-day term as Prime Minister

From fracking, windfall taxes and tax cuts to Britain's relationship with Emmanuel Macron, Liz Truss is no stranger to a change of heart - and there's plenty more to come from the flip-flopping PM

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AFP

UK axes 'almost all' budget tax cuts in humiliation for Truss

London (AFP) - The British government on Monday axed almost all of its debt-fuelled tax cuts unveiled last month to avert fresh markets chaos, in a humiliating climbdown for embattled Prime Minister Liz Truss.

Tribune News Service

Hunt drops what’s left of Truss plan to save UK credibility

Chancellor of the Exchequer Jeremy Hunt ripped up most of what was left of Prime Minister Liz Truss’s controversial economic program, scrapping tax cuts and cutting back support for household energy bills in an effort to restore order to the UK public finances.

France 24

New UK finance minister scraps more tax cuts in further government U-turn

Britain's new finance chief Jeremy Hunt on Monday axed debt-fuelled tax cuts to further calm market turmoil, in another major government U-turn that appears to leave Liz Truss's position as prime minister in a precarious state.

AFP

Britain junks budget tax measures as Truss hangs by thread

London (AFP) - Britain's new finance chief Jeremy Hunt on Monday axed debt-fuelled tax cuts to further calm market turmoil, in another major government U-turn that appears to leave Liz Truss's position as prime minister in a precarious state.

The Independent UK

Scotland right not to copy says Sturgeon as Hunt scraps Kwarteng’s tax cuts

The First Minister tweeted in response to the new Chancellor’s emergency announcement.

Evening Standard

Watch: Jeremy Hunt rips up mini-budget plans on tax and energy

Jeremy Hunt axed a series of tax cuts on Monday and signalled the energy support package will be more targeted next year as he raced to save Britain from more economic mayhem. In an emergency statement, the new Chancellor ripped up large parts of the “Kamikwasi” mini-budget with a blitz…

The Independent UK

Hunt scales back energy price cap duration as he acts to stabilise markets

The new Chancellor has ditched promised tax cuts by his predecessor saying the basic rate of income tax will remain at 20p.

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