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The Latest Breaking News from Tax Cuts

UK's PM defends 'difficult' tax cuts despite market turmoil

London (AFP) - UK Prime Minister Liz Truss on Thursday defended her tax cutting policy after days of silence during which markets tanked and the Bank of England was forced into an emergency intervention.

AFP

Treasurer Jim Chalmers flags new budget strategy, but tax cap 'plucked from the air' can stay for now

The Albanese government's first federal budget will include a significant rewriting of official budget guidelines and will also see forecasts for unemployment revised as a "consequence" of a deteriorating global outlook, the treasurer has flagged.

ABC News

Liz Truss called out by Bristol radio presenter for giving 'scripted answers'

The Prime Minister hasn't been in the media since the government announced a series of tax cuts in its 'mini budget' on Friday

Bristol Post

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UK PM Truss defends 'controversial' tax cuts despite market turmoil

London (AFP) - UK Prime Minister Liz Truss on Thursday defended her tax cuts policy, despite it triggering market turmoil and forcing a Bank of England intervention to prevent "material risk" to the economy.

AFP

Tories threaten to cut benefits and the state to pay for tax cuts for the rich

As post-mini-Budget chaos engulfs Britain, Treasury minister Chris Philp refused to rule out a real-terms cut to DWP Universal Credit, asked for 'efficiency savings' and said 'I'm not going to apologise'

Daily Mirror

Mini-budget to pile on debt interest, warns Tony Blair Institute

Kwasi Kwarteng’s growth plan included £45bn of tax cuts

Wales Online

Chancellor’s mini-budget to pile on debt interest, warns Tony Blair Institute

It comes after days of market turmoil as traders swallowed the impact of the Chancellor’s growth plan, which included £45 billion of tax cuts.

The Independent UK

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Treasury minister says ‘we’ll press ahead with tax cuts’ as Tory backlash grows amid market turmoil

Cabinet ministers ‘to be told to make efficiency savings’ amid growing Tory backlash over mini-Budget chaos

Evening Standard

Government departments 'will be asked to make spending cuts to balance budget'

It comes after the markets went into turmoil following the Chancellor's £45 billion package of tax cuts

Wales Online

Expert issues grave warning over Tory tax cut threat to devolution and Scotland's NHS

A TOP expert on devolution has issued a grave warning that the Tory government’s damaging tax cuts threaten the future of devolution and…

The National (Scotland)

Britain’s trickle-down budget idiocy offers a clear lesson for Australia on our stage 3 tax cuts

The stage 3 tax cuts were always the worst policy, but now they are being done at the worst time

The Guardian - AU

Universal credit changes: increasing pressure on part-time workers is the wrong move at the worst time

Chancellor Kwasi Kwarteng has laid out the government’s “mini budget”, a package of tax cuts that will mostly benefit the wealthiest in Britain. But people on the other end of the income scale are facing changes too.

The Conversation

Economic storm tests UK's new leader, alarms Conservatives

Britain’s new Prime Minister Liz Truss is under pressure to reverse announced tax cuts that have triggered a financial crisis in an already struggling economy

The Independent UK

Don’t make NHS and public services pay the bill for tax cuts, Kwarteng told

‘Act of national vandalism’: Fears of five-year austerity spending freeze to reassure markets

The Independent UK

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The Conversation

Only a U-turn by the government or the Bank of England will calm UK financial markets

The Bank of England has promised to take action to calm the financial market mayhem that has followed the announcement of major tax cuts by the UK government.

Evening Standard

What is the IMF and what did it say about the Government’s fiscal plans?

The IMF claims the £45 billion-worth of tax cuts will likely increase inequality in the UK

The National (Scotland)

UK faces 'economic situation not seen in living memory' says First Minister

Nicola Sturgeon said that the impact of the sweeping tax cuts could lead to an economic crisis worse than the 2008 global financial crash

The National (Scotland)

'Unmitigated disaster': Serious concern over IMF's warning to Tory Chancellor

The International Monetary Fund (IMF) rebuked the UK Government in the days following Kwasi Kwarteng’s mini-budget

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Daily Record

Former Tory MSP says 'Britain needs a Labour government' as he slams Liz Truss over tax slashing mini-budget

Former Conservative MSP Professor Adam Tomkins accused the new Prime Minister and Chancellor Kwasi Kwarteng of "trashing" the Tory party brand and the UK economy.

The Independent UK

Warning house prices could fall by 15% as banks hike mortgage rates

Veteran mortgage broker says he has not seen market move in such a way since 2008 financial crisis

Evening Standard

IMF heaps pressure on Kwasi Kwarteng over tax cuts

Kwasi Kwarteng will step up efforts to reassure the City about his economic plans on Wednesday after the International Monetary Fund (IMF) criticised the measures and the Bank of England signalled sharp interest rate rises could be on the way. The Chancellor will meet investment banks following days of turmoil…

The National (Scotland)

'What criticism?': Tory MSP claims he never heard of IMF attack on UK tax cuts

THE Scottish Tories have backed the UK Government’s tax cuts despite an extraordinary intervention from the International Monetary Fund and the…

Evening Standard

Fears of Labour government caused market turmoil, claims Tory peer Daniel Hannan

Daniel Hannan played down concerns about the £45 billion package of tax cuts announced by Chancellor Kwasi Kwarteng.

The Independent UK

Moody’s warns against Kwarteng’s ‘unfunded’ tax cuts after IMF intervention

Global ratings agency questions ‘credibility of government’s fiscal strategy’ in stinging statement

The Independent UK

Fears of a Labour government caused market turmoil, claims Tory peer

Daniel Hannan played down concerns about the £45 billion package of tax cuts announced by Chancellor Kwasi Kwarteng.

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