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The Latest Breaking News from Tax Cuts

Kwasi Kwarteng denies boasting 'who cares if the pound crashes' on night of Brexit vote

The Chancellor's spokesman claimed a 2016 article, reporting he said 'who cares if sterling crashes? It will come back up again' outside a private members' club, was 'untrue'

Daily Mirror

Everything you need to know after pound hit all-time low against US dollar

The pound has hit a record low after sweeping tax cuts were announced by the chancellor on Friday. Here we explain some of the reasons behind the fall and how it affects households and businesses across the country

Daily Mirror

Labour surges to largest poll lead over Conservatives in over two decades

A new YouGov survey suggests Labour has opened up a 17-point lead over the Conservatives - the greatest since the firm began polling in 2001.

Daily Record

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What is Kwasi Kwarteng really up to? One answer: this is a reckless gamble to shrink the state

In the US they call it ‘starving the beast’ – cut taxes and, as revenue decreases, you create irresistible pressure for austerity, says Adam Tooze, an economic historian at Columbia University

The Guardian - UK

Liz Truss and Kwasi Kwarteng successfully drive the value of the pound off a cliff

Record View says Nicola Sturgeon was right when she angrily denounced the Tory tax cuts for the richest yesterday.

Daily Record

Starmer takes aim at Tories as Labour buoyed by promising poll

The Labour leader will quote Sir Tony Blair to dub his party the ‘political wing of the British people’.

The Independent UK

Letters of no confidence in Liz Truss 'already being put in' by Tory MPs

It comes as the pound has hit an all-time low against the US dollar

Wales Online

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Kwasi Kwarteng declines to comment as pound hits all-time low against US dollar

The Bank of England is expected to give a statement on the sterling’s slump

The Independent UK

Targetting government, UK's Labour pledges sound finances and strong public services

Britain's opposition Labour Party set out its economic vision on Monday, promising, if in power, to be fiscally responsible and take care of public services, in a swipe at the Conservative government's tax cuts for the wealthy.

Reuters

UK's wealthiest were not asking for tax cuts, survey shows

Most high net worth individuals say they were saying the right amount of tax

Wales Online

Markets warn sterling slump could lead UK interest rates to triple by next year

Analysts expect Bank of England to convene meeting to raise rates with further increase in November

The Guardian - UK

Kwarteng ‘not reading room’ with tax cuts for rich, says ex-England star Neville

Former footballer Gary Neville was speaking at the Labour Party conference in Liverpool.

The Independent UK

Government to push on with tax cuts as pound hits all-time low against dollar

Neither Chancellor Kwasi Kwarteng nor Liz Truss are currently expected to publicly address the major market shift, following Friday’s mini-budget

Evening Standard

Warning to everyone with a mortgage after Friday's announcement

A raft of tax cuts unveiled on Friday last week have prompted concerns

Wales Online

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Daily Mirror

Labour vows to reverse Tory tax cut to fund massive NHS workforce expansion

Shadow Chancellor Rachel Reeves said the NHS was 'on its knees' and Labour would pour cash into boosting health service staff rather than prioritising tax cuts for the richest

Evening Standard

Kami-Kwazi bets big while hedge funds short the pound

City Comment: The tax cuts might work. Maybe.

The Independent UK

Liz Truss: Tory MPs sending no-confidence letters over fears she will ‘crash the economy’, says ex-minister

‘Liz is f*****’, says former minister in Boris Johnson government

Evening Standard

Pound hits all-time low in backlash at Kwasi Kwarteng’s tax cuts

Pound crashes to its lowest level against the dollar since 1971

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Daily Mirror

Gary Neville calls on Liz Truss to 'head the ball in the net' over football shake-up

The former footballer, who has been scathing about the Tory government's tax cuts for the rich, called on the government not to drag its heels over fair distribution of cash

Daily Record

Tory tax cuts leave UK economy in a 'very dangerous place', warns John Swinney

The SNP finance secretary said no decision had been made on whether the Scottish Government would replicate any of the tax cuts announced in Westminster last week.

Insider UK

UPDATE: Mini-budget 'would be wrong to follow' - Sturgeon

First Minister's comments follow her deputy stating that a Scottish Government response would be base around fairness

The National (Scotland)

John Swinney: Scottish Government to 'reflect carefully' on Chancellor's tax cuts

John Swinney said the Chancellor's tax cuts will have "significant" consequences

The Independent UK

Gary Neville says Liz Truss is ‘taking the Mickey’ over tax cuts for rich

Former England international to join Sir Keir Starmer at Labour Party conference

Manchester Evening News

Holidays, spending and benefits? What the pound hitting a record low means for Britons

Sterling plunged to a record low just days after Kwasi Kwarteng's mini-budget was set out

The Independent UK

John Swinney: Scottish Government to reflect fairly on UK tax cuts

The Deputy First Minister told BBC Radio’s Good Morning Scotland the UK economy is in a ‘very dangerous place’ after the plans were announced.

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