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The Latest Breaking News from Tax Cuts

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

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

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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

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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

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…

Evening Standard

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 Independent UK

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

The Guardian - AU

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

Daily Mirror

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.

Tribune News Service

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.

France 24

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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.

The Guardian - UK

Liz Truss apologises for going ‘too far and too fast’ with economic changes – as it happened

Latest updates: In BBC interview, Liz Truss refuses say if her vision is ‘dead’ and vows to fight next election

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Tribune News Service

DeSantis draws large crowd in heavily Democratic Broward

CORAL SPRINGS, Fla. — Gov. Ron DeSantis delivered both a traditional election season campaign pitch on Sunday — promising tax cuts —and touting the conservative social messaging — on gender, education and immigration — that have become hallmarks of his time in office.

ABC News

Income tax changes ruled out this budget but push for new review into revenue gathers steam

The Treasurer may have ruled out making changes to the stage 3 income tax cuts in his first budget, but there is a growing push for more comprehensive tax reform from experts and the parliamentary crossbench.

The Conversation

In sticking with tax cuts divorced from reality, Labor is left with a hard choice

The big question prior to Treasurer Jim Chalmers delivering the Albanese government’s first budget on October 26 has been whether it will seek to modify the “stage 3” tax cuts legislated by the Morrison government, with Labor’s support.

The Independent UK

Archbishop of Canterbury ‘deeply sceptical of trickle-down economics’

During a tour of Australia, Justin Welby expressed his concerns about tax cuts for the very wealthiest.

The Guardian - UK

Archbishop of Canterbury criticises tax cuts for the rich

Justin Welby ‘deeply sceptical about trickle-down theory’ and can see no moral case for budgets that disproportionately affect poor

Daily Mirror

'Liz Truss signed her own death warrant in nonsensical 9 minute press conference'

It was not just having to U-turn on her signature policy of corporation tax cuts that sealed her fate. It was her complete inability to show any contrition for the damage she has inflicted on her country and her party

Reason

Liz Truss Is Flailing, Politically and Economically

The British Conservative Party can’t figure out what it wants.

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