#AceDailyNews says here are today’s Newspaper Headlines: It all about ‘ Money Markets Pound Slide to All Time Low & Labour Tax Wars ‘ ” Right OR Wrong ” Tory Chancellor says it Right – Labour says he’s Wrong and Markets Go into Meltdown Kindness & Love XX says 🙏🙏’s God knows Best Amen
Reactions from last week’s mini-budget continue to dominate the papers. Metro opts for the headline “Tax wars”, accompanied by a photo depicting a face-off between Labour leader Sir Keir Starmer and Prime Minister Liz Truss. Sir Keir has vowed to reverse No 10’s tax reductions for the highest earners, but has welcomed the decision to cut the basic rate of tax from 20% to 19%. The paper reports that, following Friday’s mini-budget, those on £1m will save £55,000 a year as the Conservatives try to increase spending and boost the economy.Also striking a combative tone, the Guardian says Labour is “seeking to draw new battle lines” with the PM by vowing to reinstate the top rate of income tax. According to the report, the reversal could raise at least £2bn for public spending, which could be invested into areas such as the NHS. Shadow chancellor Rachel Reeves tells the Guardian: “You can’t build a strong economy without strong public services.”“Tory jitters as Kwarteng pledges extra new tax cuts” is the i’s front page headline. The paper says it has spoken to backbench Conservative MPs who have relayed concerns from colleagues following the negative reaction from financial markets in the wake of last week’s tax cuts for higher earners. The paper reports that MPs are giving the prime minister six months to make her policy work.It’s not just politicians who are angry at tax cuts for the wealthy, according to the front pages. The Daily Mirror carries an interview with former Manchester United footballer (and Labour Party member) Gary Neville who has told the paper that giving high earners cash they do not need is “immoral”. Neville, who played alongside some of the biggest earners in the sport, tells the paper: “I don’t know anyone on more than £150,000 who will think it’s the right thing to do. The former England defender is backing Sir Keir for PM and will appear at the party’s conference in Liverpool later today, the paper adds.Chancellor Kwasi Kwarteng is drawing up measures to cut taxes to help families struggling with the cost of living crisis, according to the Daily Mail. The paper says Mr Kwarteng has launched a review of all tax rates ahead of a formal Budget, expected next year. The Mail quotes a Treasury source as saying the chancellor wants to “make the tax system simpler, better for families and more pro-growth”.But the Times describes the “pay pain” facing millions of public sector workers after the government abandoned plans for a new spending review. This means public sector workers will have real-term pay cuts before 2024, according to the paper, adding that schools and hospitals will be forced to make difficult decisions about budgets. Separately, an image of Italian far-right leader Giorgia Meloni dominates the picture slot as she looks poised to become the country’s most right-wing prime minister since the war.Liz Truss, meanwhile, tells the Daily Express that she plans to build the most successful economy in the world. According to the paper, the prime minister wants to overhaul the tax system, cut red tape for small businesses and reform planning laws.Meanwhile, the Financial Times’s lead story centers on Russia’s war on Ukraine and nuclear threats made by Vladimir Putin. Capitals in the West are making contingency plans in case the Russian president moves to use nuclear weapons against Kyiv, the paper reports. According to Western officials cited by the FT, private warnings have been sent to the Kremlin of the possible consequences of any such action.The White House has told Moscow that the West’s reaction would be “catastrophic”, the Daily Telegraph reports. “If Russia crosses this line, there will be catastrophic consequences. The United States will respond decisively,” US national security adviser Jake Sullivan told NBC’s Meet the Press. It comes after the Russian foreign minister said annexed areas of Ukraine would be protected in the same way as Russian territory, the paper adds.
And the Holly Willoughby and Phillip Schofield queue saga is still rumbling on, with the Daily Star reporting that the presenters’ names were not on the media accreditation list to report on the Queen’s lying-in-state, but they were allowed into Westminster Hall anyway.
“Tax wars” is how Metro sums up the fight developing between Labour and the Conservatives after Sir Keir Starmer said he would reverse the government’s decision to axe the top rate of income tax if he gets into power.
The headline sits above a photo depicting a face-off between the Labour leader and the prime minister.
The Guardian says Sir Keir is “seeking to draw new battle lines” with Liz Truss over what it calls her “hugely divisive” policy.
It says the reversal could raise at least £2bn to plough into the NHS and other public services.
Shadow chancellor Rachel Reeves tells the paper: “You can’t build a strong economy without strong public services.”
The i talks of “Tory jitters” after Chancellor Kwasi Kwarteng said he would go further, with even more tax cuts.
The paper says backbench Conservative MPs have told it that colleagues have “definite concerns” after the market reacted negatively to last week’s tax cuts for higher earners.
Tax cuts for the rich are “immoral”, former football player Gary Neville tells the Daily Mirror.
In an interview with the paper, he says it “seems like madness” to give wealthy people like him help when others are having problems paying their energy bills.
The Daily Mail insists that the chancellor’s pledge to carry on cutting taxes is a “boost for families” struggling with the cost of living.
The paper says a Treasury source has told it that Mr Kwarteng wants to “make the tax system simpler, better for families and more pro-growth”.
The Sun applauds the chancellor for “recharging the economic defibrillators for another jolt of tax cuts in the New Year”, adding that it is “about time”.
The paper goes on to say that “the spleen-venting” over Mr Kwarteng’s decision to ditch the top tax rate ignores that, throughout the Blair years, it was the “exact same” as the new 40% levy.
However, the Financial Times says the chancellor’s strategy is leaving Conservative MPs and traders braced for further market turbulence.
It says “many Tory MPs” fear that Mr Kwarteng’s “borrowing spree” – as the paper puts it – will fuel inflation and force up interest rates, with higher mortgage payments swallowing up the effect of his income tax cut.
The Times warns of “pay pain” for public sector workers, saying millions face a two-year squeeze before the general election.
The paper reports that the government has abandoned plans for a new spending review, despite forecasts that inflation may remain in double figures for the next year.
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