Ace Breaking News

‘ Ace News Room U.K Daily News Desk ‘

This is our daily post that is shared across Twitter & Telegram and published first on here with Kindness & Love XX on

#AceNewsRoom With ‘Kindness & Wisdom’ Sept, 29, 2022 @acebreakingnews

Ace News Room Cutting Floor 29/09/2022

Follow Our Breaking & Daily News Here As It Happens:

#AceDailyNews says here are today’s Newspaper Headlines: It all about ‘ Blunder Truss ‘ as ‘ Clueless PM ‘ as ‘ BOE Buys Gilt Bonds of Debt ‘ to avert a crisis in ‘ Debt Markets ‘ that affects people’s Pensions Kindness & Love XX says 🙏🙏’s to ‘ God For Common Sense ‘ to prevail Amen

The headline in the Mirror reads: "Blunder Truss: Clueless PM and Chancellor's tax cuts force bank bosses into £65bn bailout"
The economic turmoil following the government’s mini-budget continues to dominate the papers. The Mirror leads with the £65bn programme of bond-buying launched by the Bank of England on Wednesday, saying the intervention stopped the country’s pension funds “going bust” and that the whole episode has left Britain “on the brink”.
The headline in the Financial Times reads: "Bank of England unleashes £65bn bid to avert crisis in debt markets"
The Financial Times says the programme – which involves the injection of billions of pounds of newly-minted money into the economy – was intended to prevent a vicious cycle in which pensions funds have to sell bonds held as assets to pay their creditors, pushing the price further down and triggering more sell-offs. It quotes one senior banker saying: “I was worried [Wednesday] was the beginning of the end. It was not quite a Lehman moment. But it got close.”
The headline in the Sun reads: "Squeaky fund time: The day £1,000,000,000,000 was nearly wiped off our pensions"
“Squeaky fund time”, reads the headline in The Sun. The paper describes Wednesday as “the day £1,000,000,000,000 was nearly wiped off our pensions”.
The headline in the Telegraph reads: "Pension funds crisis forces £65bn bailout by Bank"
The Telegraph says the crisis has sparked public and private alarm among Tory back benchers, but that Downing Street has dismissed any suggestion the chancellor will have to resign. It also quotes Gerard Lyons, an economist and informal advisor to the prime minister, saying he warned both her and the chancellor about the need to “make sure the markets fully understood what they were doing and that they mustn’t spook the markets”.
The headline in the Guardian reads: "Bank's £65n scramble to avert financial crisis"
The prime minister is facing pressure from her MPs to sack the chancellor and reverse the abolition of the 45p tax rate because it has gone down badly with voters, the Guardian reports. The paper also quotes Labour leader Sir Keir Starmer accusing the government of “losing control of the economy” and calling for Parliament to be recalled ahead of the Conservative Party conference this weekend.
The headline in the i reads: "Emergency help from Bank saves pensions - with public sector cuts to follow"
Government departments have been ordered to draw up “efficiency plans” to help reduce the deficit, the i reports, adding that public sector cuts are now “on the way”.
The front page of the Star carries a picture of Chancellor Kwasi Kwarteng with a red nose. The headline reads: "So, does ANYONE have a clue what I'm doing?"
The Star carries a picture of Mr Kwarteng at a meeting with senior bankers, but with an added red nose. A speech bubble reads: “So, does ANYONE have a clue what I’m doing?”
The headline in the Metro reads: "Let Liz own the moment"
Former chancellor and runner-up for the Tory leadership Rishi Sunak will not attend the Conservative Party conference, the Metro reports. Mr Sunak said repeatedly during televised debates with Ms Truss that her economic plans were “irresponsible” and risked defeat at the next election. The paper quotes a source saying Mr Sunak wants to “give Truss all the space she needs to own the moment”. It is, the paper says, “a Rish best served cold”.
The headline in the Mail reads: "Prison x-ray finds phone hidden in Lawrence killer's body"
And the Mail reports that a smartphone allegedly used by David Norris, one of the killers of Stephen Lawrence, to send texts and selfies from his prison cell was found inside his body after an X-ray. The paper says specialist equipment was used to scan Mr Norris after it tipped off the Ministry of Justice and that a “large rectangle object” was located in an “intimate place”.

Most of the front pages feature the figure £65bn – the size of the package announced by the Bank of England on Wednesday to protect Britain’s pension funds. 

The Guardian says the emergency move was needed to halt what it calls a “doom loop” in the bond markets, and a 2008-style financial crisis, in the wake of last week’s mini-budget. 

A senior City banker tells the Financial Times that he thought Wednesday morning was “the beginning of the end” because there were no buyers for long-dated government bonds. “It was not quite a Lehman moment, ” he says, “but it got close”.

In its editorial, the paper says the central bank is having to pick up the pieces from what it calls a reckless mini-budget. It warns that while the Bank can prop up markets for now, the government must urgently restore Britain’s economic credibility. 

An external view of the Bank of England building

The Sun says markets were spooked by the decision to cut taxes for the richest, but that Prime Minister Liz Truss and Chancellor Kwasi Kwarteng have “inexplicably left a void for critics to fill” by not providing independent forecasts on the impact of the tax cuts. 

The Times describes the Bank’s action as highly unusual and says economists are warning the decision to buy billions of pounds of government debt could fuel inflation. The paper also says borrowers could have to prove that they can afford interest rates of up to 7% to qualify for a mortgage because markets now expect the Bank of England to increase the cost of borrowing further and faster, with the base rate forecast to peak at 5.5% next spring.

According to the i, Ms Truss and Mr Kwarteng now face “Tory fury”. The Telegraph says it has been told by a former Tory cabinet minister that the pair are pursuing a “cowboy-style economic policy”. The paper says Downing Street has dismissed any suggestion that Mr Kwarteng could resign. 

HM Queen Elizabeth II black line
#AceNewsDesk report ………..Published: Sept.29:  2022:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: and all wordpress and live posts and links here: and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

By ace101

Ace Worldwide News Group working with Kindness & Wisdom in perfect harmony to provide help and guidance through news & views and the truth to people in need Amen