Today’s news summary – Paper Talk
Wednesday’s papers report on Prime Minister Liz Truss’s plan to cut a variety of taxes as politics makes a full return and the PM heads to New York for meetings.
A few papers continue their royal coverage, looking at King Charles III’s plan to slim down the monarchy and how scaled back his coronation might be. But for the best part, after more than 10 days of endless royal coverage, the papers have moved on and the cost of living crisis is once again the focus.
UK politics – Liz Truss to reveal tax cuts
“Freedom begins with tax cuts,” says the front page of the Daily Mail, which says the PM has “signalled a revolution” with a “bold agenda of tax cuts and regulatory reforms.” The paper quotes sources that say PM Truss wants “to lead Britain into a new era.”
The Financial Times reports on her comments that they say represent a “radical shift in economic policy.” The prime minister had said it is not “unfair” to reduce taxes for wealthy people and profitable companies. Liz Truss claims doing so will boost growth, whilst the Daily Mirror says it will lead to debt piling up that the government could try to pay for by cutting public services.
The Guardian says the PM is on a collision course with Joe Biden and describes her policy as “Reaganite.” It comes after Joe Biden tweeted he was “sick and tired of trickle-down economics” which he says has never worked.
The Daily Telegraph says the prime minister could also reduce income tax and VAT – “Further sweeping tax cuts are on the way.”
The Sun looks ahead to Friday’s mini-Budget, the paper says the government will set out its plans that “could see the biggest tax overhaul since the 1980s.”
The i newspaper raises fears that further tax cuts “could fuel inflation and prompt future rate rises”.
King Charles III’s coronation
The Daily Mirror uses its front page to report on more royal news, saying the King’s coronation will be “shorter, smaller and less expensive” than his mother’s as part of his modernisation plans for the monarchy. The left-wing paper praises the move to slim down the monarchy as “a welcome signal of change.” The Sun says the coronation is planned for the spring, possibly on the anniversary of Queen Elizabeth’s coronation.