Today’s news summary – Paper Talk
Monday’s front pages report on the Tory rebellion over the plans to abolish the 45p tax rate. The row had dominated the news all weekend before Monday morning’s events – the government’s U-turn on the plans. There had been a growing rebellion amongst Tory MPs over the proposal and widespread opposition from the markets and opposition parties. It is believed, before the U-turn, the government would not have had enough votes to get the proposal through.
The measure had been outlined in last Friday’s mini-budget and sparked market turmoil and saw the value of the pound plummet.
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Mini-budget, 45p tax rate and Tory party conference
The front pages heavily cover the Tory MP rebellion over the proposal as the chancellor prepared to defend the government’s economic plans at the Tory party conference in Birmingham.
Tory-favourite the Daily Telegraph says the PM is to delay a vote on scrapping the top rate of tax after Michael Gove added his voice to the criticisms – calling it “not Conservative.”
The Daily Mail’s front page reports on the “mounting Tory revolt” and questions whether the PM could be on the brink on a u-turn. The paper says the tax cut could be ditched by No 10 in hopes to shore up support for the rest of the mini-budget measures.
The Times uses its front page to highlight criticism of the prime minister from Grant Shapps. The former Transport Secretary said the government should not be making “big giveaways to those who need them least.” He says cutting the top rate of tax is a “tin-eared” move that has managed to alienate almost everyone.
The Daily Express says the chancellor will draw a line under the market turmoil when he issues a “conference battle cry” this afternoon – at the Tory party conference in Birmingham. He is expected to say the government “must stay the course” as watered-down alternatives would leave Britain on a path of “managed decline.”
The Financial Times also previewed Mr Kwarteng’s speech which reports that the chancellor will insist he is confident his plan is the “right one.” The paper uses its editorial to argue he is wrong and slam the “disastrous” mini-budget.
The Guardian says there is a “rising drumbeat of discontent” overshadowing the conference as some MPs threaten a full-scale rebellion amid fears they will become known as the “nasty party.”
A former cabinet minister spoke to the Daily Mirror and said PM Liz Truss has lost all credibility and will be ousted as PM by Christmas unless she abandons her tax cuts for the wealthy.