Today’s news summary – Paper Talk
There are various stories on the front pages today, with PM Liz Truss’s plans to cap profits made by electricity companies as one of the leads. The Bank of England and the pound falling is another popular story for Wednesday’s papers.
Details of King Charles III’s coronation, the trial of nurse Lucy Letby and the death of actress Angela Lansbury make the front pages.
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Bank of England emergency intervention ends Friday
“Threat to pensions as Bank cuts its support,” says the Times, after the Bank of England’s governor, said its emergency intervention in the UK’s debt markets will end on Friday. The paper reports on warnings that pension funds face a “cliff edge.”
Daily Telegraph says Andrew Bailey’s decision to “pull the plug” on pension help has seen Sterling fall and led to fears of more market chaos. The Telegraph adds the PM was challenged at Cabinet over plans to cut benefits in real terms, with four ministers understood to support an inflation-linked rise.
Truss to cap profit made by electricity companies
The Guardian says Truss has made “another screeching U-turn” in the announcement that renewable power companies will face a cap on revenues, in England and Wales.
PM Truss has previously rejected calls to cap huge profits made by firms. But the Department of Business, Energy and Industrial Strategy argues that the measure differs from a windfall tax as it applies to excess revenues – not all profits.
The i says the PM’s move is to “silence” her Tory rebels and an attempt to get her premiership “back on track.” The paper says bills could be cut because soaring wholesale gas prices will no longer dictate electricity costs.
The Metro calls hypocrisy on the National Grid saying that following their warning of 1970s-style blackouts this winter, the company HQ in Warwick had lights blazing despite most workers having gone home for the day. “National Gridiots” is the Metro’s headline.
King Charles III’s coronation
The King is “very aware” of financial hardships facing people, according to the Daily Express. The paper says the King has ordered a “slimmed down” coronation for 6 May to reflect the current cost of living crisis. The royal reporter says the challenge will be creating something that makes the country proud “without attracting charges of unnecessary extravagance.”
Whilst the Mail says MPs want the early May bank holiday delayed until 8 May next year – so the coronation can be marked with a long weekend.
UK latest news
The Daily Mirror leads with a plea from James Bulger’s mother who has written to the PM asking her not to let her son’s killer go free. “Don’t let James’ killer walk free” says the headline.
The Sun reports that the prime suspect in Madeleine McCann’s disappearance has been charged in Germany with unrelated sexual offences. The paper says convicted sex offender Christian Brueckner is accused of sexually abusing a girl on a beach, near where Maddie was taken.
Several papers feature day 2 of the nurse Lucy Letby’s trial. The Metro reported that a worried mother interrupted Letby while allegedly attacking her son. They heard she tried to reassure the mother by telling her: “Trust me I’m a nurse”.