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‘Out of control’: what the papers said about government handling of UK’s sterling crisis

Turmoil in financial markets which saw the pound fall to a record low against the dollar dominates today’s front pages.

The currency tumbled as investors lost confidence in the UK’s public finances after last Friday’s mini-budget.

The Guardian leads with “Sterling crisis deepens as Truss’s strategy unravels,” reporting that the government was struggling to prevent a full-scale loss of financial market confidence in its economic strategy.

The Financial Times has “Bank of England and Treasury fail to calm market nerves over UK finances”. The paper says a statement from the Bank “dashed market hopes of an emergency interest rate rise to prop up the pound”.

The Times leads on the central bank’s pledge to act after the fall of the pound with its headline “Bank vows to step in after day of turmoil”.

The Telegraph has “Spooked lenders ditch new mortgages in pound chaos,” noting Halifax, Virgin Money and Skipton were among the lenders pulling mortgage deals ahead of an anticipated rate rise.

The i newspaper has a similar take with its lead story: “New mortgages blocked amid UK market turmoil” above a picture of PM Liz Truss and a smiling chancellor Kwasi Kwarteng.

The Express says “Don’t panic! We have got a plan to cut debt”. It says the chancellor “shrugged off yesterday’s financial market jitters” with a vow to set out his strategy to bring down debt.

The Metro has “The pound Kwartanks” alongside a picture of Kwarteng.

The Mirror runs the subheading “Tories economic disaster” above its headline “Out of control”. The paper says millions of households face further financial misery as “Kwarteng’s tax cuts plunge markets into chaos”.

The Mail’s take is “Fury at the city slickers betting against UK Plc.” It cites senior Tories as saying short sellers were “trying to make money out of bad news.”