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.
Guardian front page, Tuesday 27 September 2022: Sterling crisis deepens as Truss’s strategy unravels pic.twitter.com/GhKPgon1w9
— The Guardian (@guardian) September 26, 2022
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”.
— Financial Times (@FinancialTimes) September 26, 2022
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”.
— Tomorrows Papers Today (@TmorrowsPapers) September 26, 2022
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 front page of tomorrow's Daily Telegraph:
'Spooked lenders ditch new mortgages in pound chaos'#TomorrowsPapersToday
Sign up for the Front Page newsletterhttps://t.co/x8AV4Oomry pic.twitter.com/17V6AUps0l
— The Telegraph (@Telegraph) September 26, 2022
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.
— i newspaper (@theipaper) September 26, 2022
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.
— Daily Express (@Daily_Express) September 26, 2022
The Metro has “The pound Kwartanks” alongside a picture of Kwarteng.
Tomorrow's Paper Today 📰
THE POUND KWARTANKS
🔴 Sterling crashes to an all-time low against the dollar
🔴 Fears interest rates are set to rocket up to 7%
🔴 No confidence in new PM letters 'are already submitted'#TomorrowsPapersToday pic.twitter.com/DHOVBATGuV
— Metro (@MetroUK) September 26, 2022
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 Mirror (@DailyMirror) September 26, 2022
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.”