Liz Truss and Kwasi Kwarteng pay the price for their 45p U-turn on the cover of the major papers this morning.
The Guardian front page says “Tory plot to halt benefit cuts after U-turn over top tax rate”. It says Kwarteng stands “humiliated” and has also been forced to bring forward to this month a new mini-budget that wasn’t due until late November.
Guardian front page, Tuesday 4 October 2022: Tory plot to halt benefit cuts after U-turn over top tax rate pic.twitter.com/0FMq0TiiUh
— The Guardian (@guardian) October 3, 2022
The Telegraph has “PM takes on rebels in battle to rein in benefits”. It says Truss now faces opposition to universal credit cuts.
The front page of tomorrow's Daily Telegraph:
'PM takes on rebels in battle to rein in benefits'#TomorrowsPapersToday
Sign up for the Front Page newsletterhttps://t.co/x8AV4O6L2Y pic.twitter.com/maO98V74u8
— The Telegraph (@Telegraph) October 3, 2022
There is similar treatment in the i, which says “Truss faces new Tory rebellion on benefits cuts”. It says tensions are mounting over her leadership and there is a “powerful new awkward squad” on the block that includes Michael Gove and Grant Shapps.
— i newspaper (@theipaper) October 3, 2022
The Financial Times splashes with “Kwarteng quickens debt cut plans after U-turn on tax”. Medium-term fiscal aims and forecasts are expected to be published this month, it says. Meanwhile, “sterling and gilts rally” after the 45p U-turn.
— Financial Times (@FinancialTimes) October 3, 2022
Others step back to take in the sheer spectacle. “Calamity conference” – that’s the Mirror, which says “Damage is done” and despite U-turns “Budget chaos will still cost billions”.
— The Mirror (@DailyMirror) October 3, 2022
“What a day!” – some understatement in the Metro. It says Kwarteng still insists he can turn round the economy.
Tomorrow's Paper Today 📰
WHAT A DAY!
🔴 CHANCELLOR U-TURNS ON HIS CUT IN 45P TAX RATE
🔴 LAYS INTO TORIES' PREVIOUS HANDLING OF ECONOMY
🔴 SAYS HE CAN BE TRUSTED WITH 'FISCAL DISCIPLINE'
🔴 NEW POLLS PUT LABOUR 25 AND 28 POINTS AHEAD #TomorrowsPapersToday pic.twitter.com/CgIYa9bTgs
— Metro (@MetroUK) October 3, 2022
“Get a grip!” says the Mail ominously, echoing Tory MPs after the “screeching late-night reversal” on the top tax rate and now the “threat of new revolt on benefits”.
— Daily Mail U.K. (@DailyMailUK) October 3, 2022
“Tories will live or die by economy, warns Patel” – the Times calls this a warning shot over Truss’s head from the back benches.
The Express provides today’s laughs: “PM: stick with us and we WILL reward your trust”. It turns Truss’s reversal into “listening to people’s concerns”.