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Liz Truss faces backlash over plan to lift cap on bankers’ bonuses – UK politics live

TheGuardian

PA says: Despite politics as normal being paused while the nation mourns the Queen’s death, the government responded to the action ahead of today’s deadline. The bloc had requested a response to its raft of infringement proceedings over the UK’s failure to comply with the rules before the end of the day.

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Liz Truss says any ‘sham referendums’ in Ukraine will not be recognised – UK politics as it happened

TheGuardian

Prime minister says Putin’s calls for mobilisation ‘are a sure sign his barbaric invasion is failing’ Here is some opposition party reaction to the energy support package for business announced by Jacob Rees-Mogg, the business secretary, this morning. Labour says the help has come too late.

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Tory MPs fear Liz Truss’s policies will create a ‘complete open goal’ for Labour

TheGuardian

Bankers’ bonuses, the NHS and tax cuts that favour the rich are all causing jitters on the benches behind the new prime minister It is less than a fortnight since Liz Truss formed a new government after a summer of bitter Conservative party infighting. Yet the Palace of Westminster has rarely been so becalmed. Continue reading.

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Banks among biggest beneficiaries of Kwarteng’s mini-budget

TheGuardian

From scrapping the cap on bonuses to slashing red tape, the chancellor unveils a raft of policies he says will boost economic growth Banks will be among the biggest beneficiaries of Kwasi Kwarteng’s mini-budget after he announced a raft of policies to help costs, boost profits, lure staff, fuel house prices and slash red tape. Continue reading.

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Truss tax cuts will hand big banks and insurers £6.3bn, study says

TheGuardian

Figures compiled by House of Commons Library measure impact of freezing corporation tax and cutting banking surcharge Liz Truss’s government has been criticised for lining up tax cuts that will help big banks and insurers save more than £6bn over the next two years.

Taxes 98
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Kwarteng plan to lift cap on bankers’ bonuses infuriates unions

TheGuardian

Unite leader deplores prospect of post-Brexit deregulation drive ‘when millions are struggling’ Unions have reacted with fury to the prospect of the government scrapping a cap on bankers’ bonuses, as ministers geared up for a return to near-normal politics next week, topped by an emergency mini-budget on Friday.

Taxes 98
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UK facing 1970s-style balance of payments crisis under Liz Truss

TheGuardian

Tax cuts and spending pledges could spook global markets and trigger a collapse in sterling, Deutsche Bank warns Britain could face a 1970s-style balance of payments crisis in which the pound crashes if Liz Truss’s government loses the confidence of international investors, one of Europe’s biggest banks has warned.

Taxes 98