Turmoil in monetary markets which noticed the pound fall to a record low against the dollar dominates at present’s entrance pages.
The forex tumbled as buyers misplaced confidence in the UK’s public funds after final Friday’s mini-budget.
The Guardian leads with “Sterling crisis deepens as Truss’s strategy unravels,” reporting that the government was struggling to stop a full-scale loss of monetary market confidence in its financial technique.
The Financial Times has “Bank of England and Treasury fail to calm market nerves over UK finances”. The paper says a press release from the Bank “dashed market hopes of an emergency interest rate rise to prop up the pound”.
The Times leads on the central financial institution’s pledge to behave 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 have been amongst the lenders pulling mortgage offers forward of an anticipated charge rise.
The i newspaper has an identical take with its lead story: “New mortgages blocked amid UK market turmoil” above an image 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 technique to carry down debt.
The Metro has “The pound Kwartanks” alongside an image of Kwarteng.
The Mirror runs the subheading “Tories economic disaster” above its headline “Out of control”. The paper says hundreds of thousands of households face additional monetary distress 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 quick sellers have been “trying to make money out of bad news.”