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‘Out of control’: what the papers said about
government handling of UK’s sterling crisis
Front pages channel fears about Truss government’s
economic strategy after pound sinks to all-time low against the dollar
Tuesday’s
newspaper front pages reflected the jitters sparked by Kwasi Kwarteng’s
mini-budget plans. Composite: Mirror / The Guardian / Metro / The Daily
Telegraph / The Times / Financial Times / i / Daily Express
Virginia
Harrison
Tue 27 Sep
2022 02.11 BST
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”.
Just
published: front page of the Financial Times, UK edition, Tuesday 27 September
https://t.co/fEOHVUzmlq pic.twitter.com/04u6OHaPee
— 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”.
Tuesday's
Times: Bank vows to step in after day of turmoil #TomorrowsPapersToday
#TheTimes #Times pic.twitter.com/IbfayQDud3
— 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
Advertisement
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.
Tuesday's
front page: New mortgages blocked amid UK market turmoil#TomorrowsPapersToday
pic.twitter.com/zuC1YKrtz9
— 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.
Tuesday's
Express front page - Don't panic! We have got a plan to cut
debt#TomorrowsPapersToday https://t.co/9ZAwTOycB0 pic.twitter.com/IC74P0wtso
— 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”.
Tuesday's
front page: Tories' Economic
disaster.#TomorrowsPapersTodayhttps://t.co/RYGCG9eFk3
pic.twitter.com/ARR5QTotLU
— 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.”
Tuesday’s
@DailyMailUK #MailFrontPages pic.twitter.com/sm2pUuDC9B
— Daily
Mail U.K. (@DailyMailUK) September 26, 2022
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