Liz Truss latest news: Labour to push to further undo ‘disastrous’ mini-Budget as MPs return to Parliament

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Chancellor’s tax giveaways mean ‘painful’ £60bn spending cuts, warns IFS

Kwasi Kwarteng must reverse his tax-cutting plans or impose a “savage” £60bn austerity hit to public services, experts and rebel Tories have warned.

Britain is set for recession until 2024, forcing the chancellor to abandon his mini-Budget giveaways or make a “painful” public sector cut of 15 per cent in order to get debt under control, the Institute of Fiscal Studies found.

But any move to slash public services will face fierce opposition from some Conservative MPs as parliament reconvenes, putting pressure on Liz Truss following a chaotic party conference and turmoil in UK bond markets.

Read the details in this joint report from Anna Isaac and Andrew Woodcock:

Chancellor’s tax plans mean ‘painful’ £60bn spending cuts, IFS warns

The government must slash spending by £60bn and risk political turmoil to get debt under control unless it abandons plans for lower taxes, a leading economic think tank has warned

Namita Singh11 October 2022 05:56

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Truss and G7 leaders to meet after latest Russian assault on Ukraine

Liz Truss will urge G7 leaders to remain steadfast in support of Ukraine during crisis talks today following Russian strikes on Kyiv and other major Ukrainian cities.

The Russian attack on Monday, which left at least 11 dead and 64 injured, was launched by Moscow in retaliation for what Vladimir Putin claimed was a terrorist act carried out by Ukrainian special services on a bridge linking Russia with Crimea.

International outcry was swift in the wake of the latest Russian assault, labelled by some as a sign of President Putin’s growing desperation in the face of staunch Ukrainian resistance.

But in a sign of how seriously Western leaders are taking the Russian bombardment, Ms Truss and her G7 counterparts will hold a virtual meeting later today, with Ms Truss also expected to call for a full meeting of Nato leaders in the coming days.