Saturday's papers are dominated by Chancellor Kwasi Kwarteng's biggest tax cuts in 50 years.
Chancellor Kwasi Kwarteng's massive wave of tax cuts - the biggest package in 50 years - dominates Saturday's papers. Sterling fell below $1.09 for the first time since 1985 "as markets take fright at huge surge in borrowing" to pay for the cuts, i weekend reports. The paper describes markets' reactions as a "punishing early verdict" on the chancellor's plans. The 45p top rate of income tax has been scrapped and the basic rate will fall to 19p in April.
Mr Kwarteng slashed income tax and stamp duty and scrapped a planned rise in National Insurance.The Daily Express carries comments from the chancellor, whom the paper describes as "coming out fighting". Mr Kwarteng has said he will never apologise for "having the courage to bet big on our incredible country", the paper reports.The Daily Telegraph describes it as "a gamble on economic growth", which caused "turmoil in the financial markets".
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