All eyes are on Kwasi Kwarteng today as he prepares to unveil a raft of tax cuts in his mini budget. Economists at the Institute for Fiscal Studies said today’s announcements were likely to amount to “the biggest fiscal event of tax cuts since Nigel Lawson’s 1988 Budget”. The chancellor has already confirmed that the recent rise in National Insurance will be scrapped from November. Other measures expected include scrapping the planned rise in corporation tax and reducing stamp duty, as well as ending the cap on bankers’ bonuses and creating new low-tax investment zones. There could be more, too, with Mr Kwarteng announcing two unmentioned “rabbit out of the hat” policies.

5 things to start your day

  1. Borrowing costs rise as Bank of England moves ahead with bond sale Plus: Bailey bets Truss energy bailout will save Britain from soaring inflation
  2. Net zero rules weakened in fight to boost North Sea drilling Rees-Mogg weakens ‘checkpoint’ climate regulations as part of efforts to expand production
  3. The Guardian’s director quits in protest at ‘imperial’ editor’s choice of chief executive The appointment of current chief Anna Bateson was pushed by editor-in-chief Katharine Viner
  4. BT requires staff to return to office Telecoms giant says new approach is ‘fundamental to business success’
  5. Pubs ditch draft beer for casks of craft beer as landlords fear slump in visits Hospitality sales remain well below pre-pandemic levels, consultant suggests

What happened in the night

Asian markets fell again on Friday as part of a global sell-off fueled by recession fears after central banks around the world raised interest rates to combat decades-high inflation. Hong Kong, Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei and Manila all fell.

It’s coming today

Economic: Mini Budget (UK), Manufacturing PMI (UK, US, EU), Services PMI (UK, US, EU), Composite PMI (UK, US, EU) Corporate: European Opportunities Trust, Smiths Group (full year results). Biffa, Investec (trade update)