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Tuesday’s headlines are dominated by the turmoil in markets on Monday, which saw the pound hit an all-time low against the dollar. The i reports on the decision by several mortgage lenders – including Halifax, Virgin Money and Skipton – to temporarily halt some or all new lending, and says others are expected to follow suit. The cover features an image of Prime Minister Liz Truss and Chancellor Kwasi Kwarteng cropped by a chart showing the continued fall in the value of the pound over the past few months.
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The withdrawal of mortgages came in anticipation of a rise in interest rates to 6% by the middle of next year, reports The Daily Telegraph. The paper says this increase would add £800 to the monthly cost of a typical mortgage.
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“The tanks of the free Kwar”, says the headline in the Metro. The paper says that not only did the pound fall against the dollar on Monday, but so did the euro, the Japanese yen and even the Russian ruble.
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The Times reports concerns from Tory ministers over the new government’s economic strategy, citing a warning that the party faces a “world of pain” if voters blame it for rising mortgage costs. The paper also reports the results of a YouGov poll which gave Labor a 17-point lead, the biggest in more than two decades.
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The Herald says the Bank of England has said it will “not hesitate” to raise interest rates to further bolster the value of sterling.
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The Scottish Daily Express urges its readers not to panic and says the chancellor “shrugged off yesterday’s financial market jitters by pledging to set out his plan to reduce debt”. Kwarteng announced he would bring forward the announcement of a “medium-term fiscal plan” to start reducing debt levels after a backlash to his £45bn tax cut package set out on Friday.
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Speculators who were able to profit from the turbulence by short-selling the pound have “raised the fury”, reports the Scottish Daily Mail. The paper quotes senior Tories as criticizing traders for “trying to make money on bad news” and warning against “cutting the pound”.
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The Prime Minister has given her strongest indication yet that Holyrood will not go ahead with the UK government’s tax cut plans, according to The Scotsman. The paper says Nicola Sturgeon has branded Kwasi Kwarteng’s tax cuts for the rich as “morally repugnant” and a “catastrophic disaster”.
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The Daily Record says the First Minister branded Plan 10 “disastrous” and the “wrong thing to do” in Scotland.
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The Edinburgh Evening News also reports on the fall in the value of the pound, saying millions of households face further financial misery following the crisis.
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The SNP’s written case to the Supreme Court in the indyref2 case has been published in full by the party, The National reports. The written communication sets out the party’s case arguing that the Scottish Parliament has the power to pass a bill for a second independence referendum.
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Brewdog boss James Watt, 40, was subjected to an online smear campaign which saw him conned out of £100,000 by his ex, according to The Scottish Sun. The paper says Emili Ziem, 29, vowed to “take down” Mr Watt and set up fake social media pages spreading lies about him. He then duped him into paying £25,000 each time to unmask the sick ‘trolls’.
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The Daily Star of Scotland says Scottish football’s new £150m TV deal will be sealed this week after Rangers were effectively frozen out of the vote. The paper says it revealed earlier this month that the SPFL (Scottish Professional Football League) was prepared to tear up its own rulebook to force a deal with Sky after the Ibrox club refused to give your support
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The Courier leads on the death of a 26-year-old woman, who has been killed in a road traffic accident in north-east Fife. The document says two vehicles were involved in the incident and three other people were injured.
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The Press and Journal reports that Scotland’s island communities are being left to “suffer” due to high levels of ferry disruption, the Scottish Liberal Democrats have said. The paper says islanders will be hit with a record number of cancellations this year, with figures showing there were more than 7,000 cancellations in the first half of this year alone.
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Staff at a cycling charity under fire claim they were fired mid-shift, says the Glasgow Times. Despite an ongoing campaign to see the Free Wheel North cycle track transferred to a new owner, four workers were suddenly made redundant last Wednesday. A protest was held outside the Glasgow Green premises on Sunday afternoon.
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The Dundee Evening Telegraph reports that an arsonist “sex killer” who set fire to his own home to “burn down the old life” has avoided a jail sentence. Victoria Kydd, 43, has been ordered to carry out 300 hours of unpaid work in the community.
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An Aberdeen community is celebrating after winning a £3.2m prize from the village’s Postcode Lottery, according to the Evening Express.
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