The Guardian says the government is struggling to prevent a full-scale loss of financial market confidence in its economic strategy. It says markets now believe that "talking tough will not be enough and that official borrowing costs will need to rise sharply to reverse sterling's slide - a squeeze that would wipe out any boost from the chancellor's growth push and lead to soaring mortgage rates for millions of homeowners". In an editorial, it says the mess was "predictable" and largely down to Mr Kwarteng's refusal to explain what he was doing.

Source: The Times September 27, 2022 02:21 UTC