The weekend Financial Times reports that ministers are already drawing up plans for fresh growth initiatives, rather than more taxes, after what the paper calls a “punishing” week in the markets that threatened to derail government economic policy.
The FT says that, according to officials, Chancellor Rachel Reeves will give a set-piece speech on the issue when she returns from China on Monday that will set out a “convincing growth narrative”. The government is determined to avoid more tax rises, after the £40bn package in the Budget, the paper reports. One official said more hikes would be disastrous.
The Daily Telegraph says it can reveal that Downing Street is preparing billions of pounds worth of cuts to disability benefits, to calm the markets over its economic plans. No 10 and the Treasury are reported to believe that significant reductions are needed in the welfare budget, including Personal Independence Payments. Officials are said to be exploring the possibility of tightening the rules around what proof is needed to receive disability payments.
The Daily Mail accuses Reeves of fleeing the market turmoil with her trip to China and, in its words, “cosying up” to a country it calls one of our biggest foes.
But the chancellor writes in the Times that Britain “has no choice at all” but to engage with Beijing to boost growth. In a comment piece for the paper, Reeves argues that national security and growth are not opposed. She argues that Britain can not ignore the fact that China is the world’s second largest economy worldwide, and the UK’s fourth largest trading partner. Instead, it’s a question of building a stable relationship with Beijing but, in her words, competing where interests differ and challenging robustly when necessary.
Health Secretary Wes Streeting tells the Guardian that the use of inflammatory language about grooming gangs risks vilifying whole communities and could, in his view, lead to atrocities such as the New Zealand mosque attacks in 2019 where 51 people were killed. Streeting says he has no qualms calling out what he calls the sickening crimes of the gangs, but points out that there are people in his community of Pakistani heritage who are now more fearful than they were before.
According to the Telegraph, concerns that there’s just a week’s worth of gas left in Britain’s reserves will raise scrutiny of the reliability of renewable power sources, especially when it comes to wind farms which are crucial to the government’s net zero policy. The paper argues that dependence on wind farms is likely to lead to more energy shortages when there is low wind and falling temperatures, which forces power usage up. Ministers say building up renewable power sources will protect households from the rollercoaster of fossil fuel market prices. The Times mentions the same story and illustrates the sub-zero temperatures with an extraordinary picture, dominating its front page, of a frozen waterfall in the Peak District.
The Daily Express says pressure is growing on England’s cricketers and authorities to boycott the match against Afghanistan next month. The former Olympic swimmer Sharron Davies has joined nearly 200 MPs and peers demanding the game be called off because of the Taliban’s decision to ban women and girls from playing sport.