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Many of Monday’s front pages focused on the weekend row over the plans to abolish the 45p tax rate – before they were overtaken by Monday morning’s events. There had been a growing rebellion among Tory MPs against the proposal, the Daily Telegraph reports. According to the paper, which cites government sources, Liz Truss will not ask MPs to approve the tax cut until they have seen how it will be funded in the chancellor’s medium-term plan on 23 November. The measure was outlined in last Friday’s mini-budget, which sparked market turmoil and saw the value of the pound plummet.

Daily Telegraph Front Page 9th of January 2025

The Treasury has intervened with extraordinary measures to stabilise the turbulent financial markets, addressing the impact of the recent Budget and the rising costs of national debt, in an effort to restore confidence and prevent economic destabilisation.

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