#AceDailyNews says here are today’s Newspaper Headlines: It’s a WARNING today of a FINANCIAL CRASH in the Markets as BOE has to stop PROPPING UP PENSION FUNDS as Truss & Chancellor have only ONE answer – Cap on ‘ energy profits’ HOPING TO SILENCE REBELS as Petition calls for GENERAL ELECTION as WEDNESDAY night she is being GRILLED SLOWLY BY 1922 COMMITTEE to decide her future Kindness & Love XX says 🙏🙏’s to calm chaos Amen
Prime Minister Liz Truss is attempting to silence rebels by capping profits made by electricity companies, the i reports. Business Secretary Jacob Rees-Mogg says the move will cut bills because rising wholesale gas prices will no longer dictate electricity prices – bringing the UK into line with much of the EU. It comes as Tory MPs tell Ms Truss and Chancellor Kwasi Kwarteng to change their tax-cutting plans or risk losing a Commons majority.The Guardian says the cap on the profits of renewable energy firms provoked accusations Downing Street had performed “another screeching U-turn” after previously rejecting calls to impose a windfall tax. The paper reports a new temporary revenue limit for renewable and nuclear electricity generators in England and Wales will the curb the amount firms can make and will come into force at the start of next year.The Financial Times leads on the Bank of England telling investors that its bond-buying plan to stabilise pensions will end on Friday, despite the pensions industry calling on it to extend the emergency measure because of concerns that funds do not have enough time to shore up portfolios against further shocks. The paper quotes a financier at an asset management firm saying the problem in the pensions industry was “much bigger than anyone thought a week ago”.The Daily Telegraph warns the Governor of the Bank of England Andrew Bailey’s move has prompted a sharp fall in the pound last night. The paper says the sharp fall in sterling against the dollar erases its gains since the start of the month and is “likely to prompt nervousness that the Bank is committing a policy error”.Dame Angela Lansbury features on the front page of the Times following her death at 96. The Academy Award-nominated actress was best known as the star of Murder, She Wrote, and Bedknobs and Broomsticks.A picture of the King and the Queen Consort in tartan feature on the front of the Daily Express as it reports how the King wants a “slimmed-down” coronation to reflect the cost-of-living crisis. The ceremony will take place on 6 May for the monarch and the Queen Consort, and is likely to take one hour rather than over three hours for his mother’s, the paper writes. It quotes an aide saying “everyone is very aware” of the financial pressures facing the country.“Now move bank holiday for the coronation” writes the Daily Mail as it reports on a call for MPs to change the date of the early May bank holiday. The Mail reports MPs want the 1 May bank holiday to be delayed for a week until 8 May. Conservative MP Tobias Ellwood tells the paper: “A bank holiday would help strengthen our transition to a new era.”The Metro leads with the second day of the trial of nurse Lucy Letby who is accused of murdering seven babies and attempting to murder 10 others at Countess of Chester Hospital. It reports how the jury was told a worried mother interrupted Ms Letby while allegedly attacking son. They heard she then tried to reassure the mother telling her: “Trust me I’m a nurse”. Ms Letby denies 22 charges and the trial continues.A picture of Madeleine McCann features on the front page of the Sun as the prime suspect in her disappearance is charged in Germany with unrelated sexual offences. Convicted sex offender Christian Brueckner is accused of five offences between 2000 and 2017 in Portugal. The Sun highlights Brueckner is accused of sexually abusing a girl on a beach, near where Madeleine was taken.The mother of murdered toddler James Bulger has asked the prime minister to block her son’s killer from getting parole. Speaking to the Mirror, Denise Fergus says the killer “still poses a serious danger to families”. After serving eight years for the murder of James in 1993, Jon Venables went back to jail over child abuse images.“I love you to the moon and back” headlines the Daily Star splashing with a mock-up of an astronaut on a spacewalk. The paper recounts how a Japanese woman was scammed by a man pretending to be a Russian astronaut. He convinced her to pay him thousands after striking up a romantic relationship, claiming he needed the money as he was stuck in space and needed to land.
The paper reports on warnings that pension funds, which are big holders of government debt and index-linked bonds, face a “cliff-edge”.
It adds that Prime Minister Liz Truss was challenged at Cabinet on Tuesday over plans to cut benefits in real terms, with four ministers understood to support an inflation-linked rise.
Liz Truss has previously rejected calls to cap the firms’ huge profits. The Department for Business, Energy and Industrial Strategy argues that the measure differs from a windfall tax, because it will be applied to excess revenues, rather than all profits.
The Metro says National Grid is facing accusations of hypocrisy, after warning of possible 1970s-style blackouts this winter. The paper carries a picture of lights left blazing at the company’s headquarters in Warwick in the West Midlands hours after most workers had gone home. “National Gridiots” is its headline.
“Don’t let James’ killer walk free” implores the Daily Mirror. It says Denise Fergus, the mother of James Bulger, has written to the prime minister, pleading with her to block the release of Jon Venables from prison. The paper says Venables – who’s now 40 and has reoffended twice since being convicted of the two-year-old’s murder in 1993 – could be freed in days at a parole hearing. The Mirror insists that Ms Fergus deserves better.
Several papers lead on details of the coronation of the King.
The Daily Express says the king is “very aware” of financial hardships facing people and has ordered a “slimmed down” ceremony for 6 May next year to reflect the cost of living crisis. The paper’s royal correspondent, Richard Palmer, says the challenge will be to create something that makes the country proud “without attracting charges of unnecessary extravagance”.
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