1/ Boris Johnson’s plan to tear up parts of the Brexit divorce agreement he secured from the EU has sparked consternation in Brussels and a rebellion in Westminster.
5/ These issues are highly sensitive to the EU, which has responded with an ultimatum: The U.K. has three weeks to amend the legislation, or face legal action.
6/ All of Britain’s living ex-leaders have expressed concern over the plan.
Some of Johnson’s own Tory MPs have also threatened to rebel, though they would need to overcome his 80-seat majority in the House of Commons bloom.bg/3bTfAYX
7/ Boris Johnson could also face a fight in the House of Lords — though it doesn’t have an absolute veto.
The upper chamber can only delay legislation approved by elected MPs for a year bloom.bg/3bTfAYX
8/ Aside from damaging trust between the U.K. and its biggest and nearest trading partner, the move could also damaged prospects of a trade agreement with the U.S., according to Nancy Pelosi
BREAKING: Suella Braverman has left her role as the UK’s home secretary, The Guardian reports, piling even more pressure on Prime Minister Liz Truss trib.al/PlvPx0v
NEW: Liz Truss’s advisers are concerned members of her Cabinet are planning to resign to try to force the UK prime minister out of office, after Home Secretary Suella Braverman resigned trib.al/ZHLMSmQ
BREAKING: "Pretending we haven't made mistakes... and hoping that things will magically come right is not serious politics" — Former Home Secretary Suella Braverman rebukes PM Liz Truss in resignation letter, questioning the "direction" of the government bit.ly/3eKzgnu
BREAKING: UK Chancellor Jeremy Hunt announces government will scrap planned income tax cuts indefinitely and shorten energy bill support scheme, as he lays out overhaul of mini-budget that sparked market turmoil bloom.bg/3D3iaL3
Pound extends gains against dollar as UK Chancellor Jeremy Hunt reverses almost all tax cuts from mini-budget bloom.bg/3D3iaL3
BREAKING: Jeremy Hunt announces he will reverse almost all the remaining tax cuts announced in Liz Truss’s mini-budget, with the new chancellor promising more difficult decisions lie ahead bloom.bg/3D3iaL3
Mel Stride, the influential Tory chairman of the Treasury Committee, is due to host a dinner this evening to encourage colleagues to back Rishi Sunak for prime minister
BREAKING: UK Prime Minister Liz Truss announces government will reverse planned freeze on corporation tax, which will raise £18 billion a year, admitting mini-budget went "further and faster than markets were expecting" bloom.bg/3EFA47I
BREAKING: UK Prime Minister Liz Truss U-turns on corporation tax, confirming it will rise to 25% as previously planned under Boris Johnson's government bloom.bg/3EFA47I
Pound drops after Liz Truss statement on fiscal plan, down 1.2% against the dollar bloom.bg/3EFA47I