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Good morning from the Financial Times. Today is Monday, September 26.

And this is your FT News Briefing.

More than 40 people have died in Iran as security forces crack down on

demonstrators and protests have erupted across Russia as Moscow rounds up more men to fight in

Ukraine. But first, the UK's Chancellor is defending an economic plan that has Tory MPs

nervous and investors fleeing for the exits. I'm Mark Filipino and here's the news you need to

start your day. UK financial markets are bracing for another rough week. The government of Prime

Minister Liz Truss is pushing a plan to kickstart the UK economy. The 45 billion pound plan

includes the biggest tax cuts in half a century. Chancellor Quasi Quartang announced the

plan on Friday and markets tanked. Government bond sold off and the pound sterling sank to a

near 40 year low. I'm joined now by the FT's Tommy Stubington to talk about this. Hey Tommy.

Hi there Mark. So Tommy, why is this tax cut such a big deal?

So what we've got here is a new government in the UK, Liz Truss's government and her new chance

to Laquasi Quartang have come into office facing this energy crisis, this the spiraling cost of

particularly natural gas because of Russia's invasion of Ukraine. They were already in a position

where they were going to have to provide some pretty huge subsidies to households to help people

cope with those energy prices. In their announcement on Friday, alongside that, they also laid out

the biggest package of tax cuts since at least the 1970s and that was the part that shocked markets.

We had the pound falling against the dollar to a level last seen in 1985 and in the bond markets,

the cost of government borrowing had its biggest one day rise, well by some measures ever and certainly

...