Friday briefing: What to expect from Kwasi Kwarteng today

In today's newsletter: The newly appointed chancellor will deliver his first fiscal event' in Parliament today - but will it make a difference?

Good morning. For a mini" budget, today's announcements by new chancellor Kwasi Kwarteng will have some pretty maxi consequences. At 9.30 this morning, Kwarteng will set out significant tax cuts, explain how he will pay for the energy price freeze and announce new investment zones". He will tell MPs that his plans will help break the vicious cycle of stagnation".

Coming the day after the Bank of England said the economy was in recession and put interest rates to their highest level since 2008, even as the pound fell to its lowest level against the dollar since 1985, all this is likely to have a more significant economic impact than many full-scale budgets of previous years - but the Treasury has refused to publish the Office for Budget Responsibility's (OBR) analysis of exactly what their plans will mean.

Ukraine | The first full day of Russia's mobilisation produced emotional showdowns at draft centres and even signs of protest, as reports emerged claiming Russia could conscript far more than its stated 300,000 soldiers. Meanwhile, five Britons released from Russian captivity were reunited with their families.

Religion | Northern Ireland's 2021 census has shown Catholics outnumber Protestants for the first time. While neither group have a majority, this is a landmark moment for a state that was a century ago supposed to have a permanent Protestant majority.

Fracking | Ministers face a furious backlash from Conservative MPs after overturning a manifesto pledge to pause fracking until it is proved safe, and then indicating drilling could be imposed without local support. The new energy secretary Jacob Rees-Mogg has dismissed worries about earthquakes as hysteria".

Diplomacy | Liz Truss has said she is considering relocating the British embassy in Israel from Tel Aviv to Jerusalem, in a controversial move that would break with decades of UK foreign policy and follow in the footsteps of Donald Trump.

Iran | The death in custody of an Iranian woman that has sparked widespread protests must be steadfastly" investigated, Iran's president Ebrahim Raisi has said. At least 31 people are feared to have died during protests sparked by Mahsa Amini's death while being held by the morality police.