Treasury denies allegations of gambling with economy as pound falls below $1.10 September 24, 2022 The Treasury has denied allegations of gambling with the UK’s economy as the pound fell below $1.10 for the first time in almost 40 years following yesterday’s mini-budget. Paul Johnson, director of the Institute for Fiscal Studies, said Britain will go on an “unsustainable path” of borrowing following the reforms – the most radical in [...]
Half of tax cuts in Kwarteng’s mini-budget will go to richest five per cent, Resolution Foundation claims September 23, 2022 Half of the Chancellor’s planned tax cuts will go to the richest five per cent of the country, a leading think-tank has said. In sharp criticism of today’s raft of new policies in the mini-budget, the Resolution Foundation hit out at Kwasi Kwarteng for having “blown the budget”. This comes after Kwarteng announced a tax [...]
Kwarteng tightens rules around universal credit to ‘get Britain working again’ September 23, 2022 Kwasi Kwarteng has tightened rules around universal credit in a bid to “get Britain working again”. As it stands, universal credit claimants working up to 12 hours a week at the National Living Wage are at risk of cuts if they don’t take steps to increase their earnings nor meet regularly with a work coach. However, [...]
Pound plummets to 37-year low against dollar ahead of Kwarteng’s mini-budget September 23, 2022 The Pound has plummeted to a fresh 37-year low against the dollar ahead of the Chancellor’s mini-budget today. Sterling dropped below $1.12 against the backdrop of a new low for consumer confidence, while FTSE 100 fell early. The pound has been on a poor recent run, with it announced this week the UK borrowed more [...]
Govt sets up two-phase approach to make City ‘most competitive place for financial services’ September 22, 2022 The UK Government has set-up a two-phase approach for the City of London in a bid to make the capital “the most competitive place for financial services in the world.” Chancellor Kwasi Kwarteng will unveil an initial set of reforms in his fiscal statement tomorrow, while presenting a more comprehensive package later this autumn. Government [...]
Sadiq Khan: Income tax cuts to ‘disproportionately benefit’ wealthiest September 22, 2022 The Chancellor’s proposed cuts to income tax will “disproportionately benefit” society’s wealthiest, according to an analysis by the Greater London Authority (GLA). Figures showed that, by introducing a 1p cut, those on a £150,000 per year salary would have a tax relief of £1,950 while those earning the least would not see any benefit. “Tomorrow’s [...]
Truss hires former energy exec as new business liaison head September 21, 2022 Liz Truss has hired former EDF Energy executive Michael Stott as new head of business liaison for Downing Street. Stott is to become Truss’s key leader of business relations and engagement strategy, Sky News learned today. He is replacing Alex Hickman who held the role for two years under Boris Johnson. The newest business figure [...]
Government unveils energy support package to ‘stop businesses collapsing’ September 21, 2022 Firms have been given a boost in dealing with the energy crisis through a government discount, with the chancellor saying it “stepped in to stop businesses collapsing”. Plans were unveiled this morning, cutting prices for non-domestic energy customers, while suppliers will reduce wholesale costs to help families. The measures, announced by the department for Department [...]
Investors draw up rescue bid for Newport Wafer should Nexperia takeover be blocked August 29, 2022 Computer chip investors are reportedly drawing up plans for a rescue bid of Newport Wafer Fab, should its £63m takeover by Nexperia be blocked by the government. The co-founder of Headlight Technology Partners, which focuses on semiconductor investments, Alex Stewart, told the Telegraph that the newly established fund wants to “try and be part of [...]
Kwasi Kwarteng: ‘Entirely reasonable’ for Prime Minister to be distracted by cheese while working from home May 15, 2022 The business secretary has defended Boris Johnson’s remarks that he is distracted by making coffee and “hacking off” cheese when working from home. In an interview with the Daily Mail, the Prime Minister said his experience of remote working involved a lot of time making coffee, walking to the fridge and “forgetting” the task at [...]