‘What a day!’: Kwarteng says his plan created ‘turbulence’, but it’s ‘not irresponsible’ October 3, 2022 Kwasi Kwarteng has said he will focus on “delivering the major parts of our growth package” in the wake of his U-turn on tax cuts for the UK’s highest earners, while insisting his plans are “not irresponsible”. The chancellor moved to calm Tory party fears about the U-turn and said his mini-Budget 10 days ago [...]
Rees-Mogg brushes off U-turn on scrapping 45p tax rate as ‘just politics’ October 3, 2022 The government’s stunning decision to U-turn on its plan to slash taxes for the country’s highest earners has been described as “just politics” by business secretary Jacob Rees-Mogg. Rees-Mogg said at a Tory conference fringe event today that “it is a political reality that sometimes things you want to do don’t receive the approbation of [...]
Gove says he’ll back government’s mini-Budget after 45p tax cut U-turn October 3, 2022 Michael Gove has said he will back the government’s mini-Budget in its current form, after Liz Truss and Kwasi Kwarteng U-turned on their plan to slash the top rate of Income Tax. The Tory big beast today said “there were lots of good things that they announced and some potentially interesting things”, after spending yesterday [...]
Kwarteng says ‘we must stay the course’ as he defends tax cuts October 2, 2022 Kwasi Kwarteng will tomorrow defend his tax cuts and declare “we must stay the course”, after the first day of Tory party conference was overshadowed by blue-on-blue attacks. The chancellor is expected to say he is committed to “fiscal responsibility”, after funding his tax cuts through more borrowing, in a bid to calm financial markets. [...]
Rees-Mogg hints government will merge financial services regulators October 2, 2022 Jacob Rees-Mogg has hinted the government will merge the UK’s financial services regulators, after the Prime Minister’s team spoke about the move during summer. It was reported during the Tory leadership contest that Truss wanted to roll the Financial Conduct Authority, the Bank of England’s Prudential Regulation Authority and Payment Systems Regulator into one body. [...]
Minister says Rees-Mogg wants to ditch ‘all business regulations’ for SMEs October 2, 2022 Business secretary Jacob Rees-Mogg wants to scrap all business regulations for SMEs with under 500 employees, according to a Treasury minister. Chief secretary to the Treasury Chris Philp told a fringe event at the Tory party conference today that Rees-Mogg would soon outline a package of measures to slash business regulation. “One of which is [...]
Michael Gove says Truss tax cuts are ‘not Conservative’ October 2, 2022 Michael Gove has savaged Liz Truss and Kwasi Kwarteng’s recent mini-Budget, labelling the debt-funded tax cuts as “not Conservative”. The Tory big beast said the package – which included an abolition of the top 45p band of Income Tax were a “display of the wrong values” and he refused to commit to voting for them [...]
Truss: I should have ‘laid the ground better’ for tax cuts package October 2, 2022 Liz Truss has said she should have “laid the ground better” for her package of debt-funded tax cuts as she refused to rule out public spending cuts. The Prime Minister said “I have learnt from that and I will make sure in the future we will do a better job of laying the ground”, after [...]
Tories prepare for annual party conference as polling results sink September 29, 2022 The Tories are preparing for the party’s annual conference next week under a cloud of turmoil and infighting as new polling puts them 33 points behind Labour. Liz Truss’ first party conference as Prime Minister comes at a time of crisis, with her own MPs in open revolt against her and financial markets reacting badly [...]
Truss refuses to commit to more tax cuts in apparent row-back on Kwarteng comments September 29, 2022 Liz Truss has refused to commit to more tax cuts in an apparent row back of earlier comments from Kwasi Kwarteng. Truss today told BBC London that it was important to be “fiscally responsible” and to “bring debt down over time”, after being asked if she would bring in more tax cuts. Truss and Kwarteng’s [...]
