Liz Truss wants winning to be as easy as quick cash in voters’ back pockets September 26, 2022 We often complain that politicians are unwilling to give straight and unambiguous answers. Last week we saw something different: the government was very clear that Friday’s statement to the House of Commons by the new chancellor, Kwasi Kwarteng, was not—repeat, not—a budget. The name of the so-called fiscal statement, “the Growth Plan”, had a faint [...]
Tax cuts won’t bring us growth unless coupled with a dedication to competition September 26, 2022 Our financial and professional services sector drives growth, supports investment and facilitates trade. But this contribution must never be taken for granted.
Labour will spend £8bn on UK sovereign wealth fund if it forms government September 25, 2022 Labour will tomorrow pledge to spend £8bn to start a UK sovereign wealth fund if it wins the next election in a bid to boost domestic manufacturing. The National Wealth Fund will invest in British green energy production, with the British state taking ownership of assets held under the fund, shadow chancellor Rachel Reeves will [...]
George Osborne calls on government to fix ‘schizophrenic’ levels of borrowing September 25, 2022 Liz Truss must end the “schizophrenic” economic policy of slashing taxes and increasing government borrowing, according to former chancellor George Osborne. Osborne said he was pleased to see Truss acting like a “conviction politician”, but said the government must make spending cuts if it wants to also lower taxes. Chancellor Kwasi Kwarteng unveiled the largest [...]
‘There is more to come’: Kwarteng hints at more tax cuts September 25, 2022 Kwasi Kwarteng has strongly hinted he will bring in more tax cuts, after today vowing “there is more to come”. The chancellor said Prime Minister Liz Truss had only been in Number 10 for “19 days” and that the pair wanted to continue on a radical economic path. Kwarteng announced the UK’s largest package of [...]
Starmer commits to reversing Truss’ cut to 45p rate of Income Tax September 25, 2022 Sir Keir Starmer has vowed to reverse the government’s decision to cut the 45p top rate of Income Tax for the UK’s biggest earners if Labour wins the next election. The Labour leader also said he would keep Liz Truss’ 1p cut to the 20p basic rate of Income Tax. Chancellor Kwasi Kwarteng announced the [...]
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 [...]
City backs mini-budget measures: ‘Scrapping bonus cap shows we are open for business’ September 23, 2022 The City of London has welcomed measures in today’s mini-budget, backing the scrapping of bankers’ bonuses and freezing of cooperation tax hikes. Policy Chairman at the City of London Corporation Chris Hayward responded to Kwasi Kwarteng’s fiscal statement today, which included a raft of changes from planning and benefits to stamp duty and national insurance. [...]
Kwarteng ditches corporation tax hike in bid to lure investment September 23, 2022 Kwasi Kwarteng has scrapped the formerly announced six percentage point hike in corporation tax - keeping the rate at 19 per cent.
Pound crashes to fresh 37-year low against US dollar after Kwarteng tax bonfire September 23, 2022 The pound plunged to a new historic low against the US dollar in response to new chancellor Kwasi Kwarteng launching the biggest round of tax cuts since 1972 at today’s mini-budget. Sterling crashed over one per cent against the greenback to $1.1108, its lowest level in 37 years. The pound has been on a downward [...]