Liz Truss refutes claim that cutting tax ‘unfairly’ benefits the rich
Kwasi Kwarteng is set to announce tens of billions in extra spending and tax cuts in a mini-budget which the government is pitching as a plan to boost economic growth.
Liz Truss admitted the country was facing “really tough times” ahead of the announcement – officially called a fiscal event – on Friday.
The British chancellor will pledge to “turn the vicious cycle of stagnation into a virtuous cycle of growth” as he sets out the new government’s approach to the economy.
His statement is expected to set out how the government will fund the energy price cap for households and businesses as well as details of many of Liz Truss’s tax-slashing promises.
The government is dubbing it a “growth plan” as the UK faces a cost-of-living crisis, recession, soaring inflation and climbing interest rates.
Mr Kwarteng has already said he would cancel Rishi Sunak’s National Insurance hike. He also looked set to axe a planned increase in corporation tax and scrap the cap on bankers’ bonuses.
Conservatives ‘presided over stagnation’, Labour says
The shadow chief secretary to the Treasury said the Conservatives have “presided over stagnation” ahead of their plans for growth today.
Zoe Tidman23 September 2022 09:15
UK ‘facing really tough times’, Liz Truss says
The UK prime minister has admitted the country is facing “tough times” ahead of the mini-budget today:
Zoe Tidman23 September 2022 09:14
Minister denies markets fear ‘gamble’ of tax-slashing mini-budget
A Treasury minister has denied the falling pound and rising borrowing costs show markets are worried about today’s mini-budget – insisting growth is what matters, Rob Merrick reports.
Simon Clarke also rejected warnings that the Growth Plan – to cut taxes by at least £30bn, including a possible stamp duty reduction – is “a gamble” that will reward the rich rather than the poor.
Minister denies markets fear ‘gamble’ of tax-slashing mini-budget
‘What the markets want to know is whether the UK economy is going to grow’, Simon Clarke insists – as he rejects claims of ‘trickle-down economics’
Zoe Tidman23 September 2022 09:00
UK needs to avoid ‘pattern of stagnation’, minister says
Simon Clarke also said Britain “can’t afford” to be part of a “pattern of stagnation” that is happening in Europe.
Zoe Tidman23 September 2022 08:45
What time is mini-budget?
As we wait for the mini-budget later today, here is a look at when we can expect it and what could be included:
What time is the mini-budget today?
Kwasi Kwarteng will vow to ‘turn vicious cycle of stagnation into virtuous cycle of growth’
Zoe Tidman23 September 2022 08:32
‘Trussonomics’
Some economic analysts have been sceptical about the sustainability of some of the tax-cutting measures that Kwasi Kwarteng will announce in the Commons on Friday.
Hamish McRae takes a look at whether Trussonomics – or the idea tax cuts will “lead to faster economic growth” – is workable ahead of the mini-budget:
The path to growth under Truss is far from certain | Hamish McRae
Trussonomics: Can it work? People work harder if they are allowed to keep more of their own money, writes Hamish McRae
Minister says trickle-down economics suggestions are ‘nonsense’
The levelling up secretary has rubbished claims Liz Truss and Kwasi Kwarteng are engaging in trickle-down economics.
Simon Clarke told Sky News ahead of the mini-budget: “This whole term trickle-down is such a nonsense and is itself a centre-left mischaracterisation of what this government is all about.”
He added: “We need to grow the economy because a more successful economy is good for everybody.”
Simon Carke rubbished suggestions of trickle-down economics ahead of the mini-budget
(EPA)
Zoe Tidman23 September 2022 08:08
Mini-budget will be ‘game changing’, minister says
The levelling up secretary says the financial statement today will be “really important” and “game changing”.
Zoe Tidman23 September 2022 07:49
Planning rules to be relaxed for new low-tax investment zones
Kwasi Kwarteng is set to announce the creation of low-tax, low-regulation investment zones in his mini-budget.
The government is in talks with dozens of local authorities in England, mostly county and city councils, to set up zones.
The chancellor is expected to tell the House of Commons: “The time it takes to get consent for nationally significant projects is getting slower, not quicker, while our international competitors forge ahead.”
The plan involves weakening planning rules in specified sites, releasing land to accelerate development.
Businesses in designated sites will benefit from tax relief.
The government is also considering converting the post-Brexit freeports introduced by Boris Johnson into investment zones, where further deregulation is expected.
Jane Dalton23 September 2022 07:30
Liz Truss’s pro-growth strategy is bold- but can it work?
The prime minister and chancellor Kwasi Kwarteng are promising a fresh start, clearly demarcating themselves from their predecessors, writes Emily Carver in this Voices piece.
Opinion: Liz Truss’s pro-growth strategy is bold – but it can work
Trussonomics: Can it work? Truss and chancellor Kwasi Kwarteng are promising a fresh start, clearly demarcating themselves from their predecessors, writes Emily Carver
Namita Singh23 September 2022 07:15
Kaynak: briturkish.com
