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 [...]
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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 [...]
Liz Truss cost of living support fails to prevent new consumer confidence low September 23, 2022 Liz Truss’s cost of living support has done nothing to lift Brits’ optimism out of the doldrums, a closely watched survey published today reveals. Consumer confidence collapsed five points over the last month to minus 49, the lowest since research firm GfK started tracking the figures in 1974. The survey was carried out between early [...]
Kwarteng vows ‘new era’ as he prepares to unveil tax-cutting mini-Budget September 22, 2022 Kwasi Kwarteng will tomorrow outline the biggest package of UK tax cuts in more than 30 years as a part of the government’s bid to launch a Thatcherite economic revolution. The chancellor today confirmed he would axe this year’s 1.25 percentage point increase in National Insurance in tomorrow’s mini-Budget and he is expected to cancel [...]
London’s FTSE 100 drops after second big Bank of England rate hike September 22, 2022 London’s FTSE 100 plunged today after the Bank of England lifted interest rates 50 basis points for the second time in a row. The capital’s premier index fell 1.08 per cent to 7,159.52 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, tumbled 2.05 per [...]
National Insurance rise to be axed on 6 November, says Kwarteng September 22, 2022 This year’s hike in National Insurance will be axed from 6 November, Kwasi Kwarteng has today announced. The Treasury today said the move to reverse the 1.25 percentage point increase in National Insurance – which was originally brought in to pay for increased health and social care spending – will save businesses an average of [...]
Bank of England shirks historic rate hike despite warning of longer inflation September 22, 2022 The Bank of England today shirked the biggest interest rate hike since the late 1980s despite inflation threatening to run hot for months. Borrowing costs climbed 50 basis points to 2.25 per cent, their highest since November 2008 and the seventh rise in a row, the Bank announced. Before the decision, City economists and markets [...]
Federal Reserve backs third jumbo rate hike to unpick inflation out of US economy September 21, 2022 The Federal Reserve backed a third successive jumbo-sized interest rate hike today as it scrambles to unpick inflation out of the US economy. Chair Jerome Powell and co hoisted the global financial system’s most important rate 75 basis points to between three and 3.25 per cent. Wall Street edged lower after the move. The tech-heavy [...]