IFS warns ‘massive spending cuts will still be needed’ despite Kwarteng U-turn October 3, 2022 The Chancellor’s U-turn on his plans to axe the 45p tax rate will do little to ease the pressure on the UK’s public finances and the mammoth spending cuts needed to get borrowing back on track, think tank experts have warned. Paul Johnson, director of the Institute for Fiscal Studies (IFS), said the about-turn on [...]
‘No one asked for this’: Dorries slams delays on Channel 4 sale, BBC licence fee and online safety bill October 3, 2022 Former Culture Secretary Nadine Dorries has slammed Liz Truss’ government for its inactivity surrounding the sale of Channel 4, the BBC licence fee review and online safety bill. Taking to Twitter, Dorries, who formerly backed Truss in the leadership race, wrote: “Widespread dismay at the fact that 3 years of work has effectively been put [...]
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 [...]
Canada defends redevelopment plans for Barbican October 3, 2022 A campaign group has slammed the “misinformed and misleading” data that has been used to justify demolishing two historic buildings in London’s Barbican. Canada Corporation has submitted plans to demolish the Museum of London and adjacent office block Bastion House after raising concerns over the safety of the buildings. But a new [...]
London’s summer heatwave sparked plunge in footfall as Mayor warns against climate crisis October 3, 2022 The summer heatwave saw London visitors plunge as commuters swap the City for the shade, says London Mayor Sadiq Khan. Speaking at the Reuters IMPACT Conference later today, the Mayor will reveal that on 18 July, when temperatures in London exceeded 35 degrees, there were 385,640 daytime workers in central London, when 518,000 workers would usually be [...]
Kwarteng to U-turn on scrapping 45p tax rate: ‘We get it – we have listened’ October 3, 2022 Chancellor Kwasi Kwarteng will U-turn on scrapping the 45p tax rate amid opposition from his own MPs and former ministers. The government is to row back on the policy following vocal opposition from former cabinet ministers Michael Gove and Grant Shapps. On Sunday, the Prime Minister said she was “absolutely committed” to the policy. Posting [...]
Kwarteng has no option but to stay the course on tax plans October 3, 2022 A few weeks into her new role Liz Truss and her Chancellor Kwasi Kwarteng would have been forgiven for thinking that Tory conference would have been something of a party. After all, Tory party members favoured her candidacy by some margin – even if Conservative MPs were more enamoured by the now extremely quiet Rishi [...]
Greater London boroughs most at risk of ‘monster’ mortgage rate hikes, say Lib Dems October 3, 2022 Greater London boroughs are most at risk as “monster” mortgage rate hikes loom, according to research by the Liberal Democrats. Sutton, Bexley, Kingston upon Thames and Redbridge are home to the highest proportion of properties owned with a mortgage, with one in three households ladened with the debt – far above the city average of [...]
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. [...]