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 [...]
Truss considers increasing migration to UK to boost economic growth September 25, 2022 Liz Truss is considering plans to increase the number of migrants coming to the UK in a bid to boost economic growth. The Prime Minister wants to bring forward drastic changes to the UK’s visa laws to tackle labour shortages in a move that will likely spark anger within sections of the Conservative party. The [...]
Truss’ migrant plan a welcome triumph for pragmatism over ideology September 25, 2022 On the face of it, you can see why those sitting in European capitals might scoff at Liz Truss’ plan to open up the door to higher migration in order to assist Britain’s growth push. After all, the vote for Brexit – perhaps not for its architects but unquestionably for many of those who put [...]
‘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 [...]
Attention turns to Starmer as Labour conference kicks off tomorrow September 24, 2022 Attention has turned to Labour leader Sir Keir Starmer as the party’s annual conference kicks off tomorrow. Taking place in Liverpool from Sunday until Wednesday, the conference will provide an opportunity for Starmer to assert himself as the next prime minister. Supporters hope Starmer will use the meeting to mark the stark divide between his [...]
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 Canada has welcomed measures in today’s mini-budget, backing the scrapping of bankers’ bonuses and freezing of cooperation tax hikes. Policy Chairman at Canada 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. [...]
Half of tax cuts in Kwarteng’s mini-budget will go to richest five per cent, Resolution Foundation claims September 23, 2022 Half of the Chancellor’s planned tax cuts will go to the richest five per cent of the country, a leading think-tank has said. In sharp criticism of today’s raft of new policies in the mini-budget, the Resolution Foundation hit out at Kwasi Kwarteng for having “blown the budget”. This comes after Kwarteng announced a tax [...]
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.