Ian Blackford has accused Liz Truss of "ignoring the damage and the chaos" of her mini-budget that plunged the markets into turmoil due to her unfunded tax cuts.
23.09.2022 - 13:13 / manchestereveningnews.co.uk
The Chancellor unveiled a new wave of economic measures being introduced by the government in the House of Commons today.
Kwasi Kwarteng claimed the government will take “difficult decisions” to drive up economic growth as he announced his mini-budget.
He told MPs: “As a Government, we will focus on growth – even where that means taking difficult decisions. None of this is going to happen overnight.
Read more: LIVE Kwasi Kwarteng unveils major tax cuts and stamp duty hikes in mini budget - updates
“But today we are publishing our growth plan that sets out a new approach for this new era, built around three priorities: reforming the supply-side of the economy, maintaining responsible approach to public finances, and cutting taxes to boost growth.”
Mr Kwarteng said the Government will set out its fiscal approach more fully in future and the Office for Budget Responsibility will publish an economic and fiscal forecast before the end of the year, with a second to follow in the new year.
Here's how the government's financial plan announcements may affect you.
The basic rate of income tax will be cut to 19p a year earlier than previously planned from April 2023. Furthermore, the 45 per cent higher rate will be "abolished" and replaced with a single higher rate of 40 per cent.
The government claims that this removes the UK's position as having top rate tax when compared to other countries such as Norway, USA, and Italy while helping to attract a more innovative workforce. However, what this actually means for workers is that less money will be taken out of your personal income and other income sources.
Mr Kwarteng told MPs:" I'm not going to cut the additional rate of tax today. I’m going to abolish it altogether.
“From April
Ian Blackford has accused Liz Truss of "ignoring the damage and the chaos" of her mini-budget that plunged the markets into turmoil due to her unfunded tax cuts.
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Liz Truss has admitted she could have done a "better job" over her tax-slashing mini budget that plunged the UK economy into turmoil.
Prime Minister Liz Truss admitted that it will be a “difficult winter” for the UK hours before the new energy price cap came into force from today (Saturday, October 1). But she defended the mini-budget revealed earlier this week despite the “disruption” the plans caused.
The Scottish Government has asked for an urgent meeting with the Chancellor to discuss "reversing the damaging effects of the UK Government's tax proposals".
The independent fiscal watchdog will deliver a forecast to the Chancellor next week as the fall-out from the mini-budget continues.
Hundreds of mortgage deals have vanished from the market in recent days amid wider economic turmoil.
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The pound has hit an all-time low against the dollar while Chancellor Kwasi Kwarteng has defended his tax cuts, which benefit high earners most. Sterling slumped last Friday (September 23) moments after the new Chancellor revealed his 'mini-budget' in the House of Commons.
the Energy Bill Relief Scheme “will reduce wholesale gas and electricity prices”. “This will provide a price guarantee equivalent to the one provided for households,” Kwarteng said.As announced earlier this week, the scheme will offer discounts for all firms for a six-month period from October 1.
Labour leaders in Greater Manchester have been reacting with anger to the mini-budget announced by the government this morning. Kwasi Kwarteng lifted the cap on bankers bonuses and scrapped the highest tax rate for those earning £150k a year, as well as a raft of other tax cuts, in a controversial budget today.
The government has outlined its mini-budget and, despite what its name suggests, the announcement was far from small and featured lots of changes that will affect people up and down the country. In particular, one big shake-up is coming to those on Universal Credit, with Chancellor Kwasi Kwarteng revealing that more than 100,000 people on benefits are likely to be affected by the change.
The UK Government has a new prime minister in Liz Truss and a new Chancellor in Kwasi Kwarteng.