Chancellor Kwasi Kwarteng is to unveil his first financial statement
A mini Budget to deliver tax cuts promised by Liz Truss during her Tory leadership campaign will take place on Friday next week, it is understood.
Plans to hold the “fiscal event” this month were thrown into doubt by the death of Queen Elizabeth II.
The new PM has vowed to cut taxes to boost the economy and help people with rising living costs.
Chancellor Kwasi Kwarteng could also set out the estimated cost of plans to cap energy prices.
He will deliver his statement on Friday 23 September, four days after the Queen’s funeral and the end of the official national mourning period.
Parliament is suspended during the mourning period, with normal business due to resume on Thursday next week.
MPs are scheduled to begin a three-week break for party conferences the next day, although it is understood talks are underway about changing this.
Ms Truss has promised to use the fiscal event to undo the rise in National Insurance brought in by her predecessor Boris Johnson.
She has also said she would temporarily scrap green levies on energy bills, in a bid to bring down prices for consumers.
Energy price plan
The government is yet to give an estimated cost for its plan, unveiled hours before the Queen’s death was announced, to limit energy price rises.
The scheme, which would mean a typical household energy bill would cost around £2,500 annually until 2024, could cost up to £150bn.
The government is also yet to give details of a separate scheme to limit energy price rises for businesses.
Meanwhile, it has emerged the Treasury is considering removing a cap on bankers’ bonuses as part of a post-Brexit shake-up of City rules.
Sources say Mr Kwarteng considers it a way of making London a more attractive place for global banks to do business.
But critics have argued that uncapped bonuses lead to the kind of excessive risk taking that spawned the financial crisis of 2008.
I’m astonished that not only are they doing something, but are working on a Friday too
Chances of the policy taking effect on or around Friday?
Slim at best.
Shame really, because Im getting paid on Friday and could do with the extra cash being exempt from the NI Tax
The so called emergency budget, to cut taxes for the rich, cus that’s the emergency the country is facing right now….would have been nicer to call a general election
Emergency budget after emergency budget, now ‘mini budget’.
No criticism from BBC over the fact this lot just doesn’t follow due process, like giving people proper warning of what will happen to their bills or businesses, or tell us how much it costs, whether it works, and whether they are going to fund it from higher taxes or worse public services (if they can even get any worse)?
Instead lets just put the word “mini” in front of it and do whatever we like when we like…
I bet a month salary tax cut that mainly benefit the rich is the only thing Truss will push through the rest will nothing but lies and empty promises typically tories
Thank God, this is just what those poor corporations need in these trying times, tax cuts.
There will be not only nothing left in the public purse after the Tories, but there’ll be no revenue generation.
Labour will have to become the big bad “tax and spend” boogyman as soon as they come in to save the public service from complete collapse.
8 comments
Chancellor Kwasi Kwarteng is to unveil his first financial statement
A mini Budget to deliver tax cuts promised by Liz Truss during her Tory leadership campaign will take place on Friday next week, it is understood.
Plans to hold the “fiscal event” this month were thrown into doubt by the death of Queen Elizabeth II.
The new PM has vowed to cut taxes to boost the economy and help people with rising living costs.
Chancellor Kwasi Kwarteng could also set out the estimated cost of plans to cap energy prices.
He will deliver his statement on Friday 23 September, four days after the Queen’s funeral and the end of the official national mourning period.
Parliament is suspended during the mourning period, with normal business due to resume on Thursday next week.
MPs are scheduled to begin a three-week break for party conferences the next day, although it is understood talks are underway about changing this.
Ms Truss has promised to use the fiscal event to undo the rise in National Insurance brought in by her predecessor Boris Johnson.
She has also said she would temporarily scrap green levies on energy bills, in a bid to bring down prices for consumers.
Energy price plan
The government is yet to give an estimated cost for its plan, unveiled hours before the Queen’s death was announced, to limit energy price rises.
The scheme, which would mean a typical household energy bill would cost around £2,500 annually until 2024, could cost up to £150bn.
The government is also yet to give details of a separate scheme to limit energy price rises for businesses.
Meanwhile, it has emerged the Treasury is considering removing a cap on bankers’ bonuses as part of a post-Brexit shake-up of City rules.
Sources say Mr Kwarteng considers it a way of making London a more attractive place for global banks to do business.
But critics have argued that uncapped bonuses lead to the kind of excessive risk taking that spawned the financial crisis of 2008.
I’m astonished that not only are they doing something, but are working on a Friday too
Chances of the policy taking effect on or around Friday?
Slim at best.
Shame really, because Im getting paid on Friday and could do with the extra cash being exempt from the NI Tax
The so called emergency budget, to cut taxes for the rich, cus that’s the emergency the country is facing right now….would have been nicer to call a general election
Emergency budget after emergency budget, now ‘mini budget’.
No criticism from BBC over the fact this lot just doesn’t follow due process, like giving people proper warning of what will happen to their bills or businesses, or tell us how much it costs, whether it works, and whether they are going to fund it from higher taxes or worse public services (if they can even get any worse)?
Instead lets just put the word “mini” in front of it and do whatever we like when we like…
I bet a month salary tax cut that mainly benefit the rich is the only thing Truss will push through the rest will nothing but lies and empty promises typically tories
Thank God, this is just what those poor corporations need in these trying times, tax cuts.
There will be not only nothing left in the public purse after the Tories, but there’ll be no revenue generation.
Labour will have to become the big bad “tax and spend” boogyman as soon as they come in to save the public service from complete collapse.