UK’s Truss says she’ll slash taxes despite economic crisis
2 years, 3 months ago

UK’s Truss says she’ll slash taxes despite economic crisis

Associated Press  

NEW YORK — U.K. Prime Minister Liz Truss said Tuesday that she’s ready to make “unpopular decisions” such as boosting bonuses for wealthy bankers in order to get the country’s sluggish economy growing. So corporation tax needs to be competitive with other countries so that we can attract that investment.” Truss, who has been prime minister for just two weeks — a period overshadowed by the death of Queen Elizabeth II — faces immediate pressure to deliver on her promises to tackle a cost-of-living crisis walloping the U.K. and an economy heading into a potentially lengthy recession. What I don’t accept is the idea that tax cuts for business don’t help people in general.” Truss denied her plans would hurt the already battered U.K. economy. She said her priority was getting the “economic fundamentals right.” She acknowledged the U.K. faces “incredibly tough” economic times, driven by Russia’s invasion of Ukraine, which has sent global energy prices soaring.

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History of this topic

UK’s glum Conservatives try to shift the mood with a promise of tax cuts as polling day nears
6 months, 2 weeks ago

UK’s glum Conservatives try to shift the mood with a promise of tax cuts as polling day nears

Associated Press  

LONDON — Prime Minister Rishi Sunak on Tuesday implored British voters, and his own party, to throw him a lifeline in the U.K.'s election, pledging to cut taxes and reduce immigration if his Conservative Party is reelected on July 4. With the Conservatives trailing the left-of-center Labour Party in opinion polls, Sunak acknowledged that “people are frustrated with our party …

Labour WILL need to raise taxes if it wins the election and wants to avoid cutting public services, according to experts who say the current situation is 'unsustainable'
8 months, 1 week ago

Labour WILL need to raise taxes if it wins the election and wants to avoid cutting public services, according to experts who say the current situation is 'unsustainable'

Daily Mail  

Labour will have to raises taxes yet further to maintain the UK's current level of public spending if it wants to avoid adding to the UK's already huge debt mountain, experts warned today. Despite a huge increase in tax revenues in recent years it is still not keeping up with the growth in public spending, the respected Institute for Fiscal …

The facts that prove Trussonomics was always doomed to fail
8 months, 1 week ago

The facts that prove Trussonomics was always doomed to fail

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Former prime minister Liz Truss sat alongside her former friend …

U.K. Finance Minister dampens down hopes of tax cuts as election looms
9 months, 3 weeks ago

U.K. Finance Minister dampens down hopes of tax cuts as election looms

The Hindu  

British Finance Minister Jeremy Hunt on March 3 talked down the likelihood of tax cuts in this week’s budget, pledging “prudent and responsible” measures “for long term growth”. The Chancellor of the Exchequer had been widely expected to cut taxes in Wednesday’s budget, in a move seen as a way of closing the gap on the main Opposition Labour Party …

Britain’s Conservative government pushes tax cuts in hopes of bolstering electoral chances
1 year, 1 month ago

Britain’s Conservative government pushes tax cuts in hopes of bolstering electoral chances

Associated Press  

LONDON — Britain’s Conservative government sought to regain the political initiative Wednesday with a series of tax cuts for businesses and individuals that it hopes will bolster its chances in a national election next year that opinion polls suggest it will lose. Treasury chief Jeremy Hunt said the British economy “had turned a corner,” with inflation and government borrowing down, …

UK Treasury chief signals tax cuts and a squeeze on welfare benefits are on the way
1 year, 1 month ago

UK Treasury chief signals tax cuts and a squeeze on welfare benefits are on the way

Associated Press  

LONDON — U.K. Treasury chief Jeremy Hunt says the government can afford to lower some taxes now that inflation is falling, but that any cuts will come along with a squeeze on welfare benefits. Hunt told Saturday’s Daily Telegraph newspaper that the British economy had “turned the corner.” He said that “there is a path to reducing the tax burden, …

Economic boost for Sunak - but fresh tax cuts calls erupt
1 year, 2 months ago

Economic boost for Sunak - but fresh tax cuts calls erupt

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Treasury minister Andrew Griffith said they were "not for the moment" when asked about the …

Tory tax cuts pressure group ‘has enough members to defeat Government’
1 year, 10 months ago

Tory tax cuts pressure group ‘has enough members to defeat Government’

The Telegraph  

A Tory pro-tax cuts pressure group led by allies of Liz Truss claims to have more than 50 MPs signed up, theoretically giving it the numbers to inflict defeats on the Government. The Conservative Growth Group even has some “shadow members” who are ministers helping to lobby from inside the Government, according to sources in the group. Weekly meetings are …

Business chiefs clamour for action after Bank of England governor gives upbeat verdict on economy
1 year, 11 months ago

Business chiefs clamour for action after Bank of England governor gives upbeat verdict on economy

Daily Mail  

Rishi Sunak faced fresh pressure to cut taxes last night after the Bank of England said Britain had ‘turned a corner’ on inflation. The Prime Minister risked a backlash yesterday by suggesting only ‘idiots’ would not understand why he was refusing to cut taxes when inflation remained high and the public finances were still recovering from Covid spending. The Prime …

UK’s New Finance Minister Reverses All Of Liz Truss’ Tax Cuts
2 years, 2 months ago

UK’s New Finance Minister Reverses All Of Liz Truss’ Tax Cuts

ABP News  

Britain’s new Chancellor of the Exchequer, Jeremy Hunt, on Monday reversed entirely all of British Prime Minister Liz Truss’ tax cuts and scaled back the expensive energy bills support in an emergency fiscal statement. After meetings with Prime Minister Liz Truss at her Chequers country retreat and the Governor of the Bank of England, Andrew Bailey, on Sunday, the new …

I’ve seen a WhatsApp message setting out the future Tory leadership – and it’s brutal
2 years, 2 months ago

I’ve seen a WhatsApp message setting out the future Tory leadership – and it’s brutal

The Telegraph  

Liz Truss is no longer leading. Jeremy Hunt’s statement at 11am on Monday was part of a carefully coordinated effort to reassure the markets that there would be no more policy surprises to spook bond traders. It was barely half the length of Ms Truss’s ill-fated press conference to defend the sacking of Kwasi Kwarteng, her Chancellor, on Friday – …

Fuel to the fire: On the Liz Truss government’s missteps
2 years, 2 months ago

Fuel to the fire: On the Liz Truss government’s missteps

The Hindu  

The United Kingdom is fast becoming a cautionary tale for how bad politics can lead to even worse economics. Prime Minister Liz Truss was once seen as a new hope for breathing life back into the sinking fortunes of the U.K. Conservative Party after its previous leader, Boris Johnson, squandered the goodwill of success with the COVID-19 vaccine programme and …

UK’s Truss drops tax cuts, axes Treasury chief amid turmoil
2 years, 2 months ago

UK’s Truss drops tax cuts, axes Treasury chief amid turmoil

Associated Press  

LONDON — Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on a major part of her tax-cutting economic plan Friday as she struggled to hang on to her job after weeks of turmoil on financial markets. Truss is trying to restore confidence and rebuild her credibility with international investors and members of her own party …

Truss promises £19bn extra taxes for big companies after U-turn
2 years, 2 months ago

Truss promises £19bn extra taxes for big companies after U-turn

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But the U-turn will barely cover a third of …

Expectation of major Truss U-turn grows as pressure on PM builds
2 years, 2 months ago

Expectation of major Truss U-turn grows as pressure on PM builds

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Speculation was fuelled further when the Chancellor, in an …

Liz Truss ditches another big tax cut and fires her finance minister
2 years, 2 months ago

Liz Truss ditches another big tax cut and fires her finance minister

CNN  

London CNN Business — UK Prime Minister Liz Truss has fired finance minister Kwasi Kwarteng and ditched a big part of her discredited economic strategy in a desperate bid to rescue her month-old premiership. Kwarteng presented a “mini budget” just three weeks ago, promising tax cuts worth £45 billion and increased borrowing with the hope of boosting UK economic growth. …

UK PM Truss under pressure to ditch economic plan
2 years, 2 months ago

UK PM Truss under pressure to ditch economic plan

The Hindu  

A senior member of the U.K. government on Thursday rejected suggestions that Prime Minister Liz Truss should step down after lawmakers from her own party criticized Ms. Truss for economic policies that have sparked turmoil on financial markets. Ms. Truss has “trashed the last 10 years of workers’ Conservatism,” British media quoted Robert Halfon, chairman of the House of Commons …

Kwasi Kwarteng insists: ‘I’m not going anywhere’ as Liz Truss set to reverse tax cut
2 years, 2 months ago

Kwasi Kwarteng insists: ‘I’m not going anywhere’ as Liz Truss set to reverse tax cut

The Telegraph  

Alterations to the mini-Budget could be announced within days rather than waiting for the wider “medium-term fiscal plan” on Oct 31, it is understood. I speak to the Prime Minister constantly about measures that will help economic growth, and that’s what we’ve been focused on.” On his future, Mr Kwarteng said: “I’m not going anywhere. I really enjoy Number 11.” …

UK markets roiled after bank rules out extending help
2 years, 2 months ago

UK markets roiled after bank rules out extending help

Associated Press  

LONDON — Britain’s economy faced new shocks Wednesday after the Bank of England ruled out extending an emergency debt-buying plan – and the Conservative government appeared to blame the independent central bank for the U.K.’s economic turmoil. The central bank took emergency action after the British government on Sept. 23 announced plans for 45 billion pounds in tax cuts without …

UK’s Truss promises Tories her ‘disruption’ agenda will pay off
2 years, 2 months ago

UK’s Truss promises Tories her ‘disruption’ agenda will pay off

Al Jazeera  

The British leader closes a Conservative Party conference with a pledge to ride out the turmoil unleashed by her tax-cutting agenda. UK Prime Minister Liz Truss has pledged to ride out the turmoil unleashed by her tax-cutting agenda, saying the “disruption” will pay off in a wealthier, more efficient Britain. Truss on Wednesday closed a tumultuous Conservative Party conference in …

U.K.’s Truss refuses to rule out welfare cuts to fund economic plan
2 years, 2 months ago

U.K.’s Truss refuses to rule out welfare cuts to fund economic plan

The Hindu  

Britain’s new Prime Minister Liz Truss triggered a fresh row in her party on Tuesday by suggesting that she could limit increases in benefit payments by less than soaring inflation as she seeks ways to fund her tax-cutting growth plan. Seeking to snap Britain out of more than 10 years of economic stagnation, Ms. Truss and her finance minister Kwasi …

Truss’s privately educated cabinet has no concept of the reality of benefits – but I do
2 years, 2 months ago

Truss’s privately educated cabinet has no concept of the reality of benefits – but I do

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. “You’re supposed to do nine…” The …

UK scraps tax cut for wealthy that sparked market turmoil
2 years, 2 months ago

UK scraps tax cut for wealthy that sparked market turmoil

Associated Press  

BIRMINGHAM, England — The U.K. government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows. We have a plan and we need to get on and deliver it.” The turnaround came after a growing …

Gove joins assault on Liz Truss package of tax cuts for the rich
2 years, 2 months ago

Gove joins assault on Liz Truss package of tax cuts for the rich

The Independent  

The former cabinet minister Michael Gove has heavily criticised Liz Truss’s plans for tax cuts for the rich, saying her unfunded £45bn package had the “wrong values” and was not Conservative. not least because it is being paid for with borrowed money.” And there was a furious response from backbenchers to Tory chair Jake Berry’s warning that rebels would be …

UK scraps tax cut for wealthy that sparked market turmoil
2 years, 2 months ago

UK scraps tax cut for wealthy that sparked market turmoil

Deccan Chronicle  

Birmingham: The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. In a dramatic about-face, Treasury chief Kwasi Kwarteng said on Monday that he would abandon plans to scrap the top 45 per cent rate of income …

U.K. scraps tax cut for wealthy that sparked market turmoil
2 years, 2 months ago

U.K. scraps tax cut for wealthy that sparked market turmoil

The Hindu  

British Prime Minister Liz Truss was forced on October 3 into a humiliating U-turn, reversing plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets. Ms. Truss, and her Finance Minister Kwasi Kwarteng, announced a new “growth plan” on Sept. 23 that would cut taxes and regulation, …

UK government makes tax cut U-turn after market turmoil
2 years, 2 months ago

UK government makes tax cut U-turn after market turmoil

Al Jazeera  

The United Kingdom’s government has reversed plans to cut the country’s highest rate of income tax, marking a humiliating U-turn for Prime Minister Liz Truss’s new administration. Announcing the government’s U-turn, Kwarteng said the proposal to slash the top rate – which made up about 2 billion pounds out of the overall 45 billion pounds tax-cutting plan – had “become …

UK PM Liz Truss U-turns on tax cut for wealthiest to avert rebellion within own party
2 years, 2 months ago

UK PM Liz Truss U-turns on tax cut for wealthiest to avert rebellion within own party

India TV News  

The new Liz Truss-led UK government on Monday made an embarrassing U-turn on its central plank of tax cuts by withdrawing a controversial policy to abolish the topmost income tax slab for the wealthiest, following market turmoil and to avert a feared rebellion within the governing Conservative Party. Chancellor Kwasi Kwarteng declared that the announcement in his mini-budget of a …

UK Chancellor Kwasi Kwarteng to double down on tax cuts, promise fiscal responsibility
2 years, 2 months ago

UK Chancellor Kwasi Kwarteng to double down on tax cuts, promise fiscal responsibility

ABC  

The UK chancellor will double down on tax cuts in a speech a week after his mini-budget sent markets into a tailspin. Key points: Kwasi Kwarteng will vow to "stay the course" on planned tax cuts He and the prime minister have had to defend their plan after the pound hit record lows The mini-budget also prompted an emergency intervention …

‘Get new job’ or cut back, Tory chair tells struggling Britons
2 years, 2 months ago

‘Get new job’ or cut back, Tory chair tells struggling Britons

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Mr Berry added: “That’s the approach the government is taking in trying to create growth.” …

Liz Truss does not rule out real-term benefits cuts but guarantees pension hike
2 years, 2 months ago

Liz Truss does not rule out real-term benefits cuts but guarantees pension hike

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Liz Truss has refused to …

UK’s Truss defends economic plan that sent pound tumbling
2 years, 2 months ago

UK’s Truss defends economic plan that sent pound tumbling

Associated Press  

LONDON — British Prime Minister Liz Truss on Thursday defended her divisive economic plan and shrugged off the turmoil it has stirred in financial markets, saying she’s willing to make “controversial and difficult decisions” to get the U.K. economy growing. In her first public comments since her Conservative government announced billions in unfunded tax cuts last Friday that drove the …

Liz Truss government ‘undercutting’ institutions, says ex-Bank of England governor
2 years, 2 months ago

Liz Truss government ‘undercutting’ institutions, says ex-Bank of England governor

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Liz Truss’s government has been “undercutting” the UK’s economic institutions with …

What Rishi Sunak predicted about Liz Truss’s ‘fairytale’ economic plans
2 years, 2 months ago

What Rishi Sunak predicted about Liz Truss’s ‘fairytale’ economic plans

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak is reported to be avoiding Conservative party conference this …

PM Liz Truss defends uncosted UK tax cuts despite market turmoil
2 years, 2 months ago

PM Liz Truss defends uncosted UK tax cuts despite market turmoil

Al Jazeera  

Truss says big tax cuts are the right path for the UK, refusing to consider reversing the so-called ‘mini budget’. British Prime Minister Liz Truss has defended her economic plan and shrugged off the negative reaction from financial markets, saying she is willing to make “difficult decisions” to get the economy growing. In her first public comments since the government’s …

British pound, bonds roiled as tax-cut plans spook investors
2 years, 2 months ago

British pound, bonds roiled as tax-cut plans spook investors

Live Mint  

The selloff in U.K. financial markets accelerated on investors’ worries that the country’s largest tax cuts in decades would spark higher inflation and put government finances at risk. The market turbulence is shaping up as a major challenge for new U.K. Prime Minister Liz Truss, whose government has taken a sharp U-turn on economic policy compared with previous Conservative governments …

'More tax cuts to come' in the next year, says Kwasi Kwarteng
2 years, 3 months ago

'More tax cuts to come' in the next year, says Kwasi Kwarteng

The Telegraph  

Defending his decision to impose tax cuts during a cost-of-living crisis amid criticism from Labour and Left-wing commentators, the Chancellor added: “In terms of our approach, there was no way that we were going to get more growth by simply increasing taxes and taking more of people's money. We talked about it and we thought we've got to change tack.” …

Truss defends tax cuts in pursuit of ‘decade of dynamism’
2 years, 3 months ago

Truss defends tax cuts in pursuit of ‘decade of dynamism’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Liz Truss has vowed to …

U.K. slashes personal, corporate taxes in bid to spur economic growth
2 years, 3 months ago

U.K. slashes personal, corporate taxes in bid to spur economic growth

The Hindu  

Britain’s new government on September 23 announced a sweeping plan of tax cuts it said would be funded by borrowing and revenues generated by anticipated growth, as part of contentious moves to combat the cost-of-living crisis and bolster a faltering economy. The government’s two-pronged approach offers short-term help for homes and businesses struggling with soaring energy costs while betting that …

Liz Truss defends controversial tax cuts as pound plummets
2 years, 3 months ago

Liz Truss defends controversial tax cuts as pound plummets

CNN  

London CNN — Liz Truss has defended her government’s controversial announcement to cut taxes for citizens and businesses in an exclusive interview with CNN’s Jake Tapper. Truss told Tapper that by cutting taxes, her government was “incentivizing businesses to invest and we’re also helping ordinary people with their taxes.” While the cuts were expected, critics warn that they will be …

The path to growth under Truss is far from certain
2 years, 3 months ago

The path to growth under Truss is far from certain

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Most continental European countries were around 45 per cent, …

Truss falls back on Thatcherism that excites her base – but alienates most voters
2 years, 3 months ago

Truss falls back on Thatcherism that excites her base – but alienates most voters

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. When Truss tells the country that …

Liz Truss admits tax cuts will initially benefit rich more than poor
2 years, 3 months ago

Liz Truss admits tax cuts will initially benefit rich more than poor

The Telegraph  

Liz Truss has admitted her tax cuts will initially benefit the rich more than the poor. In an interview with Sky News on the 102nd floor observatory of the Empire State Building, Ms Truss said: “I don’t accept this argument that cutting taxes is somehow unfair. “What we know is people on higher incomes generally pay more tax so when …

UK's Liz Truss says she'll slash taxes despite economic crisis
2 years, 3 months ago

UK's Liz Truss says she'll slash taxes despite economic crisis

India TV News  

Highlights Tax cuts will be beneficial for the wealthiest more than the poorest. She has already announced a cap on household energy bills Critics say her pro-free market, low-tax economic views, inspired by the likes of Margaret Thatcher UK Prime Minister Liz Truss said Tuesday that she's ready to make “unpopular decisions” such as boosting bonuses for wealthy bankers in …

U.K. government to cap domestic energy prices, Truss announces
2 years, 3 months ago

U.K. government to cap domestic energy prices, Truss announces

The Hindu  

British Prime Minister Liz Truss said Thursday that her government will cap domestic energy prices for homes and businesses to ease a cost-of-living crisis that has left people and businesses across the U.K. facing a bleak winter. Ms. Truss told lawmakers in Parliament that the two-year “energy price guarantee” means average household bills will be no more than 2,500 pounds …

UK leader Truss vows energy relief, rules out windfall tax
2 years, 3 months ago

UK leader Truss vows energy relief, rules out windfall tax

Associated Press  

LONDON — Newly installed U.K. Prime Minister Liz Truss told Parliament on Wednesday that she would tackle Britain’s “very serious” energy crisis while still slashing taxes, ruling out imposing a windfall levy on oil companies to pay for her plans to offset the soaring cost of heating and electricity. Instead, the cost of price relief will have to be paid …

Thanks for the shout-out, Liz Truss. Now, get on and tax the rich
2 years, 3 months ago

Thanks for the shout-out, Liz Truss. Now, get on and tax the rich

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy If you …

Will new Prime Minister Liz Truss be able to revive UK's crippling economy?
2 years, 3 months ago

Will new Prime Minister Liz Truss be able to revive UK's crippling economy?

Firstpost  

The UK economy is facing a recession by the end of this year, with virtually no economic growth predicted until 2024. This will hit public services like health, education and policing Liz Truss may have won the battle to become Britain’s next prime minister, but don’t expect much time for her to settle into office. For example, Truss’s suggestion of …

Tax cuts that could give high earners nearly £2,000 are ‘fair’, Truss says
2 years, 3 months ago

Tax cuts that could give high earners nearly £2,000 are ‘fair’, Truss says

The Independent  

Liz Truss has described as “fair” tax cuts which could hand nearly £2,000 to high earners, as a former Conservative chancellor warned they would stoke already soaring inflation. Many Tory MPs privately also admit they fear Ms Truss’s plans will exacerbate inflation at a time when experts already predict it could reach as high as 22 per cent. Lord Hammond …

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