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.
22.09.2022 - 20:49 / manchestereveningnews.co.uk
Prime Minister Liz Truss and Chancellor Kwasi Kwarteng are set to deliver a 'mini budget' on Friday (September 22) to detail the government's plans to tackle the soaring cost of living.
Ms Truss has previously pledged to hold an "emergency budget" within weeks of becoming leader of the Conservative Party, however, plans were forced to wait in light of Queen Elizabeth II's death. Friday's 'mini budget' will not hold the same weight and significance as a full Budget - meaning it will likely emit any changes to duties on cigarettes, alcohol, and fuel.
It is believed that the announcement will focus on tax-cutting, boosting investment and driving growth. Kwarteng is expected to use the “fiscal event” to set out details of how the government will fund the energy price freeze announced earlier this month by Truss, while confirming plans to scrap the planned increase in corporation tax and reverse the hike in national insurance.
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The government is avoiding the term Budget for Friday's event because it will mean there will be no requirement for the Office for Budget Responsibility to produce forecasts of how the plans will affect public spending and borrowing. However, it has been reported that Ms Truss will borrow as much as £150 billion to fund the two-year energy bill freeze she previously announced. Ms Truss has said the cost to the taxpayer is “not what has been projected”.
Here is everything we know ahead of the the announcement...
Earlier this month, Truss announced that domestic energy bills will be frozen at £2,500 as part of "two year energy price guarantee" to alleviate households'
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.
Stacey Solomon has admitted that she may struggle to pay her energy bills this winter amid the cost of living crisis.
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.
Households will be dealt another blow tomorrow when the cost of energy bills is hiked again. The government's £2,500 energy price guarantee comes into effect from October 1, increasing the average household bill by around £500, from the current cap of £1,971.
The independent fiscal watchdog will deliver a forecast to the Chancellor next week as the fall-out from the mini-budget continues.
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The Chancellor unveiled a new wave of economic measures being introduced by the government in the House of Commons today.
The UK is heading for the biggest era of borrowing and tax cuts since the 1980s after Tory Chancellor Kwasi Kwarteng slashed corporate and personal tax rates for the very rich.
Chancellor Kwasi Kwarteng will deliver a variety of economic measures today as the government introduces a mini-budget to tackle the cost of living crisis.