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Tag: mini-budget statement

  • Labour has no plans to raise income taxes

    Reeves is asked if she believes Labour can close all of the tax loopholes necessary to fund public services.

    She asserts that “there’s an awful lot you can get,” including windfall taxes, the global minimum rate of corporation tax, and changes to non-dom status proposed by Labour.

    She says: “The Tories keep coming back to working people and asking them to pay more and do little to close these loopholes that mean some of most wealthy people and businesses in society are still not paying their fair share.”

    She adds: “That is the difference between what Jeremy Hunt will be doing on Thursday and what I would be doing if I was Chancellor of the Exchequer.”

    Asked if that’s a guarantee that Labour would not put income taxes up, she says: “I’m not going to write my manifesto for the Labour Party on this programme but I’ve got no plans to increase income tax.”

     

  • UK government bonds boosted by Truss news

    The news that Prime Minister Liz Truss will hold a press conference on the economy later today sent UK government bonds climbing.

    The bonds are issued by the government to raise money and in return, it pays interest on them. The higher the price of the bonds, the lower the interest rate it pays, known as the yield.

    The bond price fell after September’s mini-budget, causing yields to climb to their higher level since the financial crash in 2008, as investors demanded higher returns to lend to the UK.

    Yields on 30-year UK bonds hit 5.17% on 28 September in the aftermath of the mini-budget. Today’s news sent them tumbling to as low as 4.22%.

    However, that’s still some way above the level they were at the day before the mini-budget on 23 September – then they stood at 3.59%.

    DISCLAIMER: Independentghana.com will not be liable for any inaccuracies contained in this article. The views expressed in the article are solely those of the author’s and do not reflect those of The Independent Ghana

    Source: BBC.com

     

  • Chancellor Kwasi Kwarteng delivers his mini-budget statement to MPs, here’s the key points

    Mr Kwarteng began his remarks by telling the Commons that energy costs were taking a big toll: “People need to know that help is coming”.

    • Household bills to be cut by an expected £1,400 this year with aid from energy price guarantee and £400 grant.

    Millions of the most vulnerable households will receive additional payments, taking their total savings this year to £2,200.

    • Total cost of energy package, including business support, over next six months estimated at £60bn. It is “entirely appropriate for the government to use our borrowing powers to fund temporary measures to support families and businesses”.

    • Bank of England independence is “sacrosanct”.

    • Government to 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.
    • Will legislate to require trade unions to put pay offers to a member vote so strikes can only be called once negotiations have fully broken down.
    • To cut taxes for businesses in designated tax sites for 10 years to support investment, jobs and growth.
    • The cap on bankers’ bonuses is to be lifted as part of efforts to “reaffirm” the UK’s status as a financial services hub.
    Source:skynews.com