Kwasi Kwarteng expected to announce a huge U-turn following strong criticism of his mini-budget
Liz Truss was defending tax cuts only last night. At a party hosted by the Conservative 1922 Committee, she told guests:
Frankly, we haven’t made enough Conservative arguments for the past few years. Take taxes.
Taxes are not something that the government owns. They’re something that individuals work hard to create that income and we take it from them, so we have to be very careful about making sure what we take from them is value for money.
Suddenly, the approaching end of a typical two-year fixed-rate mortgage has become — like the freezing nights of January — a thing to be feared. Households that must count their budgets down to the last £20 are facing hikes in mortgage repayments potentially in the hundreds.
Yet, as all this is happening, the prime minister and her chancellor are pushing ahead with the abolition of the 45p income tax rate for those earning £150,000 or more. These are people, bankers and other professionals, who can shrug off almost anything the energy companies can throw at them. And now they are to be awarded annual windfalls of maybe £10,000.
Continue reading…Kwasi Kwarteng expected to announce a huge U-turn following strong criticism of his mini-budgetLiz Truss was defending tax cuts only last night. At a party hosted by the Conservative 1922 Committee, she told guests:Frankly, we haven’t made enough Conservative arguments for the past few years. Take taxes. Taxes are not something that the government owns. They’re something that individuals work hard to create that income and we take it from them, so we have to be very careful about making sure what we take from them is value for money. Suddenly, the approaching end of a typical two-year fixed-rate mortgage has become — like the freezing nights of January — a thing to be feared. Households that must count their budgets down to the last £20 are facing hikes in mortgage repayments potentially in the hundreds.Yet, as all this is happening, the prime minister and her chancellor are pushing ahead with the abolition of the 45p income tax rate for those earning £150,000 or more. These are people, bankers and other professionals, who can shrug off almost anything the energy companies can throw at them. And now they are to be awarded annual windfalls of maybe £10,000. Continue reading…