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On 23 September 2022, the Chancellor of the Exchequer, Kwasi Kwarteng, delivered a Ministerial Statement entitled "The Growth Plan" to the House of Commons. [1] [2] Widely referred to in the media as a mini-budget (it not being an official budget statement), it contained a set of economic policies and tax cuts such as bringing forward the planned 1% cut in the basic rate of income tax to 19% ...
From dizzying tax U-turns to Britain's fourth chancellor this year. Here's what has happened as the government descends into chaos.
ANALYSIS : Ignore the comparisons, writes Howard Mustoe – any suggestions that market concerns over Rachel Reeves’s Budget bear any similarity to the chaos that followed Liz Truss’s economic ...
The budget watchdog will have new powers to publish an assessment of major government tax and spending changes. Law introduced to strengthen OBR and prevent repeat of Truss mini-budget Skip to ...
Mini-budget may refer to: July 2020 United Kingdom summer statement, also known as the Coronavirus mini-budget; September 2020 United Kingdom Winter Economy Plan, sometimes referred to as a mini-budget; September 2022 United Kingdom mini-budget, a fiscal event that led to market disruption and the fall of the Liz Truss government
In September and October 2022, the Conservative Party government led by newly appointed prime minister Liz Truss faced a credibility crisis. It was caused by the September 2022 mini-budget and a disorganised vote in the House of Commons over a parliamentary motion to ban fracking, ultimately resulting in the loss of support of Conservative members of parliament (MPs).
Treasury minister Darren Jones suggested the UK had ‘PTSD’ from Liz Truss’s mini budget, amid jitters from markets. Budget market reaction ‘very different’ from Liz Truss turmoil ...
Liz Truss has blamed the economy spiralling after her disastrous mini-budget last September on the "reaction" to her policies. "There was a reaction from the political and economic establishment ...