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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).
The Financial Times reported in May 2022 that the crisis caused UK consumer confidence to fall to its lowest level since 1974. [21] In June, charities had reported the crisis is affecting people's mental health, with one publishing a survey where 9% of responding parents had said their children had begun self-harming. [22] [23]
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% ...
GDP per capita began to fall in Q2 2022, the longest run of falls or stagnation by that metric since 1955. By February 2024 GDP per capita had shrunk by 4.2% compared to its pre- cost of living crisis peak. [24] The growth in population from record-high immigration had offset this decline in the overall GDP statistics in 2022 and early 2023 ...
The Pensions and Lifetime Savings Association urged the Bank of England to continue emergency bond purchases through at least the end of October.
That statement, outlined in September 2022 by Kwarteng, had been a programme of low taxation and high spending worth £45bn which it was hoped would promote economic growth, but had instead it led to economic turmoil, a weaker pound and financial intervention in the UK's bond markets by the Bank of England to prevent them from collapsing. With ...
The Financial Conduct Authority (FCA) said the average interest paid on easy-access savings accounts increased to 2.11% in June, up from 1.66% in July 2023, just before it published a review.
Knowing that they don’t want a financial crisis to occur on their watch, they should appoint people who want to do more than act as stewards for a failing system, and marshal the resources to ...