NewsWorldUnited Kingdom: Liz Truss unveils tax measures in a...

United Kingdom: Liz Truss unveils tax measures in a vague budget

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Published on: 23/09/2022 – 20:58 The government of Liz Truss unveiled, on Friday, a series of budgetary measures combining aid for energy bills and tax cuts targeting the wealthiest. The cost of these measures has not been fully disclosed and raises fears of a slippage in public finances. The new government of Liz Truss unveiled a series of budgetary measures on Friday, September 23, combining massive aid for energy bills in the midst of a crisis in the cost of living and all-out tax cuts targeting the wealthiest, the dizzying cost of which does not has not been fully revealed and raises fears of a serious slippage in public finances. A sign of concern about the United Kingdom’s ability to finance this tax package, estimated by economists at more than 100 billion pounds, or even for some at double, ten-year borrowing rates jumped to their highest in 11 years. The pound sterling nosedived for its part on Friday, falling successively below the thresholds of 1.2 then 1.1 dollar, the lowest since 1985, and very close to its historic low reached the same year. The British economic picture darkens: inflation at almost 10%, the highest in the G7, consumer confidence at the lowest level ever recorded, and an economy probablyin recession, according to the Bank of England or predictive indices such as the PMI. The new Chancellor of the Exchequer (Finance Minister) Kwasi Kwarteng has not skimped on measures to try to revive activity. During the worst energy crisis in generations, this government is with the people,” he said during a presentation of the plan to parliament, adding that he wanted to “reform the supply side of the “economy” by “lowering taxes to boost growth”. “This is how we will reverse the vicious circle of stagnation”, he insisted. energy are frozen for two years, at 2,500 pounds for an average household, a rebate of at least 1,000 pounds financed by the government. Companies are not left out and see their bills covered for around half for six months. Gas and electricity prices have soared since the start of the war in Ukraine, due to limitations in the supply of hydrocarbons from Russia, while the United Kingdom is particularly dependent on gas. This massive support for energy bills should cost 60 billion pounds for the first six months, quantified Kwasi Kwarteng. harmful”The cocktail of measures also includes generous tax cuts, reversing in particular the increases decided by the previous Conservative government, and which will mainly benefit the richest: lowering of social security contributions, of the tax on real estate transactions, of the rate maximum income tax, and suspension of certain ecological levies. Claiming to be heralds of post-Brexit deregulation, Prime Minister Liz Truss and Kwasi Kwarteng have also put an end to the limits on bank bonuses inherited from European regulations .A reduction in VAT for foreign tourists has also been decided to stimulate tourism.Documents published by the Treasury estimate the total tax cuts until March 2024 at more than 30 billion pounds. The employers’ union CBI welcomed “the government’s rapid and decisive action to provide substantial short-term solutions to businesses”. But Opposition Labor finance chief Rachel Reeves said “instead of defending working people, the Tories are protecting the profits of energy giants”, which have benefited from soaring oil prices since the war in Ukraine. She notes that the ceiling on energy prices will be financed by borrowing, an addition which should fall on the taxpayer. The specialized institute IFS was alarmed by the “biggest tax cuts since 50 years without even making an effort to balance the public accounts” and believes that the latter are on an “unsustainable” slope.” No economic forecasts, no assessment of the impact of the large (tax) concessions on borrowing audience. It’s very damaging to the UK’s reputation as a fiscally responsible nation,” lambasted ex-Bank of England member Andrew Sentence. have taken place in transport since this summer, Kwasi Kwarteng has also warned that the right to strike will be limited to cases where wage negotiations have failed. Brittany at work”, at a time when the British employment market is suffering from a serious lack of arms which is hampering activity. Access to minimum income (“universal credit”) will thus be accompanied by obligations for certain people who work less than 15 hours a week. With AFP

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