LIVE Mini Budget announcement updates as Kwasi Kwarteng to unveil tax cuts amid cost of living crisis

23.09.2022 - 11:29 manchestereveningnews.co.uk

Chancellor Kwasi Kwarteng will deliver a mini-budget statement today at 9.30am in the House of Commons. It is understood that the government will announce a variety of tax cuts to help drive up economic growth and tackle the cost of living crisis plaguing the UK.

Prime Minister Liz Truss is expected to fill her pledge of immediately cutting corporation tax and Stamp Duty. Today's announcement will be different from the regular Autumn Budget and Spring Statement which usually brings major economic measures.

Instead, today's mini-Budget is an emergency response to the rising cost of living crisis. Mr Kwarteng is expected to tell the House of Commons: “Growth is not as high as it needs to be, which has made it harder to pay for public services, requiring taxes to rise.

This cycle of stagnation has led to the tax burden being forecast to reach the highest levels since the late 1940s. Read more: Martin Lewis issues important warning about new energy guarantee in emergency live show “We are determined to break that cycle.

cycling Updates living as Martin Lewis Kwasi Kwarteng Liz Truss Britain

Read more on the manchestereveningnews.co.uk

Plans for a long-awaited leisure centre in Salford have been shelved because of anticipated cuts to the city council's budget. City council chiefs have put the £20 million building of Pendleton Leisure Centre on the back burner following Chancellor Kwasi Kwarteng's announcement of a potential £18billion of public spending cuts.

Local leaders angered by Prime Minister's U-turn on fracking ban

A U-turn on lifting the ban on fracking must go ahead, councillors in Tameside will argue, in a letter to Prime Minister Liz Truss. That’s despite the Tory opposition declaring the resistance ‘pointless’.

Government 'isn't advising people to reduce energy use' but minister refuses to rule out rationing

The government is not advising people to reduce their overall energy consumption while refusing to rule out rationing in the future, a minister has said.

Prime Minister rules out energy-saving information campaign - despite blackout warning

Liz Truss has ruled out launching an energy-saving public information campaign, amid warnings planned blackouts could hit the UK if power plants cannot get enough gas to keep running.

Annexation Day, Trouble in the Baltic Sea, UK tax cuts, Brazil election

When Vladimir Putin says no going back, it comes in a week where it is all coming to a head: the referendum, mobilisation and the explosions that took out the currently-offline Nord Stream pipelines, pipelines hit by the equivalent of hundreds of kilos of TNT according to the Danes. All sides point to sabotage. In whose interest is it to blow up the natural gas link between Russia and Germany? On the day Germany rolled out a €200 billion energy subsidy plan for consumers and businesses. Here in France, there is talk of mandatory measures if the French do not watch their energy consumption this winter.

Liz Truss says her government's 'controversial' economic plan is the 'right' one - despite market turmoil sparked by mini budget

Prime Minister Liz Truss has insisted the government’s tax-cutting measures are the “right plan” to get the economy growing in the face of rising energy bills, despite recent market turmoil.