The chancellor is reversing almost all tax measures announced in the growth plan three weeks ago that have not started parliamentary legislation, he has just said in a video statement.
"We will continue with the abolition of health and social care levy and the stamp duty change, off payroll working reforms, the new VAT-free shopping scheme for non-UK visitors and the freeze on alcohol duty rates."
Basic rate of income tax to remain at 20p indefinitely The chancellor has scrapped plans to cut the basic rate of income tax from 20p in the pound to 19p from April next year.
He says it is not right to borrow to fund this tax cut. The rate will remain indefinitely at 20p.
Basic rate of income tax to remain at 20p indefinitely The chancellor has scrapped plans to cut the basic rate of income tax from 20p in the pound to 19p from April next year.
He says it is not right to borrow to fund this tax cut. The rate will remain indefinitely at 20p.
The biggest thing was the period for energy bill support has been shortened.
Nearly every element of her prospectus has just been shredded by her new chancellor.
"We will reverse almost all the tax measures" from the mini-budget, Jeremy Hunt said. What an extraordinary thing to hear.
Not only has the planned cut in the basic rate of income tax been binned, so has the plan originally from Rishi Sunak to cut it in 2024.
The prime minister, who promised to cut taxes by more than her rival over the summer, is now keeping them higher than he planned.
And even the flagship energy support package, the crutch upon which the prime minister has leant whenever asked a tricky question in the last few weeks, has shrivelled vastly.
It is now a six month package, not a two year one. What a day.
All Jeremy Hunt could possibly have had time to do, since his appointment on Friday, is to seek advice from people that know what they are talking about. This advice would have been available to Liz Truss, prior to the stupid mini-budget. She knew better.
These sorts of polls are always fun to read, but unrealistic in the sense that the "snapshot" provided is not very relevant to an actual election.
This poll also reflects how people say they would vote, rather than how they would actually vote. Because that would clearly be very different.
This poll shows the Tories losing over 300 seats (309). Technically, it is more as some Tories are currently sitting as "Independents" due to their actions. Nearly all of the losses would be in England (simply because they don't have many in Scotland or Wales). Yet this model shows Labour gaining 310, the SNP gaining 8, and the LibDems only 5.
That is nonsense. Labour will almost certainly make large gains in London and the North. But in the West Country, rural Midlands/East Anglia? Far more likely to be Lib Dem gains.
If this sort of hatred for the Tories electorally were to continue (it won't, at least to this extent), there would be a thumping Labour Majority. But I think it likely that the Lib Dems would be 2nd (or more likely 3rd) and the Tories in 4th.
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BREAKING NEWS
The chancellor is reversing almost all tax measures announced in the growth plan three weeks ago that have not started parliamentary legislation, he has just said in a video statement.
"We will continue with the abolition of health and social care levy and the stamp duty change, off payroll working reforms, the new VAT-free shopping scheme for non-UK visitors and the freeze on alcohol duty rates."
Basic rate of income tax to remain at 20p indefinitely
The chancellor has scrapped plans to cut the basic rate of income tax from 20p in the pound to 19p from April next year.
He says it is not right to borrow to fund this tax cut. The rate will remain indefinitely at 20p.
The government's energy price guarantee will be universal until April - not for two years as originally planned
The Truss programme for government is dead.
Nearly every element of her prospectus has just been shredded by her new chancellor.
"We will reverse almost all the tax measures" from the mini-budget, Jeremy Hunt said. What an extraordinary thing to hear.
Not only has the planned cut in the basic rate of income tax been binned, so has the plan originally from Rishi Sunak to cut it in 2024.
The prime minister, who promised to cut taxes by more than her rival over the summer, is now keeping them higher than he planned.
And even the flagship energy support package, the crutch upon which the prime minister has leant whenever asked a tricky question in the last few weeks, has shrivelled vastly.
It is now a six month package, not a two year one. What a day.
And it’s not even lunchtime.
No cuts to dividend tax rates
Repeal of IR35 reforms for off-payroll working rules introduced in 2017 and 2021
No new VAT-free shopping scheme for overseas visitors to the UK
No freeze on alcohol duty rates
Basic rate of income tax to remain at 20%, not reduce to 19% from April 2023
Energy price guarantee only until April 2023.
We have witnessed an utterly extraordinary un-Budget, perhaps marking the biggest U-turn in British economic history.
Roughly £45bn of unfunded tax cuts has in just three weeks and three days seen a £32bn reversal.
This advice would have been available to Liz Truss, prior to the stupid mini-budget.
She knew better.
https://www.msn.com/en-gb/news/uknews/truss-has-just-removed-one-of-her-biggest-remaining-arguments-for-staying-in-power-sam-coates/ar-AA132Nur?ocid=msedgntp&cvid=d457afe1124f473bbb4f720ef7fc0de3
Prime Minister's Questions on Wednesday will be a fun watch.
Rishi - PM
Hunt - CX
Mordant - FS
https://www.msn.com/en-gb/news/uknews/jeremy-hunt-signals-state-pensions-triple-lock-could-be-scrapped/ar-AA133Q6I?ocid=msedgntp&cvid=ad8a630467924d07ada26b2f8de6a31b
"It hasn't been perfect"
https://www.msn.com/en-gb/news/world/new-poll-shows-tories-wouldn-t-even-be-the-main-opposition-party-at-an-election/ar-AA133KsV?ocid=msedgntp&cvid=26d21cf37b3841b0b84ec147bb5aae71
This poll also reflects how people say they would vote, rather than how they would actually vote. Because that would clearly be very different.
This poll shows the Tories losing over 300 seats (309). Technically, it is more as some Tories are currently sitting as "Independents" due to their actions. Nearly all of the losses would be in England (simply because they don't have many in Scotland or Wales). Yet this model shows Labour gaining 310, the SNP gaining 8, and the LibDems only 5.
That is nonsense. Labour will almost certainly make large gains in London and the North. But in the West Country, rural Midlands/East Anglia? Far more likely to be Lib Dem gains.
If this sort of hatred for the Tories electorally were to continue (it won't, at least to this extent), there would be a thumping Labour Majority. But I think it likely that the Lib Dems would be 2nd (or more likely 3rd) and the Tories in 4th.