Kwasi Kwarteng

2022 - 9 - 20

Post cover — Image courtesy of "The Guardian"

Kwasi Kwarteng refuses to let OBR release forecasts with mini-budget (The Guardian)

Tory chair of Treasury committee says assessments on economic impact of planned tax cuts vital to provide reassurance to markets.

Richard Hughes, the chair of the OBR, said in a letter to Stride that he had notified Kwarteng when he became chancellor that the OBR was ready to provide a forecast. There have been significant fiscal interventions since then and we are told there will be further significant interventions including major permanent tax cuts to be announced on Friday. He said: “As a committee, we have in the past reported to the house that we consider it very important that significant changes to taxation are announced in a fiscal event alongside an OBR forecast.

Who is the Chancellor of the Exchequer? Kwasi Kwarteng to ... (Evening Standard)

Prime Minister Liz Truss made Kwasi Kwarteng Chancellor of the Exchequer when she was elected leader of the Conservative party. He has therefore held the role ...

He has therefore held the role since September 6, 2022. The Chancellor of the Exchequer is the Government’s chief financial minister. [MPs have demanded that Kwarteng also share an economic forecast](https://www.standard.co.uk/news/politics/office-for-budget-responsibility-prime-minister-mps-treasury-committee-conservative-b1026879.html). What does the Chancellor of the Exchequer do? Additionally, Kwarteng has worked as Parliamentary Private Secretary to the leader of the House of Lords, and Parliamentary Private Secretary to the Chancellor of the Exchequer. Who is the Chancellor of the Exchequer?

What to expect from Kwasi Kwarteng at the mini-Budget - AJ Bell ... (IFA Magazine)

Financial analyst Danni Hewson, comments on plans for business, the economy and corporation tax:

The big question is how the Government is going to pay for it, and whether taxpayers will foot the bill. And she could sell it as an extra boon to cash-strapped businesses, much as her predecessor did during the pandemic.” It would likely cost the Treasury over £10 billion – a hefty price tag even in the context of the huge Government support packages we have seen in recent years.” Liz Truss has stated that her government will bring in measures to curb energy costs for businesses for a period of six months but there’s been little detail about how that might work or how quickly it can be implemented. The mini-Budget gives the new Prime Minister’s Government the opportunity to reaffirm that promise and shore up support among older voters. Getting more businesses to use Britain as a home base would create more jobs and revenue, growing the pie so there’s more to go around.

When is the mini-budget 2022? Date of Kwasi Kwarteng's ... (iNews)

The Chancellor is widely expected to oversee a freeze on the current corporation tax rate in a bid to encourage companies to invest more in their UK ...

“It is being done in the belief that this will then help people spend more and companies invest more, both of which would support growth. Planning regulations would be relaxed in up to 12 places which are given this status, and taxes would be cut further to incentivise investment. “The highest earners could be in line for the biggest savings if the higher income band threshold is raised to £80,000,” he explained. This would reverse previous plans that would have increased corporation tax from 19 per cent to 25 per cent. It would work out to a £674 and £874 saving for employees with an income of £80,000 and £100,000, respectively. Sanjay Raja, senior economist for Deutsche Bank, said the measures would result in a base case of “a material deterioration in the public finances”.

Kwasi Kwarteng told to publish OBR forecast alongside mini-Budget (Yahoo News UK)

The fiscal event on Friday is set to detail help for households and businesses amid the sharp cost of living crisis sweeping across the country.

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Treasury Committee seeks 'vital' forecast assurance from chancellor (Investment Week)

Mel Stride has written to Chancellor Kwasi Kwarteng to seek assurance that an OBR forecast will be published alongside Friday's Emergency Budget.

Under these circumstances, it is vital that an independent OBR forecast is provided." "There have been significant fiscal interventions since then and we are told there will be further significant interventions including major permanent tax cuts to be announced on Friday. As such, Stride wrote to the chancellor to confirm Kwarteng would honour his predecessor Nadhim Zahawi's commitment to publishing an OBR forecast alongside the statement.

When is the mini-Budget? Predictions and what to expect from ... (Telegraph.co.uk)

Chancellor Kwasi Kwarteng is expected to unveil a package of tax cuts this week which could save households thousands of pounds amid the cost-of-living ...

The tax break is expected to be in force by Christmas, although it may feature in the bigger Budget later this year rather than this week’s mini fiscal statement. Reforms to capital taxes would require a detailed consultation, and the Government may not have enough time to do anything so dramatic with the next election scheduled for Spring 2024.” Anyone earning £60,000 would save £2,539 a year, but below this income threshold savings would be minimal. Everyone would see an immediate drop in their spending if a cut was introduced – although again wealthier households would save the most in pounds and pence as a result of their bigger spending budgets. [cutting VAT from 20pc to 15pc](https://www.telegraph.co.uk/politics/2022/08/27/liz-truss-considers-nuclear-option-five-per-cent-vat-cut/) across the board in a bid to tackle the cost-of-living crisis. [extension to the marriage allowance](https://www.telegraph.co.uk/politics/2022/07/21/liz-truss-promises-major-tax-break-stay-home-parents-carers/) is one of the more generous tax giveaways mooted by Ms Truss which will benefit lower earners more than wealthier families. [raked in a record £6.1bn](https://www.telegraph.co.uk/tax/inheritance/record-inheritance-tax-take-families-hit-forecast-double-2026/) for the Government in the most recent tax year, with millions of families being caught by the hated tax because of its threshold freeze and higher property prices. Mr Kwarteng and Ms Truss are reportedly considering speeding up the 1p cut to income tax – a drop in the basic rate of tax from 20p to 19p in the pound – currently scheduled to take place by 2024. It was once seen as a charge on the wealthy, but Ms Truss committed to a review of inheritance tax during her leadership campaign to spare ordinary households from being stung by the death levy. Someone earning £50,000 would save £468 a year in tax if the rise was reversed, whereas someone earning £180,000 would get an annual tax cut of more than £2,000, according to analysis by Blick Rothenberg. If any tax changes are announced this week, it will be the third change to employee’s take home pay in less than a year, following the NI increase and threshold change in April and July respectively. [pledged to cut taxes](https://www.telegraph.co.uk/money/consumer-affairs/cut-taxes-fix-energy-crisis-five-big-financial-troubles-liz/), and it is understood that a reversal of the National Insurance rise could come into force before November payslips arrive.