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£2 taken from households in ‘stealthy’ freezes for every £1 in tax cuts – IFS

Households will lose more from “opaque and stealthy” freezes over the next three years than they will gain from headline tax cuts on average, according to the Institute for Fiscal Studies (IFS). By 2025–26, the freezes will take away £2 for every £1 ...

06 Oct 2022 at 01:01

‘Coup’, chaos and conflict: What we have learned from the Tory conference

Liz Truss went into her first Conservative Party conference as Prime Minister hoping for a faction-uniting celebration of her tax-cutting agenda. But it was not the jamboree she had hoped for, with Cabinet members breaking rank, publicly ...

05 Oct 2022 at 15:02

Grant Shapps joins Tory revolt over Liz Truss scrapping top rate of income tax

Tory former cabinet minister Grant Shapps has joined a growing revolt against Liz Truss’s tax plans, branding her decision to scrap the 45p top rate as “politically tin-eared”. Mr Shapps, who was transport secretary under Boris Johnson, ...

03 Oct 2022 at 00:17

Liz Truss and Kwasi Kwarteng U-turn on scrapping 45p tax rate

Liz Truss and Kwasi Kwarteng have abandoned a plan to abolish the top rate of income tax for the highest earners in an astonishing U-turn. The Chancellor acknowledged that their desire to borrow billions to axe the 45% rate on earnings ...

03 Oct 2022 at 12:08

Chancellor expected to U-turn on scrapping 45p tax rate

Chancellor Kwasi Kwarteng is expected to make an astonishing U-turn over the abolition of the top rate of income tax for the highest earners. Mr Kwarteng is believed to be preparing to issue a statement on Monday, climbing down over ...

03 Oct 2022 at 08:29

Michael Gove could vote against Liz Truss’s ‘profoundly concerning’ tax plans

Michael Gove could vote against Truss’s ‘profoundly concerning’ tax plans

Tory former Cabinet minister Michael Gove said Liz Truss’s plans to pay for vast tax cuts with increased borrowing were “not Conservative” as he threatened to vote against the mini-budget. The veteran of government, who is ...

02 Oct 2022 at 18:52

Truss says she ‘absolutely’ trusts Kwarteng after display of public unity

Liz Truss insisted she trusts Chancellor Kwasi Kwarteng despite the U-turn over axing the top rate of tax. The Prime Minister and Chancellor toured a construction site in Birmingham in a public display of unity. But she ...

04 Oct 2022 at 15:22

Liz Truss battles to maintain Cabinet discipline amid U-turns and confusion

Liz Truss was struggling to maintain Cabinet discipline as Conservative critics who forced her U-turn on slashing income tax for the highest earners were accused of a “coup”. Amid bitter infighting at the Conservative ...

04 Oct 2022 at 18:37

Truss and Kwarteng put on display of unity after U-turn over top rate of tax

Liz Truss and Kwasi Kwarteng have put on a public display of unity after the U-turn over axing the top rate of tax. The Prime Minister and Chancellor toured a construction site in Birmingham in an attempt to ...

04 Oct 2022 at 14:15

Truss still wants to bring top rate of income tax down despite U-turn

Liz Truss has said she still wants the top rate of income tax for the highest earners to be lower just a day after being forced into a U-turn to stave off a Conservative revolt. The Prime Minister said she ...

04 Oct 2022 at 14:21

From tax-cutting triumphalism to ditching the plans, how Kwasi Kwarteng U-turned

Liz Truss and Kwasi Kwarteng rode out extraordinary financial turmoil and drastic poll slumps for the Tories – even going as far as doubling down on their plans to cut income tax for the richest. But, as ...

03 Oct 2022 at 13:39

Chancellor again declines to say if benefits will rise in line with inflation

The Chancellor has again declined to say whether benefits will be increased in line with inflation, as the Government U-turned on plans to cut the top rate of income tax for the highest earners. Kwasi ...

03 Oct 2022 at 16:33

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