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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

Tory candidates warned over tax cut pledges amid worsening economic outlook

Both Tory leadership candidates were forced on Thursday to confront a stark report from economists warning of the danger tax cuts could pose to the public purse. Frontrunner Liz Truss and rival Rishi Sunak, who have repeatedly clashed over tax cuts ...

18 Aug 2022 at 10:54

Pound falls to all-time low as Kwasi Kwarteng hints further tax cuts on way

The pound has slumped to its lowest level against the dollar since decimalisation in 1971, after the Chancellor hinted more tax cuts would follow those he announced last week. Sterling fell by more than 4% to just 1.0327 dollars in early Asia ...

26 Sept 2022 at 08:22

‘Only the very richest’ in Britain will see incomes grow, tax cut analysis says

The Chancellor’s huge package of personal tax cuts amid a cost-of-living crisis will do nothing to stop more than two million people falling below the poverty line, according to a think tank. Analysis of Kwasi Kwarteng’s fiscal statement by ...

24 Sept 2022 at 06:00

Kwasi Kwarteng insists vast tax cuts ‘not a gamble’ amid hostile reception

Chancellor Kwasi Kwarteng has denied suggestions he is gambling with the UK economy and insisted the biggest raft of tax cuts for half a century were “absolutely fair” as his mini-budget faced a hostile reception. The Institute of Fiscal ...

24 Sept 2022 at 09:09

Government dismisses criticism of tax cuts as ‘politics of envy’

The Government is not concerned about the “politics of envy”, a Treasury minister said as its raft of tax cuts came under fire for disproportionately benefiting the rich. Labour accused Prime Minister Liz Truss and Chancellor Kwasi ...

24 Sept 2022 at 17:29

Pound falls to all-time low against US dollar amid fears over UK tax cut plans

The pound has plunged to an all-time low against the US dollar amid hammered market confidence in the Government’s economic plans after the Chancellor last week unveiled the biggest tax cuts in 50 years and signalled more were on ...

26 Sept 2022 at 12:10

Chancellor hints more tax cuts are on the way

Kwasi Kwarteng claimed his tax cuts “favour people right across the income scale” amid accusations they mainly help the rich, and hinted more are on the way. The Chancellor and Prime Minister Liz Truss defended the biggest ...

26 Sept 2022 at 00:49

Truss vows ‘decade of dynamism’ in hint at more tax cuts

Prime Minister Liz Truss vowed to “usher in a decade of dynamism” and Chancellor Kwasi Kwarteng said their tax cuts were just the “first step towards igniting growth” as the pair were forced to defend the controversial ...

25 Sept 2022 at 02:29

Truss defends tax cuts in pursuit of ‘decade of dynamism’

Liz Truss has vowed to “usher in a decade of dynamism” as she defended her Government’s controversial raft of tax cuts amid criticism it disproportionately benefits the rich. Labour accused the Prime Minister and ...

24 Sept 2022 at 21:12

Tories have not had a clear run at government over last decade, says Truss ally

A Cabinet minister and Liz Truss ally has admitted that his Government’s tax cuts are not “risk-free” as he argued that the Conservatives have not had a “clear run” in power over the last decade. All eyes are on ...

22 Sept 2022 at 00:22

Truss’s plans for tax cuts ‘a gamble at best’, says IFS

Liz Truss’s plans for swingeing tax cuts alongside a massive Government support package to cap soaring energy bills risks putting the public finances on an “unsustainable path”, a leading economic think tank ...

21 Sept 2022 at 19:00

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