Sunday, September 25, 2022
HomeOpinionMini Budget was the dawn of a new age of Trussonomics –...

Mini Budget was the dawn of a new age of Trussonomics – signalling the end of 12 years of timid Tory rule

Date:

Recommended

spot_imgspot_img


PRIME Minister Liz Truss yesterday gambled the entire British economy on a bombshell tax revolution to boost growth and kill inflation.

Her Chancellor, Kwasi Kwarteng, stunned MPs and City money men with a big-spending emergency ­budget, sweeping away decades of dithering, stagnation and decline.

Prime Minister Liz Truss yesterday gambled the entire British economy on a bombshell tax revolution to boost growth and kill inflation.

1

Prime Minister Liz Truss yesterday gambled the entire British economy on a bombshell tax revolution to boost growth and kill inflation.Credit: Reuters

This was the dawn of a new age of Trussonomics and the end of 12 years of timid Tory rule. One senior Tory MP said: “It’s sh*t or bust.”

Markets watched cautiously as Kwarteng ripped up Gordon Brown’s spiteful 45p top tax rate, sliced the basic rate to 19p, scrapped business tax hikes and cut stamp duty.

He confirmed £150billion in domestic and business energy cost cuts, limiting household bills to £2,500.

This will slash five per cent off inflation, cutting the cost of index-linked pensions, welfare and other compulsory government spending.

Truss' plans will enrage but they're designed to save us from winter crisis
New Prime Minister has chance to fix the issues Tories ignored

He axed duty hikes on booze, abolished IR35 penalties for the self- employed and changed benefit rules.

He ushered in dozens of enterprise zones and took a chainsaw to EU red tape, telling gaping Labour MPs after each announcement: “I have another.” It was the biggest tax ­revolution since 1988.

Labour wanted to know where the money was coming from.

They are now in the invidious position of having to say they will reverse Kwarteng’s actions.

He’s hoping lower taxes, meanwhile, will encourage investment in UK plc. Ministers hope his steps will bear fruit before the 2024 election.

Julian Jessop, of the Institute of Economic Affairs, called his shake-up “a risk worth taking”. He added: “There are no easy options.”

As Tory legend Margaret Thatcher would say: “There is no alternative.”

I work in Wetherspoons and here are the pub's secrets… including 'frozen' fry ups
I accidentally named my twins after TV characters - I’m so embarrassed





Source link

Must Read

spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here