| UK Chancellor Kwasi Kwarteng on Friday cut short his trip to Washington for the IMF meetings, returning to London amid reports that Prime Minister Liz Truss might reverse more of her market-roiling “mini-budget” to save her sinking premiership.
Ms Truss is under huge pressure within her Conservative Party to change her push for £43 billion of unfunded tax cuts as polls show her support has collapsed and investors have balked at the potential impact on the public finances. Rishi Sunak, Dr Kwarteng’s predecessor, had announced an increase in the company tax rate to 25 per cent, but in the September 23 mini-budget the new chancellor said he would keep it at 19 per cent.Asked if any other elements of the mini-budget’s £43 billion of unfunded tax cuts might be axed, he said: “I’m not going to play those games about what’s in or our out, or any of that.”
The chaos has created a toxic atmosphere inside the governing Conservative Party, which has forced Ms Truss into further retreats on policies that she has not even announced yet.The prime minister, who has been in office only five weeks, has now said there will be no cuts to public spending, even though she has to find an estimated £60 billion of annual savings to stop debt from rising.
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Source: abcnews - 🏆 5. / 83 Read more »
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