Armed Forces to grow thanks to £52bn spending boost

Mr Wallace continued: “Without the change, we were heading to below 2 per cent. But on current forecast, that’s roughly a defence budget of £100 billion in 2029-30. We’re currently on £48 billion. So that’s the difference. In eight years, that’s a huge amount. “What we have to work through is how we get there. … Read more

Scottish fund managers and US bankers to flock to London as Kwarteng fires up the City

Meanwhile the tax disparity has sparked consternation in Scotland about the effect on Edinburgh, the major financial centre north of the border. Benny Higgins, a Scottish banker and former business adviser to Nicola Sturgeon, said: “A 1p gap may be seen by me and my peers as tolerable and understandable, but a 6p gap would … Read more

Liz Truss plans to cut taxes further in the new year

Those familiar with discussions say the Treasury believes lifting the lifetime allowance on pension pots could encourage doctors, police officers and highly paid nurses to remain in work. Under the current system, savers are forced into paying 55 per cent tax on pension pots valued at more than £1 million, prompting many to retire instead in … Read more

Tories to rebel against Liz Truss if pound falls below the dollar

“This Budget will live or die not on what the electorate think, not on what Opposition politicians think, not even what Conservative politicians think,” they said. “It is the global markets’ response to what looks like very risky behaviour from our Government.” They added: “The Bank of England is being backed into a corner. “If … Read more

Mini-budget latest LIVE: Kwasi Kwarteng set to announce tax cuts for millions

K wasi Kwarteng has unveiled a mini-budget that delivers billions of pound worth of tax cuts – including a surprise move to scrap the 45% top rate of income tax paid by the UK’s wealthiest. The Chancellor announced sweeping moves intended to rev up the economy in the eagerly-awaited “fiscal event” on Friday morning. The … Read more

Kwarteng warns Bank of England over blaming Ukraine war for inflation

Kwasi Kwarteng has issued a warning to the Governor of the Bank of England, as he vows in Friday’s mini-Budget to break the “cycle of stagnation”.  The Chancellor told Andrew Bailey that claims that near double-digit inflation was mainly driven by the war in Ukraine were less credible now that the Government had taken action … Read more

Stamp duty cut: rumoured property tax cut in Friday’s mini-Budget could push up mortgage bills

A head of Chancellor Kwasi Kwarteng’s mini-budget tomorrow, The Times reports that radical plans to cut stamp duty are in the pipeline as part of efforts to boost economic growth. Downing Street refused to comment. But while home buyers may welcome a potential stamp duty cut, it could also lead to them paying bigger monthly … Read more

Work longer hours or you’ll lose your benefits, Kwasi Kwarteng to tell part-time workers

Under current rules, anyone who works fewer than nine hours per week at the National Living Wage is subject to the Department for Work and Pensions’ intensive work search regime, which means they must attend coaching sessions at job centres, attend job interviews and accept offers of work or risk losing their entitlement to Universal … Read more

World leaders know their place at the funeral of the century – POLITICO

Press play to listen to this article LONDON — It was the grandest of state funerals. It was a rare moment of shared national reflection. It was also a masterclass in diplomatic choreography. Two full hours before Queen Elizabeth II’s solemn state funeral began at 11 a.m. Monday, the world leaders began to arrive. They … Read more

Three-way race breaks out to become Treasury’s top civil servant

The sacking of Sir Tom, who headed up the Treasury for six years, has triggered a fierce public debate among former senior civil servants and ex-ministers.  Some have chastised the new Prime Minister and Chancellor for sacking such a prominent civil servant; others have praised the action as in line with Ms Truss’s Tory leadership … Read more