Kwasi Kwarteng

Chancellor Kwasi Kwarteng said the UK 'will have one of the most competitive and progressive income tax systems in the world.'

Rachel Reeves from the opposition Labour Party said the chancellor has “made clear who his priorities are.” “Not a plan for growth, a plan to reward the already wealthy. "Growth is not as high as it should be,” the chancellor said. "We are determined to break that cycle," he added. What I’m about is about growing the economy — and growing the economy benefits everybody.” British chancellors often choose to inject humor into parliamentary statements, but Kwarteng instead focused on a swathe of policy announcements during his 25-minute address. “To look at everything through the lens of redistribution I believe is wrong.

Treasury counting on debt-financed tax cuts and energy subsidies not pushing up inflation and driving down pound.

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Overall, it's a lot of spending. So much so that on the core energy pledges, BNP Paribas economists can write with (presumably) a straight face: While the exact ...

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Kwasi Kwarteng has thrown out 12 years of Tory economic orthodoxy and embarked on an uncertain path. It will test how far Tory MPs are behind the new ...

Patience is needed to evaluate the full impact of what happened today. But there will be no decisive decision on the future of UK PLC today or this week. In fact, the success of this plan may not live or die in Parliamentary debates and TV studios. In particular, it will be hard to convince Tory MPs to abandon their veto over unwanted local developments. Tory orthodoxy, not Treasury orthodoxy, was the casualty in this statement. Today is not automatically a day for the Labour Party to cheer.

In a raft of major financial announcements on Friday, Mr Kwarteng brought forward the planned cut to the basic rate of income tax to 19p in the pound a year ...

Mr Kwarteng confirmed that the planned rise in corporation tax would be cancelled, so that the UK “will have the lowest rate of corporation tax in the G20”. Mr Kwarteng said he would “accelerate reforms” to the pension charge cap, so it will no longer apply to “well-designed performance fees”. Mr Kwarteng said the Bank of England is taking further steps to control inflation, and the Government considers the Bank’s independence to be “sacrosanct”.