All eyes will be on Kwasi Kwarteng next week when he unveils further details of plans to support the UK through the cost of living crisis
Here’s what we know so far – and some of the key areas that urgently need addressing in the plans…Kwarteng’s announcement is an emergency response to the cost of living crisis and is being billed as a mini-budget or ‘fiscal event’ to differentiate it from the usual autumn budget that typically arrives in late October or early November.
European Commission president Ursula von der Leyen said that it was “wrong” for businesses to “receive extraordinary record revenues and profits benefiting from war on the back of consumers” and said that the tax could raise £121 billion to support consumers impacted by the skyrocketing costs. During the Conservative leadership contest, Truss’s camp said that “her preference is to target [cost of living support] to those most in need” – so could the mini-budget be her chance to prove that with more focused, means-tested measures?Wealthy households could get “twice as much cost of living support” under new plans, a thinktank saysTruss has said that similar schemes to support businesses, schools and hospitals with the cost of energy will also be rolled out, but as yet no details have...
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