What Friday's 'mini budget' could mean for you as Liz Truss confirms tax cuts
Prime minister Liz Truss and Chancellor Kwasi Kwarteng will deliver a 'mini budget' on Friday morning to set out the government's plans to tackle the soaring cost of living.
The government is making sure to avoid the term Budget for Friday's event because it will mean there will be no requirement for the Office for Budget Responsibility to produce forecasts of how the plans will affect public spending and borrowing. However, it has been reported that Ms Truss will borrow as much as £150 billion to fund the two-year energy bill freeze she previously announced. Ms Truss has said the cost to the taxpayer is “not what has been projected”.
Speaking to the BBC on Monday, she said: “I’ll always work to make sure that we are helping those who are struggling. That’s why we took the action that we took on energy bills because we didn’t want to see households facing unaffordable bills. Green energy levy The prime minister has pledged to scrap the green energy levy on bills in an attempt to bring down costs for vulnerable households. IFS director Paul Johnson described the policy as "somewhere between meaningless and pointless," noting that households may only save around £11 over the next three months.
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