Kwasi Kwarteng has heralded “the start of a new era” for the UK economy that will be dominated by tax cuts – funded by government borrowing – and deregulation in an unprecedented pursuit of growth.

In the process, the chancellor has effectively followed not only the economic legacy of Boris Johnson and Rishi Singh, but also the economic orthodoxy adopted by all Conservative governments since 2010.

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Here is what he said:

1. On redistribution:

“For too long in this country, we’ve been in a fight over redistribution. Now, we need to focus on growth, not how we tax and spend.

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“We will not apologize for managing the economy in a way that increases prosperity and quality of life. Our focus is on making the UK more competitive globally – not losing out to our rivals overseas,” the Prime Minister promised. That it will be a tax-cutting government.

2. On Bankers’ Bonus:

“A strong UK economy has always depended on a strong financial services sector. We need global banks to create jobs here, invest here, and pay taxes here in London, not Paris, Frankfurt. Not me, not in New York.

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“All the bonus caps were to increase bankers’ base salaries, or to operate outside of Europe. It never limited total compensation, so let’s not sit here and pretend otherwise. So we’re going to get rid of it. have been.”

3. On UK tax burden:

“High taxes on capital and labor have reduced returns to investment and work, reduced economic incentives and further inhibited growth.

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“Due to this cycle, the tax burden is forecast to reach its highest level since the late 1940s – before Her Majesty ascended the throne. We are committed to breaking the cycle. are determined.”

4. On “equalizing”:

“We are in early discussions with around 40 locations such as Tees Valley, West Midlands, Norfolk and the West of England to set up Investment Zones.

“And we will work closely with devolved administrations and local partners to ensure that Scotland, Wales and Northern Ireland also benefit, if they are willing to do so.

“If we really want to equalize, Mr. Speaker – we have to eliminate the power of the private sector.”

5. On Abolition of High Rate of Tax:

“It will simplify the tax system and make the UK more competitive. It will reward enterprise and work. It will encourage growth. It will benefit the whole economy and the whole country.

6. On Government Loans:

“In the wake of a global energy crisis, it is entirely appropriate for the government to use its borrowing powers for temporary measures to support families and businesses.

“That’s what we did during the Covid-19 pandemic. A major intervention was right then…and it is now. The high cost of inaction would have far outweighed the cost of these schemes.

7. On ‘Constraints to Enterprise’:

“There are too many barriers to enterprise. We need a new approach to break them down. That means reforming the supply side of our economy.

“Over the coming weeks, my Cabinet colleagues will update the House on every aspect of our ambitious agenda. These updates will cover: the planning system, business regulations, childcare, immigration, agriculture productivity, and digital infrastructure.

8. On Unions:

“At such a critical time for our economy, it is unacceptable that strike action is disrupting so many lives. There are low service levels.

“So we will do the same. And we will go further. We will legislate to require unions to offer pay for a member’s vote, to ensure that strikes are only They can only be called when negotiations actually break down.

9. On Investment Areas:

“To support growth across the country, we need to go further with targeted action in local areas.

“So today, I can announce the creation of new investment zones. We will liberalize planning rules, free up land and accelerate development in certain agreed locations.

10. On Corporation Tax:

“The interests of business are inseparable from the interests of individuals and families. In fact, they are the businesses that employ most of the people in this country. They are the businesses that invest in the products and services that we depend on. do

“Every additional tax on business is ultimately passed on to families through higher prices, lower wages, or lower returns on savings. So I can confirm that next year’s planned increase in corporation tax is cancelled. will

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