Kwarteng’s mini-budget will still happen – probably at end of next week
Kwasi Kwarteng: he reckons he’s going to find a way to pay for Liz Truss’s energy price cap. But then, it’s not all that long since he said “fracking is over” – and look what has happened there.
A “fiscal event” to explain how the Liz Truss Tory governent will pay for its cap on energy bills will probably take place at the end of next week, it has been claimed.
We’re looking at September 23, it seems.
Also possible is an announcement of tax cuts to boost the economy and help (rich) people with rising living costs (that won’t affect them as much as the poor who won’t have help because they don’t pay tax).
During her campaign for the Tory leadership, Truss promised to undo the rise in National Insurance that was announced under Boris Johnson.
Apparently Kwarteng has announced a change in direction for the Treasury – that the department needed to focus on growing the economy by 2.5 per cent per year.
This follows the controversial sacking of top Treasury official Sir Tom Scholar.
Let’s have a look at that…
The implication is that the sacking was politically-motivated and Truss (along with Kwarteng and the rest) is replacing the UK’s formerly impartial civil service with one that is politically partisan.
This will lead to poor, ideologically-motivated decisions being pushed through by officials who should be advising politicians on the strengths or weaknesses of such moves.
It will destabilise the UK even further, at a time when we need a steady hand in charge.
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