Kwesi Kwarteng försvarar skattepolitiken när marknaderna faller och säger att han inte har något annat val – UK Politics Live | politik

Like the chancellor, the prime minister has used a Saturday newspaper column to defend the government’s course of action.

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In the face of fierce criticism, including a stinging rebuke from the IMF, Liz Truss has admitted that the mini-budget delivered by her government last week did cause “disruption”, after it was followed by a series of economic shocks, including the pound falling to an all-time low against the dollar.

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Writing in the Sun, Truss failed to address the changes to the 45p rate, or the scrapping of bankers’ bonuses, which was also included in Kwarteng’s announcements. She said:

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\n

For too long we have been stuck debating how to divide up the economic pie, rather than grow the pie so everyone has a bigger slice.

\n

The status quo is not working. For too long we have been held back by low growth and high taxes. We need to get things done in this country more quickly.

\n

So I am going to do things differently. It involves difficult decisions and does involve disruption in the short term.

\n

Not everyone will like what we are doing, but I want to reassure the public that the government has a clear plan that I believe is right for the country.

\n

“,”elementId”:”7f5d4c0c-620e-4e31-99a5-c2044e8f5ecc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Earlier on Friday, she had told broadcasters:

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I recognise there has been disruption but it was really, really important we were able to get help to families as soon as possible.

\n

What is important to me is that we get Britain’s economy back on track, that we keep taxes low, that we encourage investment into our country and that we get through these difficult times.

\n

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Good morning. As the fall-out from the chancellor’s mini-budget continues, with the pound tumbling and markets reeling, Kwasi Kwarteng has attempted to defend the government’s course of action.

“,”elementId”:”0772d0b8-9ca7-47dc-a6df-bf54b2fdab97″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Writing in the Daily Telegraph, he said:

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\n

The British taxpayer expects their government to work as efficiently and effectively and possible, and we will deliver on that expectation.

\n

Not all the measures we announced last week will be universally popular. But we had to do something different.

\n

We had no other choice.

\n

“,”elementId”:”3cb0410c-6901-4111-96ab-7b7156f475de”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

His announcements just over a week ago included a cut in income tax from 45p to 40p in the pound for the highest earners. Other taxpayers received a 1p cut in income tax and will get money from a U-turn in the rise in national insurance. The chancellor said they would all help to increase growth.

“,”elementId”:”36cd0626-b03c-4bc9-8f55-49d607a728e6″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

However there was a strong market reaction to the package, which amounted to the biggest tax cuts in 50 years. The Bank of England subsequently spent billions of pounds buying government debt to shore up pensions schemes. It has also indicated that interest rates are like to rise significantly, which has led to jumps in mortgage rates and lenders pulling many deals.

“,”elementId”:”8aa1a2f3-8628-4c56-a89d-b86712c74a43″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Responding to the markets’ reaction, Kwarteng added:

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\n

Even in the face of extreme volatility in global markets, with major currencies wrestling an incredibly strong US dollar, we will show financial markets and investors that our plan is sound, credible and will work to drive growth.

\n

“,”elementId”:”7bd84aab-3569-4b5c-b907-5e734c612e3c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Stick with us throughout the day for all the latest political news and developments.

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Stora evenemang

Like the chancellor, the prime minister has used a Saturday newspaper column to defend the government’s course of action.

“,”elementId”:”89f138bb-2c1d-4c49-bde8-ce93156f3f55″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In the face of fierce criticism, including a stinging rebuke from the IMF, Liz Truss has admitted that the mini-budget delivered by her government last week did cause “disruption”, after it was followed by a series of economic shocks, including the pound falling to an all-time low against the dollar.

“,”elementId”:”fe4acd8a-863c-4cb1-af1b-d7acf7a499e4″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Writing in the Sun, Truss failed to address the changes to the 45p rate, or the scrapping of bankers’ bonuses, which was also included in Kwarteng’s announcements. She said:

“,”elementId”:”a2e67cea-fbf1-4011-a6a6-90aeb5edede7″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

\n

For too long we have been stuck debating how to divide up the economic pie, rather than grow the pie so everyone has a bigger slice.

\n

The status quo is not working. For too long we have been held back by low growth and high taxes. We need to get things done in this country more quickly.

\n

So I am going to do things differently. It involves difficult decisions and does involve disruption in the short term.

\n

Not everyone will like what we are doing, but I want to reassure the public that the government has a clear plan that I believe is right for the country.

\n

“,”elementId”:”7f5d4c0c-620e-4e31-99a5-c2044e8f5ecc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Earlier on Friday, she had told broadcasters:

“,”elementId”:”93ba70fb-5ddb-42da-8980-abbaab1d1f56″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

\n

I recognise there has been disruption but it was really, really important we were able to get help to families as soon as possible.

\n

What is important to me is that we get Britain’s economy back on track, that we keep taxes low, that we encourage investment into our country and that we get through these difficult times.

\n

“,”elementId”:”67dc0261-bb79-4d72-b2a4-cd5b9429c75c”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1664605952000,”blockCreatedOnDisplay”:”02.32 EDT”,”blockLastUpdated”:1664606302000,”blockLastUpdatedDisplay”:”02.38 EDT”,”blockFirstPublished”:1664606302000,”blockFirstPublishedDisplay”:”02.38 EDT”,”blockFirstPublishedDisplayNoTimezone”:”02.38″,”title”:”PM admits ‘disruption’ following mini-budget”,”contributors”:[{“name”:”Harry Taylor”}],”primaryDateLine”:”Sat 1 Oct 2022 03.06 EDT”,”secondaryDateLine”:”First published on Sat 1 Oct 2022 02.26 EDT”},{“id”:”6337dad18f0883d28b585abb”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Good morning. As the fall-out from the chancellor’s mini-budget continues, with the pound tumbling and markets reeling, Kwasi Kwarteng has attempted to defend the government’s course of action.

“,”elementId”:”0772d0b8-9ca7-47dc-a6df-bf54b2fdab97″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Writing in the Daily Telegraph, he said:

“,”elementId”:”853b6a41-55d6-4642-b6f4-43686ff82c56″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

\n

The British taxpayer expects their government to work as efficiently and effectively and possible, and we will deliver on that expectation.

\n

Not all the measures we announced last week will be universally popular. But we had to do something different.

\n

We had no other choice.

\n

“,”elementId”:”3cb0410c-6901-4111-96ab-7b7156f475de”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

His announcements just over a week ago included a cut in income tax from 45p to 40p in the pound for the highest earners. Other taxpayers received a 1p cut in income tax and will get money from a U-turn in the rise in national insurance. The chancellor said they would all help to increase growth.

“,”elementId”:”36cd0626-b03c-4bc9-8f55-49d607a728e6″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

However there was a strong market reaction to the package, which amounted to the biggest tax cuts in 50 years. The Bank of England subsequently spent billions of pounds buying government debt to shore up pensions schemes. It has also indicated that interest rates are like to rise significantly, which has led to jumps in mortgage rates and lenders pulling many deals.

“,”elementId”:”8aa1a2f3-8628-4c56-a89d-b86712c74a43″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Responding to the markets’ reaction, Kwarteng added:

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\n

Even in the face of extreme volatility in global markets, with major currencies wrestling an incredibly strong US dollar, we will show financial markets and investors that our plan is sound, credible and will work to drive growth.

\n

“,”elementId”:”7bd84aab-3569-4b5c-b907-5e734c612e3c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Stick with us throughout the day for all the latest political news and developments.

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robert booth

robert booth

Brittiska husägare är redo att sätta eld på sina elräkningar senare, i en våg av levnadskostnadsprotester som tidsmässigt sammanfaller med en topp i gas- och elpriset, vilket kommer att få räkningarna att skjuta i höjden.

Enligt arrangörernas prognos kommer det att finnas de största demonstrationerna över hela landet mot den ekonomiska krisen, som förvärrades denna vecka med kaos på finansmarknaden och höjningen av bolåneräntorna, dussintals demonstrationer kommer att hållas från Plymouth till Aberdeen, medan post och järnvägsarbetare också att slå.

De som håller tändare inkluderar anhängare av Don’t Pay UK, en gräsrotsrörelse som har fått nästan 200 000 löften från hyresvärdar som är redo att avbryta sina stående order om inte regeringen gör mer för att skydda de fattigaste familjerna.

Demonstrationerna koordineras mellan flera samhällsorganisationer och fackföreningar med målet att maximera effekten.

Vi kommer att täcka demonstrationerna live på den här bloggen senare idag.

Premiärministern medger “störningen” efter en minibudget

Harry Taylor

Precis som kanslern använde också premiärministern en kolumn i sabbatstidningen för att försvara regeringens agerande.

Inför hård kritik, inklusive en svidande tillrättavisning från IMFLiz Truss medgav att hennes regerings minibudget förra veckan orsakade “störningar”, efter att den följdes av en rad ekonomiska chocker, inklusive att pundet föll till en rekordlåg nivå mot dollarn.

Skriver i solen, Truss misslyckades med att ta itu med ändringar av 45p-räntan, eller skrotningen av bankirernas bonusar, vilket också ingick i Kwartengs tillkännagivanden. Hon sa:

Alltför länge sitter vi fast och diskuterar hur vi ska dela upp den ekonomiska kakan, istället för att odla pajen så att alla får en större skiva.

Status quo fungerar inte. Alltför länge har vi hållits tillbaka av låg tillväxt och höga skatter. Vi måste göra saker i det här landet snabbare.

Så jag ska göra saker annorlunda. Det innebär svåra beslut och innebär störningar på kort sikt.

Alla kommer inte att gilla det vi gör, men jag vill försäkra allmänheten om att regeringen har en tydlig plan som jag tycker är rätt för landet.

Tidigare på fredagen sa hon till TV-kanalerna:

Jag inser att det finns en störning men det var verkligen, riktigt viktigt att vi kunde få hjälp till familjerna så snart som möjligt.

Det som är viktigt för mig är att vi får den brittiska ekonomin på rätt spår igen, att vi håller låga skatter, att vi uppmuntrar investeringar i vårt land och att vi tar oss igenom dessa svåra tider.

Kuarteng: Jag hade inget annat val

God morgon. När nedfallet från förbundskanslerns minibudget fortsätter, med pundet fallande och marknaderna slingrande, Quasi Kvarteng Försökte försvara regeringens handlingssätt.

skriva b Daily Telegraphhan sa:

De brittiska skattebetalarna förväntar sig att deras regering ska arbeta så effektivt och effektivt som möjligt, och vi kommer att möta den förväntningen.

Inte alla åtgärder vi tillkännagav förra veckan kommer att vara populära runt om i världen. Men vi var tvungna att göra något annat.

Vi hade inget annat val.

Hans tillkännagivanden för drygt en vecka sedan inkluderade en sänkning av inkomstskatten från 45p till 40p i pundet för de högsta inkomsttagarna. Andra skattebetalare fick en sänkning på 1p i inkomstskatten och kommer att få pengar från en u-sväng i uppgången i folkförsäkringen. Kanslern sa att alla kommer att hjälpa till att öka tillväxten.

Det var dock en stark marknadsreaktion på paketet, som innebar de största skattesänkningarna på 50 år. Gud Bank of England Han spenderade sedan miljarder pund på att köpa statsskulder för att stärka pensionssystemen. Det indikerade också att räntorna kan stiga avsevärt, vilket leder till toppar i bolåneräntorna och att långivare drar tillbaka många affärer.

Som svar på marknadens reaktion tillade Kwarteng:

Även inför extrem volatilitet på globala marknader, med stora valutor som kämpar mot en otroligt stark US-dollar, kommer vi att visa finansmarknaderna och investerarna att vår plan är sund, trovärdig och kommer att arbeta för att driva tillväxt.

Stanna hos oss hela dagen för alla de senaste politiska nyheterna och utvecklingen.