LIZ Truss is considering targeted tax-cutting to boost the economy in poorer parts of the country. Details of Friday’s mini-budget are still being finalised but top priority will be increasing growth. Source: Liz Truss to boost economy by considering targeted tax-cutting
Liz Truss may decrease taxes in impoverished areas to help the economy. Growth will be the major focus of Friday’s mini-budget.
The Prime Minister will push through critical measures this week after national mourning. While the PM is in New York starting tomorrow (TUES), ministers will reveal a strategy to combat energy costs and NHS challenges.
Ms Truss will witness Friday’s emergency mini-budget by Chancellor Kwasi Kwarteng. It’s anticipated to reverse the 1.25 percent increase in National Insurance payments in November and stop planned corporate tax hikes.
Ms Truss intends to fix the country’s finances through boosting economic development.
Up to 12 “full fat freeport” investment zones might be mentioned in the financial statement. No. 10 sources have put an end to rumours that the PM might cut taxes for local residents and workers.
The West Midlands, Thames Estuary, Tees Valley, West Yorkshire, and Norfolk are considered suitable locations. Ms Truss revealed energy bill recommendations hours before the Queen’s death.
She vowed to control home costs and expand domestic supply by abolishing the fracking ban and issuing additional North Sea oil and gas licences. Details on the six-month assistance for businesses are not yet available.
Ms Truss promised to “end the UK’s short-termist approach to energy security and supply once and for all”.
British Chambers of Commerce Director General Shevaun Haviland said firms had seen huge energy price hikes.
She remarked, “We really welcome the PM’s intervention on the energy crisis. It was quick, it was bold, and it was broad.”
“We now really need to see the details, particularly around what level of cap we are going to see for those businesses. Six months is great, it will help us keep the doors open over winter, but what is going to happen after that?”
Since the late monarch’s death, both Houses of Parliament have been in mourning. Business Secretary Jacob Rees-Mogg will brief MPs on the Government’s energy crisis measures on Wednesday. Therese Coffey will outline NHS winter preparations on Thursday.