struggling with symptoms. let s start here in the uk, where the new chancellorjeremy hunt has ditched almost all of prime minister liz truss tax cuts announced in the government s mini budget three weeks ago. the financial markets reacted positively to the news, with the pound rising against the us dollar and uk gilts falling. in total £32 billion of the £45 billion in tax cuts have been shelved, these include. the planned 1p cut in the basic rate of income tax is now on hold indefinitely, with the rate remaining at 20%. the cap on energy prices charged to households is now only guaranteed until april next year. for a typical household, it means an annual bill will not rise above £2,500 for the next six months. but plans to cancel the 1.25% increase in national insurance contributions will still go ahead, along with a reduction in stamp duty, and the cap on bankers bonuses will still be scrapped. joining me now is chris southworth, who s the secretary general of the uk i
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the cap on energy prices charged to households is now only guaranteed until april next year. for a typical household, it means an annual bill will not rise above £2,500 for the next six months. but plans to cancel the 1.25% increase in national insurance contributions will still go ahead, along with a reduction in stamp duty, and the cap on bankers bonuses will still be scrapped. joining me now is chris southworth, who s the secretary general of the uk international chamber of commerce. good morning to you. good morning- good morning to you. good morning. your good morning to you. good morning. your reaction - good morning to you. good morning. your reaction to l good morning to you. good l morning. your reaction to all of these morning. your reaction to all of these changes? morning. your reaction to all of these changes? some - morning. your reaction to all. of these changes? some benefit businesses, some don t. your thoughts? thoughts? the first priority when we thought
the cost-sharing reductions are money that goes to subsidize low income people and their out of pocket costs. instead of being unwieldy and sending reimbursements to everybody, the money goes to the insurance companies. so it s a pass through to the insurance companies. getting rid of csrs hurts the poorest people. it has zero effect on insurance companies. so if you have a beef about insurance companies, which a lot of people do and how much money they make and we ve talked about it a lot, that s fair and it s a separate issue. but when it comes to csrs, insurance companies, where s the beef? this is not the problem. moving on to president trump s tax plan, which still needs to be worked out in congress, still needs a lot more details. we know some broad strokes already. a simplified tax code, fewer tax brackets, and of course big, big tax cuts that benefit businesses. well, now there are some ideas in the president s plan that could also benefit the middle class, could. but