same received from the chancellor. at the same time, received from the chancellor. at the same time, conservative mps will call for same time, conservative mps will call for a same time, conservative mps will call for a cut in taxes. the report talks call for a cut in taxes. the report talks about call for a cut in taxes. the report talks about the fact that rishi sunak talks about the fact that rishi sunak has said he will only make cuts in sunak has said he will only make cuts in taxes if spending can be cut in other cuts in taxes if spending can be cut in otherareas, and cuts in taxes if spending can be cut in other areas, and yet none of the ministers in other areas, and yet none of the ministers in in other areas, and yet none of the ministers in the cabinet perhaps understandably seem particularly positive understandably seem particularly positive about cutting being spent spending being cut in their areas spending being cut in their areas. w
outline fully what is happening now with the so called mini budget that outlined a raft of tax cutting measures, £45 billion worth of unfunded tax cutting measures, and also the support for energy bills. we have heard from him already this morning, he gave a statement to give us a sense of the flavour of it, but it was absolutely clear what the direction is, all of the tax cutting measures that were announced in that mini budget are being scrapped. the only ones that survive are the ones for which there was already legislation under way, and that is the cut in stamp duty and the cut in national insurance. it has been a dramatic day here at westminster. the next steps in the commons will be the urgent question by sir keir starmer and a statement byjeremy hunt, the chancellor, and meanwhile the speculation goes on as to the future of liz truss as she chooses
presume she will have to say that she has learned, she listened and that she has seen what the implications of what they were suggesting has been in the markets, and the bank of england had to intervene and start selling bonds. she will probably reassure everyone the electricity price freeze will stay, because that was a very important part, but that will cost quite a lot of money, sol important part, but that will cost quite a lot of money, so i think there had been expectations the markets were going to buy into that quite easily because they understood the importance of it. but they got indigestion with the extra tax cutting measures. ithink indigestion with the extra tax cutting measures. i think she will have to work very hard to ensure that whatever comes out in terms of policies in the future will be responsible, if you want to call it that. even if there is a u turn in areas such as the corporation tax cut or rather the reintroducing of corporation tax increase as we are now ex
questions asked about how they can survive but i think those discussions for the moment are premature because we have not yet heard what the government is announcing, certainly, the kind of rush back from washington by the chancellor exudes a bit of panic but i think certainly until we have heard from either the treasury or downing street, it is not clear what the next step will be. that downing street, it is not clear what the next step will be. the next step will be. that is the challen . e the next step will be. that is the challenge once the next step will be. that is the challenge once again, the next step will be. that is the challenge once again, isn t i the next step will be. that is the challenge once again, isn t it? itj challenge once again, isn t it? it is about the optics, how it looks and again, we saw this during the week as far as that intervention from the bank of england was concerned. they are all very keen to point out they are just doing what is necessary to m
many, many people are paying at the moment, up to 6%, that is hundreds of pounds, almost £700 extra per month, because of what the chancellor did in his statement. and the increase in borrowing costs haven t gone away, even with that u turn today. so, the damage is being felt by ordinary working people. it s a crisis made in downing street, but it is ordinary, working people that are paying the price for this. working people that are paying the price for thia price for this. rachel reeves, labour supports price for this. rachel reeves, labour supports much, - price for this. rachel reeves, labour supports much, in - price for this. rachel reeves, j labour supports much, in fact price for this. rachel reeves, - labour supports much, in fact the bulk of, you could argue, of the tax cutting measures. now, it is true, you didn t want to see the cut in the 45p tax rate. it is now going to go back. you wanted to use the money from that to fund nurses and school business elite breakfast c