NEWS POLITICS

Liz Truss to hold mini-budget before the end of the month

Liz Truss to hold mini-budget before the end of the month

1 year ago 788 views

...
 
...
By Nation Cymru

Details of the tax cuts promised by Prime Minister Liz Truss during the Tory leadership campaign are set to be announced later this month.

  Sign up today

Click here to get your free All About Newtown account today and get localised stories and much more.

9 stories left to view without an account.

Politics as normal has been largely put on hold during the 10-day period of mourning for the Queen, which lasts until her funeral.

On Monday, the Prime Minister’s official spokesman said the Government still intends to hold the “fiscal event” before the end of the month, as previously promised by the new Prime Minister.

Ms Truss promised an emergency budget during the leadership contest, and in her speech to MPs last week she said Kwasi Kwarteng, the chancellor, would be making a “fiscal statement” later this month.

No date has yet been confirmed amid the continuing cost-of-living crisis.

The spokesman told reporters: “We are still planning to deliver a fiscal event this month.”

Ms Truss had announced last week long-awaited Government plans to tackle sky-high energy bills and ease the cost-of-living crisis, with a focus on capping prices and boosting domestic energy supplies.

That includes lifting the ban on fracking and new licences for North Sea oil and gas, as well as stating support for clean energy sources including nuclear, wind and solar.

Chancellor Kwasi Kwarteng is due to give specifics of how the plan will be funded during the emergency fiscal announcement.

Window

The Government has a narrow window to schedule the fiscal event, with the Commons due to go into conference recess on September 22.

Currently, there are no plans to amend that date.

The Liberal Democrats have cancelled their party conference, which would have clashed with the Queen’s funeral.

Labour and the Conservatives are expected to still hold their conferences, even if the annual events are likely to be more low key this year.

Under the Government’s “energy price guarantee”, bills for the average household will go no higher than £2,500 at any point over the next two years.

It will save a typical home around £1,000 from October 1, when the current consumer price cap had been set to soar, according to official estimates.

Passing legislation is not believed to be required to bring the price guarantee into effect for households, although businesses are still facing a wait for details about additional support.

 Read the rest of this story on nation.cymru

Related or similar stories based on this one

Image for the article County councillors approve budget
County councillors approve budget

5 days ago

Image for the article School budgets under deficit pressure
School budgets under deficit pressure

3 months ago

Image for the article Councillors ask why not use reserves?
Councillors ask why not use reserves?

3 weeks ago

Image for the article Senedd set to vote on Welsh Government Budget
Senedd set to vote on Welsh Government Budget

11 months ago

Image for the article Powys County Council want you to have your say on their upcoming budget
Powys County Council want you to have your say on their upcoming budget

1 year ago

Image for the article How much will you be paying in Council Tax from April?
How much will you be paying in Council Tax from April?

1 year ago

Follow us

Connect with us on Facebook, X (formerly Twitter) and Instagram

   

Trending
 
Fire service attend Newtown house fire
 
New inclusive communication boards fitted
 
Can you join our team?
Donate to us

We're a not-for-profit community interest company and have no corporate owners. We'd appreciate anything you can give to keep us providing free content.

  Donate via PayPal
Upcoming Events
Mid Wales Opera: Verdi's Macbeth

02/03/24 06:30pm Theatre Hafren

Business Networking Meeting - March 24

05/03/24 07:00pm Ponthafren

Morning Yoga

06/03/24 07:45am Fit 4 Life Gym

Latest Stories
 
Council predits £3m surplus for this year
 
New inclusive communication boards fitted
 
Local MS calls for farming proposals to be scrapped