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Kwarteng: UK economy should expect more tax cuts and deregulation | economic policy

Kwarteng: UK economy should expect more tax cuts and deregulation |  economic policy

 


Liz Truss plans to radically reshape the UK economy with more tax cuts and less regulation, her prime minister said.

Kwasi Kwarteng said there is more to come on BBC Ones Sunday with Laura Kuenssberg, just two days after his unofficial budget provided 45 billion tax cuts primarily for the wealthy.

We’ve only been here 19 days. I said I would like to see people retain a larger share of their income next year.

Kwarteng dismissed the negative short-term financial market reaction to his mini-budget and accompanying borrowings and said he is confident the Bank of England will be able to control inflation.

He also denied that tax cuts are primarily in favor of high-income earners. They favor people across all income levels, he said.

The prime minister said he was confident the public would support his idea, questioning how a new, powerless government could embark on such a radically different course.

When asked about his fiscal plan to add about $400 billion to public borrowing over the next few years, Kwarteng said the debt-to-GDP ratio would decrease over time, but didn’t give details on how or when.

Obviously, you can’t borrow forever. And that’s why on Friday I argued that the government should respond to the economic shock by saying that there would be a very specific and very cautious medium-term fiscal plan. Ukrainian war and covid.

We’ve had unprecedented events over two generations, he said. Governments must not respond in a financially scalable manner in a way that can support the economy and support the people through these two unprecedented shocks.

What I want to say about borrowing was that it was able to counter two of what we call exogenous shocks of uncontrollable and unprecedented scale, and it was absolutely right.

When asked if there is a limit on new borrowing, Kwarteng replied: What I’m not going to do is say that I’m not going to borrow to deal with exogenous, extreme events, if any.

The prime minister agreed with Kuenssberg when asked if the Truss government wanted to implement what previous conservative governments, including Boris Johnsons, had deemed unthinkable in terms of tax cuts and deregulation.

It’s totally our focus, he said. The only way we will pay for public services in the future, the only way we can have the economy we want, is to grow this economy. That’s what I, the Prime Minister and the government are 100% focused on.

He said he didn’t rule out possible changes, such as easing some immigration rules or ending EU rules on maximum working hours to provide more overseas workers, but said it was a matter for his cabinet colleagues.

When asked how they could pursue such a different policy when only Conservative MPs and party members chose Truss in 2019, Kwarteng said it was very clear that people didn’t want their tax burdens to rise indefinitely.

He re-asked the question of whether public consent was gained for such a radical change, saying: We have a responsibility in government to protect everyone and make the UK the best, and I believe economic growth is absolutely essential for this.

Kwarteng declined to discuss the pound’s decline after issuing a statement on Friday that the pound fell below $1.09 to its lowest level in 37 years. As finance minister, he said he would not comment on market movements.

According to the Sunday Telegraph, some Conservative lawmakers see it as a sign of action if the pound equates to the dollar and could trigger a revolt. Some may oppose financial bills that bring tax cuts, or even send a letter of no confidence to the prime minister predicted by the newspapers.

Sources

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2/ https://www.theguardian.com/politics/2022/sep/25/kwarteng-uk-economy-must-expect-more-tax-cuts-and-deregulation

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