A month ago we discussed the campaigns and proposals of Liz Truss and Rishi Sunak as they went head to head to vie for the position of Prime Minister. You can read the blog here.
Now, as we know, on 5 September, Liz Truss was announced victorious, being confirmed the UK’s new Prime Minister. Her victory was built very much on her proposals to tackle areas such as tax, national insurance, inflation and how to handle the potential impending recession.
As a reminder, here’s an overview of some of her main pledges:
Liz Truss also promised a prompt emergency budget would be delivered if she were to be successful. And she has certainly kept her word on that point, as Chancellor Kwasi Kwarteng took centre stage on Friday 23rd September to deliver what has been termed ‘The Mini Budget’. But did she keep her other promises? Read on to find out…
Mini only by name
Whilst the name suggested a minor affair, this was far from it. Amongst other announcements, the Chancellor confirmed:
Based on the announcements, it would be hard to argue that Liz Truss hasn’t delivered on her promises. And whilst on an individual level few would be against paying less tax, unfortunately neither the markets or the opposition have responded positively. In fact the Bank of England have stepped in immediately to try and bring some stability. It would certainly appear that their idea to reduce taxes in order to increase income and entice investment has backfired, at least in the short term.
At WCL we are neither financial advisers nor investment experts. And we certainly don’t know how to read crystal balls. What we can do however is guide you on how the various announcements can be applied to you and your business.
If you would like to know more, or have any questions, please get in touch. We’d love to hear from you.