Truss and Kwarteng must show they're on side of working people with mini-budget, Tories say 🔴 The Chancellor’s first fiscal statement this Friday should provide real help with the cost of living
are preparing to unveil a fiscal package on Friday designed to stimulate economic growth, including a controversial measure to remove the cap on bankers’ bonuses.
The Chancellor is also considering further tax cuts over and above Ms Truss’ leadership campaign pledges to reverse the national insurance rise and freeze corporation tax, although these may only be trailed on Friday and announced in a full Budget later this year. But a number of Conservative MPs are concerned that the mini-Budget will not do enough to support those on lower incomes, as a balance to the help for highly-paid bankers. Some Tories are concerned that lifting the bonus cap will send the wrong message to voters, particularly in the cherished Red Wall seats they need to keep at the next election.it was “very important” that the mini-Budget prioritised tax cuts for those on low and middle incomes.
Analysis by the Institute for Fiscal Studies has found that the poorest households in the country will be disproportionately less helped by Ms Truss’ flagship campaign pledge to reverse the 1.25 percentage point national insurance rise announced by Rishi Sunak as chancellor earlier this year. The poorest three million households in Britain may only benefit by 63p a month from the national insurance cut, while the richest will gain an extra £150, the IFS analysis found.