It is the government’s second U-turn under pressure after withdrawing the measure to scrap the top income tax rate of 45%
By Thanasis Gavou
On Halloween, October 31st, UK Chancellor of the Exchequer Kwasi Kwarteng will finally present his budget plan.
The so-called “Medium-Term Fiscal Plan” was originally set for November 23, but the disruption caused by September’s mini-budget led to pressure on the Truss government to speed up the announcements.
As Mr Kwarteng has said, the fiscal plan will set out details of the government’s fiscal rules, including how public debt will be reduced as a percentage of GDP over the medium term. The announcements will aim to allay market concerns about the stability of the UK’s public finances.
On the same day, the analysis of the fiscal impact of the government measures by the independent Office of Budget Responsibility will be made public.
Until last week, Prime Minister Liz Truss and the Minister of Finance insisted that there would be no acceleration of the presentation of the fiscal plan.
It is the second government reversal under pressure after withdrawing the measure to abolish the top income tax rate of 45%.
The British press is also discounting a change of heart by Ms Truss on the issue of increases in state welfare benefits after warnings from Tory MPs. It is estimated that in the end the Prime Minister will increase the benefits according to the level of inflation, i.e. around 10% and not, as she allegedly planned, according to the average level of salary increase, i.e. around 5%.
Amid these setbacks, Liz Truss’ popularity has slipped further, according to a new poll by Opinium for the Observer. In particular, only about 16% approve of her manipulations against a rate of almost 64% that rejects them.
The resulting net negative figure of -47% is a worse performance than the level at which Boris Johnson’s popularity had fallen at the height of the Partygate scandal and Theresa May’s just before her resignation.
The Opinium poll also gives Labor a 21 percentage point lead in voting intentions (47% to 26%), the biggest lead for Keir Starmer’s party recorded by the firm.
Read the News today and get the latest news.
Follow Skai.gr on Google News and be the first to know all the news.
I am currently a news writer for News Bulletin247 where I mostly cover sports news. I have always been interested in writing and it is something I am very passionate about. In my spare time, I enjoy reading and spending time with my family and friends.
