Sunday, December 04, 2022

British Chancellor of the Exchequer defends his plan after pressure changes it

British Chancellor of the Exchequer defends his plan after pressure changes it

British Chancellor of the Exchequer, Conservative half quartengpromised this monday Continue your controversial economic plan after revising it For criticism inside and outside his party.

Quarteng acknowledged that it has been “a tough day”, in which An important part of your tax strategy is undonebut now kept We should focus on the “work” of promoting “development” The United Kingdom, which aspires to increase it to 2.5%.

Minister, who assumed office on 6 September, specifically defended its tax deduction program for companies and high income To promote economic expansion in his speech before the Conservative Party’s annual congress in the English city of Birmingham.

Prior to his speech, Quarteng announced on Monday morning that Planned deduction from 45 to 40% canceledTheir formation was followed by criticism received from deputies, from the highest income band, who indicated they would not vote in favor of the measure in parliament.

a little movement

In his appearance before other members of the government and the conservative base, the head of the economy argued that the uproar caused by his initiative to lower taxes on the wealthy was “a distraction” and “a little unrest”, which should not stop the rest. government strategy

In the front row of the auditorium was his minister, the Conservative prime minister, liz trusswho at the inauguration of Congress on Sunday Assured that the decision to eliminate the 45% band will not be reversed,

In a dramatic twist, Quarteng announced on Monday that it had been cancelled.

The minister, who confessed to being “entirely pro-business”, insisted that Yes, it will proceed with its intention to cancel the scheduled uploadfrom 19 to 25%, of corporation tax and announced that in the coming days it would expand measures to accelerate gross domestic product (GDP) growth to a target of 2.5%.

To expand the economy and improve productivity, these elements include liberalization of planning and construction regulations, agriculture, financial services, reforms in childcare provision and reforms in social subsidies, he said.

Too He promised to abolish any remaining European legislation that is “preventing the country from moving forward”.In one of the speech’s most acclaimed moments, Joe barely managed to defeat the grounds.

After being condemned on 23 September for presenting a “growth plan” with large tax cuts without a GDP forecast or a roadmap for net debt reduction, Quarteng promised to act with “fiscal responsibility”.

poor electoral prospects

Financial markets’ negative reaction to that plan, which temporarily sank the pound and skyrocketed interest rates on government debt, has led many participants at this year’s annual conference to believe that His formation can no longer win the next electionScheduled for 2024.

A survey, released this Monday by ComRes, was conducted between September 30 and October 2 among 2,113 adults. Keir puts Starmer’s Labor Party on top of voting intentWith a support of 50% as against 25% received by tories,

Labor Economics spokeswoman Rachel Reeves said that, despite last-minute dedication, The damage caused by the government’s economic policy is “already done”As credit risk premiums have already risen with negative impact on public finances, and there is upward pressure on interest rates and mortgages.

Quarteng, who has refused to resign because of his chaotic management during his first month in office, called for a parliamentary intervention to present a full economic plan with forecasts from the Office of Budget Responsibility (OBR, Public Finance Observer). has promised. on 23 November.

However, his position as chancellor fund has weakened, as well as that of the truss, which on Wednesday He will try to convince the conservative base and the nation that he is the right person to lead the UK,

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