New Chancellor’s approach to economic priorities

The new Chancellor, Kwasi Kwarteng, recently met in London with various market and city leaders to set out the Prime Minister’s new, pro-growth economic approach. The new approach focuses on providing immediate support for families and businesses to

The new Chancellor, Kwasi Kwarteng, recently met in London with various market and city leaders to set out the Prime Minister’s new, pro-growth economic approach.

The new approach focuses on providing immediate support for families and businesses to cope with soaring inflation and rising fuel costs whilst at the same time supporting the economy to grow in a fiscally sustainable way.

At the meeting, the Chancellor also underlined his support for the Bank of England’s moves to keep inflation under control as much as possible, which is central to tacking cost of living challenges.

In a press release from HM Treasury, Mr Kwarteng stressed that the government will support the economy to grow. He recognised that the rate of growth has been too low and committed to a radical supply side agenda to deliver lasting economic growth. This will mean creating the right conditions for business investment and innovation, reducing burdensome regulation and taxes, which will in turn create jobs, wealth and drive economic growth.

Since the new Prime Minister, Liz Truss, took office on 6 September 2022 we have seen the introduction of a cap in energy bills at £2,500 for the average household from 1 October 2022. The new Chancellor will also make further important announcements in the mini-Budget on Friday 23 September.

Source: HM Treasury Tue, 20 Sep 2022 00:00:00 +0100

Latest INSIGHTS

Check out our latest Insights for useful accounting tips and information.

Are we unpaid tax collectors?

Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; whether they are registered for VAT or not.

If you are not registered for VAT, you do not have to add VAT to your sales and you cannot

Read More

Child Benefit for 16 – 19 year olds

More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their education or training after their GCSEs.

HM Revenue and Customs (HMRC) is sending more than 1.4 million Child Benefit

Read More

Multiple Dwellings Relief for SDLT

It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change has now come into effect for transactions which complete, or substantially perform on or after 1 June 2024.

The MDR relief

Read More