{"id":703,"date":"2022-10-21T06:17:15","date_gmt":"2022-10-21T05:17:15","guid":{"rendered":"https:\/\/www.redstarwealth.co.uk\/blog\/?p=703"},"modified":"2022-10-21T06:17:15","modified_gmt":"2022-10-21T05:17:15","slug":"kwarteng-to-hunt-recent-u-turns-in-economic-policy","status":"publish","type":"post","link":"https:\/\/www.redstarwealth.co.uk\/blog\/kwarteng-to-hunt-recent-u-turns-in-economic-policy\/","title":{"rendered":"Kwarteng to Hunt: Recent U-Turns in Economic Policy"},"content":{"rendered":"

If you\u2019re feeling a bit dizzy from all the U-turns in economic policy under Truss\u2019 leadership recently, we can\u2019t blame you! It\u2019s difficult to keep up with it all at the moment, so we are here to help. Let\u2019s have a look at what\u2019s been going on\u2026<\/p>\n

Goodbye Kwarteng, Hello Hunt<\/h2>\n

Jeremy Hunt has recently replaced Kwasi Kwarteng as Chancellor, bringing with him even more economic changes.<\/p>\n

Liz Truss has stated that Government spending will low grow less rapidly than she\u00a0planned, meaning lots of U-turns on her previous plans.<\/p>\n

The Medium-Term Fiscal Plan<\/h2>\n

On 26th<\/sup> September 2022, Kwarteng revealed that his Medium-Term Fiscal Plan would be presented on 23rd\u00a0<\/sup>November.<\/p>\n

This announcement is still in place, except now it\u2019s happening earlier than planned and being delivered by a different man (Hunt). The Treasury announced on 10th<\/sup> October that the Chancellor would bring forward the announcement of this plan to the 31st<\/sup> October as opposed to 23rd<\/sup> November.<\/p>\n

Triple Lock Confusion<\/h2>\n

The triple lock means that the state pension rises each year in line with either inflation, average earnings, or 2.5%, depending on which figure is the highest.<\/p>\n

On 17th<\/sup> October, Hunt indicated that the Government was considering shelving the triple lock on pensions. However, two days later during Prime Minister\u2019s Questions, Truss confirmed that the triple lock was there to stay.<\/p>\n

 <\/p>\n

\"\"<\/p>\n

\u201cFirstly, we will reverse almost all the tax measures announced in the Growth Plan three weeks ago that have not started Parliamentary legislation\u201d -Jeremy Hunt<\/strong><\/em><\/p>\n

Income Tax U-Turns<\/h2>\n

Hunt has announced that he\u2019s reversing the proposed 1% cut in the basic rate of income tax announced in Kwarteng\u2019s mini-budget<\/a>. Instead, the basic rate will remain at 20%.<\/p>\n

He\u2019s also announced that the Government will not proceed with abolishing the 45% additional rate of income tax, as was previously announced in the mini-budget.<\/p>\n

Alcohol Duty Freeze U-Turn<\/h2>\n

Hunt has also abandoned Kwarteng\u2019s plans of freezing alcohol duty rates for a year, commencing 1st<\/sup> February 2023. This freeze is no longer going ahead, which is estimated to save the Treasury \u00a3600 million a year.<\/p>\n

Corporation Tax Double U-Turn<\/h2>\n

Kwarteng announced in his mini-budget that the previously planned rise in corporation tax due to come into force in April 2023 would no longer go ahead.<\/p>\n

Since his replacement, Truss has stated that the rise will go ahead next year after all, rising from 19% to 25%.<\/p>\n

Energy Bill Price Cap<\/h2>\n

During Prime Minister\u2019s questions on 19th<\/sup> October, Truss seemed to lean heavily on her energy bill price cap as a supportive measure for those most vulnerable. However, this energy bill support to ensure that the typical household\u2019s average bill doesn\u2019t exceed \u00a32,500 is only to last until April 2023. The support is only actually in place for half a year.<\/p>\n

Stamp Duty Land Tax<\/h2>\n

One remaining element of Kwarteng\u2019s mini-budget is the changes to Stamp Duty Land Tax. The nil-rate tax threshold will stay at the increased \u00a3250,000, and \u00a3425,000 for First-Time Buyers.<\/p>\n

 <\/p>\n

So, that’s all of the recent changes summed up… for now! Things may be due to change again with Truss’ resignation, so stay tuned.<\/h4>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re feeling a bit dizzy from all the U-turns in economic policy under Truss\u2019 leadership recently, we can\u2019t blame you! It\u2019s difficult to keep up with it all at the moment, so we are here to help. Let\u2019s have a look at what\u2019s been going on\u2026 Goodbye Kwarteng, Hello Hunt Jeremy Hunt has recently […]<\/p>\n","protected":false},"author":7,"featured_media":704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[193,134,140,136,189,192,191,41,24,196,137,203,186,187,133,185,171,195,198,153,188,201,202,190,199,200,197,172,194],"yoast_head":"\nKwarteng to Hunt: Recent U-Turns in Economic Policy - Red Star Wealth<\/title>\n<meta name=\"description\" content=\"Feeling a bit dizzy from all the U-turns in economic policy under Truss\u2019 leadership? 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