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Despite turmoil, UK finance minister stays the course on tax cuts

2022-10-02T22:07:07.709Z


British Finance Minister Kwasi Kwarteng rules out any change of course on the plan for massive tax cuts, the announcement of which has led to...


British Finance Minister Kwasi Kwarteng has ruled out any change of course on the plan for massive tax cuts, the announcement of which has had disastrous repercussions, according to excerpts from his speech expected Monday at the Conservative Party Congress.

Defended by Prime Minister Liz Truss, who nevertheless acknowledged that the government should have

“prepared the ground better”

, the plan presented on September 23 by Kwasi Kwarteng led to a fall in the pound and misunderstanding of the financial markets which fear an explosion of the debt.

Aiming to deal with the cost of living crisis, this "mini-budget" provides for the freezing of energy bills and massive tax cuts for the richest, with the stated aim of stimulating growth.

Read alsoWith Liz Truss, the United Kingdom sinks into crisis

"We must stay the course

," said, according to excerpts from his speech broadcast Sunday evening, the Minister of Finance, showing his confidence that the government's project is

"the right one"

.

Citing exploding energy bills, fiscal pressure at its highest

"for 70 years"

, Kwasi Kwarteng believes that a

"new approach"

was necessary,

"based on growth".

“We will show that this plan is healthy, credible and will increase growth”

,

“it is my promise to this country”

, he must declare from the podium during the Conservatives' congress in Birmingham (central England).

In power for barely a month, Liz Truss has seen the disastrous polls accumulate two years before the 2014 general election: a recent YouGov study gives the opposition Labor 33 points and according to another, one in two Britons (51%) want her to resign.

Read alsoKwasi Kwarteng, Chancellor of the Exchequer and suicide bomber of Liz Truss

The distrust aroused by this “mini-budget” is such that it even augurs a possible rebellion within the conservative party itself when the text will be put to the vote in Parliament.

Heavyweight of the majority, former minister Michael Gove ruled Sunday on the BBC that

"having the main tax measure to reduce taxes for the richest is to put forward bad values"

.

At the time of the opening of the congress on Sunday in the middle of the day, several hundred people demonstrated to the cry of

"Tories out"

(

"the conservatives, outside"

, in French), or "

say it loud and clear, the Tories are not welcome here”

.

From the podium, influential rail unionist Mick Lynch called the current situation in the UK a

"class struggle"

, calling on the

"working class"

to take action to

"change the country"

and

"change society" .

»

.

Source: lefigaro

All news articles on 2022-10-02

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