Liz Truss must hold her nerve as the world tips into a calamitous recession

For the past 25 years, and especially since the financial crisis, the global economy has taken a disastrous wrong turn for which we are about to pay a hideous price. In one of the gravest intellectual errors since communism, many of the world’s cleverest people thought they had discovered the secret to perpetual prosperity. Forget … Read more

Immigration must fall even as Britain pushes for growth, Liz Truss told

Ms Truss’s immigration review will consider whether changes need to be made to the shortage occupations list, which will allow key sectors to recruit more overseas staff. It could also endorse a loosening of the requirement to speak English in some sectors to enable more foreign workers into the country. Downing Street sources said the … Read more

Tories to rebel against Liz Truss if pound falls below the dollar

“This Budget will live or die not on what the electorate think, not on what Opposition politicians think, not even what Conservative politicians think,” they said. “It is the global markets’ response to what looks like very risky behaviour from our Government.” They added: “The Bank of England is being backed into a corner. “If … Read more

Liz Truss plans to cut taxes further in the new year

Those familiar with discussions say the Treasury believes lifting the lifetime allowance on pension pots could encourage doctors, police officers and highly paid nurses to remain in work. Under the current system, savers are forced into paying 55 per cent tax on pension pots valued at more than £1 million, prompting many to retire instead in … Read more

Kwasi Kwarteng announces tax cuts worth £45bn

Simon Clarke, the Levelling Up Secretary, is on the morning media round for the Government as he sets the scene ahead of Kwasi Kwarteng’s “mini-Budget”.  Mr Clarke was told during an interview on Sky News that the Institute for Fiscal Studies think tank had described Liz Truss’s strategy for achieving economic growth as “a gamble … Read more

Liz Truss to rip up green planning laws in bid to kickstart housebuilding

“It will be very difficult. In the Red Wall, the housing issue isn’t as acute, but in the South where it is, Tory MPs’ majorities are at stake,” they said. Ms Truss said in 2019 she supported building a million new homes on the green belt, but appeared to abandon that position when asked about … Read more

Work longer hours or you’ll lose your benefits, Kwasi Kwarteng to tell part-time workers

Under current rules, anyone who works fewer than nine hours per week at the National Living Wage is subject to the Department for Work and Pensions’ intensive work search regime, which means they must attend coaching sessions at job centres, attend job interviews and accept offers of work or risk losing their entitlement to Universal … Read more

Liz Truss could cut stamp duty in mini-budget push for growth

A new Government Energy Bill Relief Scheme will act as an equivalent to the price freeze put in place for households, Jacob Rees-Mogg announced in the last few moments. Support in the form of a discount will automatically be applied to gas and electricity bills between October 1 and March 31. Supported Wholesale Prices are … Read more