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A decade and a half to build a single new tube line across London (which is still to open in full) is the one that boggles Playbook’s mind.Ĭoffee: On top of all that, there are the other bits and bobs we’ve heard this week that are expected to be in there: uncapping banker bonuses … welfare reforms to force more claimants into work … reforms to various financial services … a reversal in the cut to tourism taxes (h/t Katy Balls).Ĭheese … liqueurs … another sandwich? Don’t expect that to be it. The government pointed to numerous examples where projects have taken muuuuuch longer than reasonable to get through the planning and completion stages. Times Political Editor Steven Swinford reckons those and more could amount to £50 billion.ĭessert: Kwarteng will also announce new laws to speed up major infrastructure projects across the U.K., targeting fuel generation, roads and rail. Alongside the reversal of the national insurance rise that Kwarteng announced ahead of time, the chancellor is expected to reverse the planned rise in corporation tax and cut taxes on home purchases. Main course: The centerpiece of the budget will be whopping tax cuts to businesses and individuals in a bid to get Brits investing and spending. Businesses within their boundaries will benefit from tax cuts and liberalized planning rules. Starter: Kwarteng will reveal that 38 areas in England are bidding to establish the new “investment zones” Westminster has been hearing all about. It’s set to include more than 30 measures the pair hope will drive down inflation and boost growth while not scarring the public finances. Playbook will take you through what to expect.Īll in the writing: Kwarteng and Truss were holed up in the Cabinet room last night putting the final touches on the package, which the government has christened “The Growth Plan” (their capitalization). Rach against the machine: The i’s Paul Waugh pointed out that Reeves and Kwarteng last clashed across the Commons as new MPs in 2010, when Kwarteng confused debt with deficit and sent a handwritten note afterwards to thank her for correcting him.ĭETAILS, DETAILS: The Kwarteng statement will be packed with content for something that isn’t a budget. She argues that the long-serving Cabinet ministers, in a bid to “present themselves as agents of change,” will denounce the previous six Conservative growth plans since 2010, “each announced with great fanfare but with little impact.” She adds that “the one constant over a decade of Tory government is low growth.” The backchat: Reeves has penned an overnight piece in the FT offering a sense of what she will tell the Commons. “We will be bold and unashamed in pursuing growth - even where that means taking difficult decisions,” he will insist. The pitch: In the Commons, Kwarteng will vow to break the “vicious cycle of stagnation” and convert it into a “virtuous circle of growth,” according to an overnight press release.
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We’ve led calls for the introduction of a modern registration system for short-term lets, and we welcome the Government’s review of the sector. **A message from Airbnb: Airbnb provides access to unique listings in over 2,700 cities, villages and towns in the UK - we want to ensure communities can benefit sustainably from tourism. When Kwarteng sits down after his first 30 minutes, a not-budget document of about 30 pages will materialize on the government website.

Shadow Chancellor Rachel Reeves will get to respond for about half that time, before other MPs get to chime in for a couple of hours. (assuming there are no urgent questions) which will last about 30 minutes. 11 Downing Street to hot-tail it to the Commons.
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How to present a not-budget: The Cabinet is meeting this morning to rubber stamp the plans, before Kwarteng exits No.
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The dissembling also means independent government economists have been banned from assessing the package of measures and producing economic forecasts against it, as would happen for a full budget. a war dressed up as a targeted combat exercise. Our little war on taxes: One senior Conservative MP quipped to Playbook that the government spin on its budget was akin to Russia’s “special military operation” in Ukraine - i.e. Instead, tens of billions of pounds will be scrubbed from the tax codes, to be plugged with government borrowing to keep the ship afloat. Kwarteng will deliver what the government is dubbing a “fiscal event” but the rest of Westminster knows is a mini-budget that won’t be at all mini. NOT-BUDGET DAY: Prime Minister Liz Truss and her Chancellor Kwasi Kwarteng take a massive gamble this morning - ushering in the biggest tax cuts in decades in the hope of boosting British growth at a time of economic peril. Eleni Courea will be back to kick off next week.
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