The new chancellor Kwasi Kwarteng will deliver a ‘mini Budget’ next Friday (23 September) according to reports.
This ‘fiscal event’ is expected to announce a range of tax cutting measures, promised by Liz Truss in her campaign to be PM.
The new government had been expected to hold a mini Budget sooner, but government plans have been put on hold during the period of national mourning from Queen Elizabeth.
It is expected that Kwarteng will reverse the rise in National Insurance, and scrap the green levies on energy bills. There may also be further details of the energy price cap which was unveiled just before the Queen’s death was announced. This should include more information on what help will be offered to small businesses amid rising wholesale fuel prices.
Meanwhile there has been speculation today that Kwarteng will also remove the cap on bankers’ bonuses, in a bid to make the City a more attractive place for overseas companies post Brexit.