UK finance minister will vow to stay course on tax cuts despite market meltdown
abc.net.au/news/uk-chancellor-kwasi-kwarteng-doubles-down-on-tac-cuts/101495574The UK chancellor will double down on tax cuts in a speech a week after his mini-budget sent markets into a tailspin.He and the prime minister have had to defend their plan after the pound hit record lowsKwasi Kwarteng will promise "iron-clad" fiscal discipline at the Conservative Party's annual conference on Monday.
He and Prime Minister Liz Truss have defended their plan, which did not spell out how the government would finance deep tax cuts and energy subsidies.Mr Kwarteng has said he will set out his funding plans on November 23 in a full fiscal statement.Liz Truss and Kwasi Kwarteng have had to defend their mini-budget, with Ms Truss admitting they could have done more to "lay the ground".
"We must face up to the facts that for too long our economy has not grown enough. The path ahead of us was one of slow, managed decline," he said. "We needed a new approach, focused on raising economic growth … We must stay the course. I am confident our plan is the right one." Speaking at the conference on Sunday, Ms Truss admitted she should have done more to "lay the ground" ahead of the mini-budget, but stood by her "growth plan" — which had prompted an emergency intervention from the Bank of England to bail out pension funds.
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UK chancellor will vow to stay course on tax cuts despite market meltdownDue to speak at the Conservative Party's annual conference, UK Chancellor of the Exchequer Kwasi Kwarteng will vow to stay the course on tax cuts despite the pound hitting record lows.
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