Sterling has recovered its mini-budget losses, but traders and economists warn debacle has hurt UK
The decision to keep the 45p tax band for the highest earners may not protect the UK from a credit rating downgrade.says the U-turn won’t have a material impact on its latest projections for the UK economy.“We consider that the decision to reverse the tax cuts for highest earners is not going to materially affect our fiscal and economic projections for the UK that we published last Friday.”
Last Friday, S&P lowered its outlook on the UK’s AA sovereign credit rating to “negative” from “stable,” citing concerns about the country’s fiscal outlook and the ‘additional risks’ in lending to the UK.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK’s Truss U-turns on 45pc top tax rateThe government of British Prime Minister Liz Truss has reversed plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets.
Read more »
Treasurer Jim Chalmers fears global recessionLeading economists say the decline in global conditions, volatility in financial markets and rising interest rates means a downturn at home is now “plausible”.
Read more »
British PM forced into U-turn on tax cut for the richThe government of British Prime Minister Liz Truss was forced into a humiliating U-turn, reversing plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets
Read more »
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.
Read more »
Source Certain prepares ASX IPO despite tech stock downturnSource Certain, a Perth-based company that has created tech to track the provenance of anything from blood diamonds to stolen Ukrainian grain, is preparing to launch.
Read more »