Prime Minister Liz Truss defends Chancellor Kwasi Kwarteng's mini-budget on BBC Radio Leeds
The basic income tax rate will be cut from 20 per cent to 19 per cent in the next financial year, and there will be more of a hard line for those receiving Universal Credit in a bid to fill the large number of vacancies the UK workforce are facing.
Mr Kwarteng also announced a repeal of corporation tax and the abolishment of bankers caps, in an effort to “reaffirm the UK’s status as a financial service centre.”During her appearance on BBC Radio Leeds, Ms Truss acknowledged that the measures would take time to have an effect.“We are facing very difficult economic times. We are facing that on a global level,” she said.
“Of course lots of measures we have announced won’t happen overnight. We won’t see growth come through overnight.“What is important is that we are putting this country on a better trajectory for the long term.” On Wednesday, the Bank of England launched an emergency government bond-buying programme to prevent borrowing costs from spiralling out of control.
The FTSE 100 Index has also been hit by marked volatility amid the bond sell-off and wider global recession fears.
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