Connect with us

Hi, what are you looking for?

Business

Liz Truss set to sack Kwasi Kwarteng in bid to save her own position

Liz Truss is poised to sack her chancellor Kwasi Kwarteng and announce plans to raise corporation tax as she abandons key parts of her mini-budget in a bid to reassure the markets.

The chancellor is due to meet the prime minister shortly, with discussions under way in No 10 and No 11 before a public statement by the prime minister.

The government has been left with little choice but to abandon its plans after the markets priced in a reversal of its position, with sterling responding positively to a series of leaks.

Kwarteng flew back early from Washington overnight. The government is expected to announce plans to increase corporation tax later this afternoon, with the prime minister potentially making a public statement.

One government source said that corporation tax was likely to rise but said it could still be less than the 25 per cent that was planned by the previous government. Other measures in the mini-budget could soon be reversed.

The government is acting to restore market confidence after Kwarteng used his mini-budget to announce £45 billion worth of unfunded tax cuts.

Read more:
Liz Truss set to sack Kwasi Kwarteng in bid to save her own position

    You May Also Like

    Business

    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...

    Business

    1.22 billion people use Instagram every month. That’s a huge number of Instagrammers trying to hit it big on the platform all at the...

    Business

    Since the rise of online casinos, cybersecurity has become a major concern for both casino operators and players alike. The transactions that go around...

    Business

    The Home Office has made next to no progress in tackling criminal fraud during the past five years, despite it having become Britain’s most...

    Disclaimer: rightdecisionnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023 rightdecisionnow.com | All Rights Reserved