Fallout shelter near me uk11/5/2023 ![]() ![]() The mini-budget was instituted against the accepted logic of most mainstream economists - and without typical political guardrails. Britain’s Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng chat during a visit to Berkeley Modular, in Northfleet, England, on September 23. It’s a 21st-century take on trickle-down economics, one that’s happening in the midst of global inflation and skyrocketing energy costs. Truss and Kwarteng have stood by their decision to cut taxes for some of the wealthiest Britons and create special incentives for corporations, including tax cuts and rollbacks in regulations, insisting that the tax cuts will spur more investment in the economy. Investors soundly rejected the new economic plan, dubbed “Trussonomics” in reference to Reaganomics, the supply-side economic policies passed under Ronald Reagan in the 1980s. Kwarteng and Truss’s plan also slashes the stamp tax, a duty on land sales in England and Northern Ireland, in a bid to increase home purchases.īy Monday, global markets responded by selling off UK-backed assets and pushing the UK’s currency, the pound, to a valuation of $1.03, its lowest-ever value against the dollar, before it inched up later in the week. ![]() The so-called “mini-budget” proposed tax cuts for the UK’s highest earners, and announced a rollback of corporate tax hikes and a cost increase for national insurance, both intended to go into effect next year. On September 23, Truss’s Chancellor of the Exchequer, Kwasi Kwarteng, introduced the UK’s biggest tax cuts in 50 years, estimated at about 45 billion pounds over five years. Though the present crisis has been driven by a combination of factors, including the economic fallout of Brexit, Prime Minister Liz Truss’s recent package of tax cuts has helped push the UK’s economy into chaos. ![]() The situation in the UK sent global financial markets into a tailspin. That’s on top of staggering inflation that the Bank of England has yet to significantly curb and a cost-of-living crisis. Last week, the UK had its most dramatic currency crisis in recent memory. British markets initially rallied, but questions remain about the UK economy in the long term. ![]() Editor’s note, October 3, 12:40 pm ET: Ten days after announcing a plan to cut taxes for top earners, UK Prime Minister Liz Truss’s government today reversed that plan. ![]()
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |