With the announcement this morning that Liz Truss was going to hold a press conference today at 2.30PM GMT, there has been plenty of speculation around this throughout the day of what we could expect to see…
The government has been under immense pressure since the Mini Budget almost three weeks ago, which caused turmoil within the financial markets. The first U-Turn that was revealed was the plans to scrap the 45p rate of income tax for higher earners.
Today we see The Chancellor Kwasi Kwarteng sacked by the Prime Minister and replaced by Jeremy Hunt, and yet another U-turn.
Prime Minister Liz Truss addressed the Nation stating that she believes in her vision of “Low Tax, High Wage, Growth Economy” however she has announced a further U-Turn for the government in her “Tax Cut” plans in an effort to reassure the financial markets with the re-introduction of the increase in Corporation Tax from 19% to 25% in April 2023. This was first introduced by Rishi Sunak in his Spring Budget in 2021.
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We understand the back and forth of the current economic position can be confusing and frustrating, so if you would like to chat to one of the team about the planned increase in Corporation Tax or anything else that’s troubling you, please get in touch.