In today’s briefing:
- UK: Winding Taxes Back and Deficits Up
UK: Winding Taxes Back and Deficits Up
- The UK government is delivering the tax cuts pledged by Liz Truss during her leadership campaign and more. Tax hikes are broadly reversing while spending is maintained.
- New policy decisions cost about £40bn a year, plus £60bn for the energy price guarantee in year one. Stimulus from a stamp duty cut leans against the BoE’s rate hikes.
- Measures may not survive the next general election. The risk of another reversal lessens their impact on incentives. A lack of proper scrutiny also doesn’t help confidence.
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