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17.52 BST "Kwasi Kwarteng says 'let's see' when asked about potential U-turn on corporation tax
Kwasi Kwarteng’s response is “let’s see” when grilled about an imminent U-turn on his flagship cut to corporation tax.
The chancellor told the Telegraph that ensuring corporation tax stayed “competitive” remained a “great idea”, but did not rule out increasing the current 19% rate.
In response to a question about how markets “have improved today because they think you’re about to do a U-turn on corporation tax”, Kwarteng said: “Let’s see.”
Speaking in Washington, he also refused to rule out changing other elements of his £43bn package of tax cuts."
U-turn next week according to Robert Peston just now on the news. Why wait. Just do it now.
Perhaps like time trials they have to be started or released spread out
We have had a u-turn on
no fault housing evictions
not give people “handouts” to help with soaring energy bills
plans to cut public sector wages outside of London
She did once ant to abolish the monarchy and stay in the EU - though she has a good way to catch up with the bloater who upon any pronouncement, a sweepstake was taken on the exact time he would reverse and change it
If as it seems likely there is a back down then it pretty much puts brexit to bed, as these are part of the core thinking behind brexit. Trickle down economics. Y
You don't give a beggar in the street money, you shove a fiver through the letter box of a very wealthy person and eventually the fiver will 'trickle down' to the beggar.
2Liz Truss has bowed to intense pressure from Conservative MPs and the markets by agreeing to redraw her mini-budget, paving the way for a major U-turn on her signature corporation tax cut."
Not so much the u-turn in itself, but the underlining cause.
Basically the brexit bollox is .......... bollox ie those in the real world do not believe that cutting the top rate of tax, or not raising corporation tax would help with growth. Also being re-examined are VAT-free shopping for foreign visitors, a change to the IR35 off-payroll working rules and cuts to dividend tax.
So if it does follow that this nonsense is dumped over the weekend, where does that leave Truss ? Having to implement policies she does not agree with. If you are going to appoint a new bishop, make sure it is someone who believes in god, some might suggest.
However, these U-turns will go nowhere near reversing the huge shortfall, but they will calm the markets and suggest that the 'right thing' is being done. So now let's get the right people in doing it. Whoever they are is probably a moot point - but they certainly aren't the ragbag of incompetents, racists and third raters currently running things.
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