ชื่อกระทู้: Biggest tax-cutting moment in decades sends markets reeling [สั่งพิมพ์] ผู้โพสต์: geemong เวลา: 24/9/2022 12:06 ชื่อกระทู้: Biggest tax-cutting moment in decades sends markets reeling
Biggest tax-cutting moment in decades sends markets reeling
It is an unofficial Budget of staggering size designed to jump-start the economy.
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A £12bn corporation tax cut, a £17bn National Insurance cut, a £5bn basic rate income tax cut and a £2bn cut to the 45p rate. Put together it is the biggest tax-cutting moment for a half a century.
And while it should initially soothe some of the recession we are already likely in, the similarly huge borrowing has sent markets reeling.
The lack of numbers, visibility and quantifiable commitment to reining in government borrowing has added to uncertainty in markets.
Prime Minister Liz Truss criticised bean counters in her leadership campaign but today’s plan only shows one side of the ledger.
For a chancellor making a debut, as Kwasi Kwarteng was, it is usual to focus on fiscal credibility. But that was not the priority here.
There are considerable risks in this plan, but the government has thrown the kitchen sink at it. It should help growth upfront.
But the echoes of the last Budget of this size in 1972, which led to an infamous period of boom and bust under chancellor Anthony Barber, will not be comfortable.
