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The Latest Breaking News from Tax Cuts

Tax cuts pledged by Liz Truss and Rishi Sunak not possible without slashing spending, economists say

Institute for Fiscal Studies criticises Tory leadership contenders for failing to be upfront about economic crisis

The Independent UK

Tory leadership tax cut promises ‘hard to square’ with UK’s future, experts warn

The Institute for Fiscal Studies said ‘permanent tax cuts’ could exacerbate pressures on the public purse.

The Independent UK

Voters will never ‘forgive’ Tories refusing to act on energy bills crisis, Rishi Sunak warns party

Shadow chancellor condemns ‘moral failure’ of rival’s plans – but Liz Truss sticks to guns on tax cuts

The Independent UK

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Four economists on ways to tackle UK cost of living crisis

Political leaders from all major UK parties have put forward proposals to relieve the cost of living crisis this winter

Wales Online

How to tackle the UK cost of living crisis – four economists have their say

UK inflation, already at 40-year highs, could pass 13% in October, according to Bank of England forecasts. While wages have not kept pace with inflation, much of the expected squeeze on households and businesses is down to rising energy costs.

The Conversation

Businesses and wealthy people ‘handed £36bn tax cuts under Rishi Sunak’

Tax Justice UK calculates at least £35.8bn handed to businesses in tax cuts

The Independent UK

Liz Truss's tax cuts could leave the poorest Brits 'at risk of destitution', Sunak warns

The Tory leadership hopeful said the Foreign Secretary's economic plans would fail to help pensioners through the energy price crisis which would be a 'moral failure' for Conservatives.

Daily Mirror

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Truss putting millions of vulnerable people ‘at risk of real destitution’, says Sunak

Former chancellor blasts foreign secretary’s focus on tax cuts as ‘moral failure’

The Independent UK

Gordon Brown economics versus Liz Truss tax cuts: a new twist in the battle to resolve the UK’s cost of living crisis

The ongoing Conservative Party leadership hustings haven’t seen much agreement between candidates, but they have resulted in the creation of a new political narrative: “Gordon Brown economics”. Foreign secretary Liz Truss explained away her rejection of cost of living “handouts” for households with the phrase. But even as she indicated…

The Conversation

The post-Johnson era is taking shape — and it looks like a massive lurch to the right

Fixated on the tax cuts beloved of Tory members, Truss and Sunak have no plan at all to deal with the UK’s looming crises, says Guardian associate editor Martin Kettle

The Guardian - UK

Ideas welcome but tax cuts stay: Chalmers

Treasurer Jim Chalmers says the government is keen to hear from as many groups as possible at the upcoming jobs and skills summit, including the opposition.

AAP

Liz Truss: It’s tax cuts vs ‘Gordon Brown economics’

This Conservative leadership contest is getting weirder. It started out straightforwardly enough. Rishi Sunak was the MPs’ favourite (though at no stage did he command anything approaching majority support) with a pitch based on ‘sound money’ and tax cuts soon but not now.

Evening Standard

German FinMin pitches $10B tax cut plan to dampen inflation

Germany’s finance minister says the government plans to make tax cuts worth more than 10 billion euros ($10.2 billion) to benefit broad sections of the population squeezed by high energy costs and inflation

The Independent UK

Martin Lewis says government must double energy bill help for poorest

Consumer rights campaigner tells Tory contenders they need to tell public ‘the bare minimum’ of what they will do

The Guardian - UK

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The Independent UK

Third of civil servants skipping meals to save money, survey finds

Union warns workers being ‘cast adrift’ as Tory leadership contenders haggle over tax cuts

Tribune News Service

US tax bill costs corporations nearly $300 billion more, while middle class pays less

Corporations will pay nearly $296 billion more in U.S. federal taxes over the next decade, and middle-income households will see some tax cuts, under the tax-and-climate bill that is likely to become law in the coming days.

The Independent UK

Liz Truss refuses to commit to more cost-of-living support if she becomes PM

The Tory leadership contender said tax cuts are her priority to kick-start the economy.

The Guardian - UK

Liz Truss doubles down on refusal to offer support over rising energy bills

Foreign secretary previously said she did not want to give ‘handouts’ to people struggling with cost of living

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The Independent UK

Tory frontrunner Truss refuses to offer ‘handouts’ to help with energy prices

Foreign secretary promises tax cuts ‘from day one’ if she becomes PM

Reuters

UK's Liz Truss still favours tax cuts over direct support on energy bills

Liz Truss, the frontrunner in the race to replace Boris Johnson as British Prime Minister, said on Tuesday she still favoured tax cuts to grow the economy instead of providing direct support to households facing unprecedented rises in energy bills.

Daily Mirror

New Tory leadership warfare as Dominic Raab brands Liz Truss plans a 'suicide note'

The blue-on-blue attacks hit their lowest ebb yet as the Deputy Prime Minister, Dominic Raab, warned her tax cuts are 'bad politics' that 'could prove fatal'

The Guardian - UK

Liz Truss plans could cost £50bn a year, and will ‘fail to help poorest cope’

Tory frontrunner says tax cuts and spending could cost £30bn, but analysis shows a much higher price

The Independent UK

Tax cuts won’t ‘fully solve’ cost of living crisis, admits top Liz Truss ally

Admission comes as Sunak says rival’s tax cuts won’t ‘won’t touch the sides’ for poorest families

The Guardian - UK

Sunak says Truss’s cost of living plan is ‘big bung’ to wealthy and large firms

Favouring tax cuts above support payments will leave those most in need out in cold, says ex-chancellor

The Independent UK

Sunak and Truss in new clash over cost-of-living crisis

Former chancellor said his rival’s plans for tax cuts are a ‘big bung’ for large businesses and the better off.

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