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The Latest Breaking News from Tax Cuts

Analysis-Tax-cut talk in UK leadership race adds to inflation angst

Promises of tax cuts from candidates to succeed British Prime Minister Boris Johnson pose another inflationary risk which could pressure the Bank of England to raise interest rates more aggressively, cancelling out any potential boost to the economy.

Reuters

Liz Truss registered leadership website month ago - two days after Boris Johnson confidence vote

Foreign secretary is running on a platform of tax cuts

The Independent UK

We now have clear proof that this Tory party is intellectually exhausted

Five days into the contest, the candidates to be the next Conservative prime minister have already offered £235 billion in tax cuts. None of them have begun to suggest how they would pay for them. Yet on they go, blithely playing to the gallery of Tory members, making promises that are…

Evening Standard

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Keir Starmer blasts Tories' 'magic money tree' tax cuts that are 'from the moon'

Quizzed by the Mirror Labour's leader didn't rule out making - or keeping - tax cuts himself at the next general election - but he insisted they'd be fully funded if he did

Daily Mirror

Liz Truss enters Tory leadership race with pledge to cut taxes from 'day one'

FOREIGN Secretary Liz Truss has formally launched her campaign to replace Boris Johnson, as rivals squabbled over promises of “fantasy tax cuts”.

The National (Scotland)

Nadhim Zahawi threatens 20% cuts to NHS and education in wave of Tory leadership austerity

The multi-millionaire Chancellor said it would fund tax cuts - but Labour said he had exposed the cost of Tory tax jostling will be 'dramatic cuts to the NHS, policing and schools'

Daily Mirror

The Guardian view on Tory supply-siders: unhelpful in a cost of living crisis

Editorial: Imaginative public spending is unlikely to feature in the Conservative leadership race, where tax cuts will be a key dividing line

The Guardian - UK

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What cost of living crisis? Tory hopefuls’ fuss over tax cuts is devoid of reality

Candidates’ focus on reducing tax would throw petrol on the inflationary fire and turbocharge inequality

The Guardian - UK

Bitter Tory economy row with nine PM contenders split over tax cuts - what each will do

There are mounting fears that the cost-of-living crisis could tip the UK into recession, as defined by two quarters in a row of falling output, as rocketing inflation sees households and businesses rein in spending...

Daily Mirror

Tory leadership: All the MPs in the race to replace Boris Johnson as leader so far - OLD

Contest to succeed prime minister described by one Conservative politician as the ‘wacky races’

The Independent UK

Stuart Rose says business needs quick successor to ‘lame duck’ PM Johnson

Veteran retailer among business leaders and Tory donors calling for a new prime minister to boost UK’s ailing economy

The Guardian - UK

Inflation, recession fears and tax cuts: any new UK chancellor faces an unenviable in-tray

The flood of ministerial resignations from UK prime minister Boris Johnson’s government in recent days started with Rishi Sunak’s resignation as UK chancellor of the exchequer on July 5 2022, alongside health secretary Sajid Javid’s. His resignation letter cited differences of opinion over the economy, saying that a “low-tax, high-growth…

The Conversation

Pound falls as Boris Johnson battles to stay in No10 with new Chancellor dangling more tax cuts

The pound began falling again on the foreign exchanges on Wednesday afternoon as the deepening political turmoil at Westminster unnerved investors.

Evening Standard

New Chancellor Nadhim Zahawi must battle rising prices and calls for tax cuts

There are mounting fears increased living costs could tip the UK into a recession.

The Independent UK

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Salon

GOP states using COVID aid for tax cuts

COVID relief bill bans states from using the money to offset the cost of tax cuts so Republicans are suing

The Guardian - AU

Anthony Albanese to meet EU president– as it happened

Follow the day’s news

Birmingham Post

Outgoing CBI boss calls for tax cuts to ease pressure on firms

Lord Bilimoria said "now is the time" for the Government to cut taxes to generate investment

Radio France Internationale

Ministers fall as Macron loses absolute majority in French parliament

Eight weeks after his re-election as French president, Emmanuel Macron has lost the parliamentary majority he needed to push through promised tax cuts and pension reforms. Several ministers lost their seats. The left-wing coalition led by Jean-Luc Mélenchon will form the main opposition bloc in the National Assembly, followed by…

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Evening Standard

London businesses ‘overwhelmed’ by soaring costs and staff shortages as ministers urged to cut taxes

The London Chamber of Commerce and Industry is demanding action from the Government to protect its members

Wales Online

No tax cuts in England before inflation is tamed, ministers suggest

Rishi Sunak and Michael Gove appeared to indicate that fellow Conservative MPs pushing for tax cuts would have to wait as such measures could fuel runaway inflation

Reuters

Analysis-Brazil likely to waive over $20 billion in tax revenue as Bolsonaro tries to spur economy

Tax cuts are likely to cost over 110 billion reais ($21.5 billion) in Brazilian tax revenue this year, as President Jair Bolsonaro tries to ease inflation and spur the economy in an election year despite economists' warnings of blowback in 2023.

The Independent UK

Boris Johnson suggests no tax cuts until ‘spiralling’ inflation under control

‘We can’t do anything that inflames that further,’ No 10 source says

Daily Record

Boris Johnson signals no cuts in taxes as inflation soars and UK economy shrinks again

The latest figures from the Office for National Statistics heighten fears that Britain is heading for a recession.

Evening Standard

Boris Johnson signals personal tax cuts won’t be put ahead of cost-of living support

Mr Johnson said the Government’s current focus was trying to help millions of households cope with the ‘inflationary spike that we need to get through right now’

The Independent UK

Second Cabinet minister backs earlier tax cut ‘when we can afford it’

Northern Ireland Secretary Brandon Lewis said the move should be fast-tracked if circumstances allow.

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