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Kwasi Kwarteng’s Fiscal Event has delivered a major package of tax cuts and economic reforms for businesses and individuals, but some have said it was big on headlines but light on detail. So what will be next?
This week he met with insurers, pension fund and asset managers from some of the UK’s biggest firms to discuss his plans for financial services deregulation, and to reiterate his confidence in his strategy to drive economic growth.
The Treasury has also announced that the Chancellor will set out more information on his fiscal strategy in November before a full Budget in the spring.
The next date for interest rate setting will be 3 November, and several economists are predicting a further rise in the rate from last week’s 2.25 per cent, with some suggesting it will go as high as 6 per cent next year.
Following that, Kwarteng has promised to deliver a more detailed ‘Medium Term Fiscal Plan’ on 23 November to bring down long-term UK debt. The Office for Budget Responsibility, the fiscal watchdog, will publish its own forecasts on the same day.
He has also confirmed that in October and early November the government will announce a series of “supply-side” reforms to business regulations, the planning system, agricultural productivity, childcare and digital infrastructure, as part of an attempt to get the economy growing. He will also outline regulatory reforms to the UK’s financial services sector in October, with the aim of keeping it competitive on the global stage.
Keep checking our social media and website for more information and comment on the changes as they are announced.
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