Chancellor Kwasi Kwarteng has outlined a series of tax cuts and economic measures in a massive shake-up of the UK’s finances.
In a bold statement, the Chancellor is hoping that massive borrowing alongside tax cuts will kick-start the economy and provide relief to millions of hard-working families as the cost of living crisis continues to bite.
Here, our Partners and Senior Managers share their reaction to today’s announcements.
Lucy Orrow – Senior Tax Manager:
“Overall, it is the Government’s plan to boost the economy but they will have to borrow more to fund these savings. We have to wait and see whether this provides relief in the long-term.”
Mike Carabine – Senior Manager:
“if you hadn’t lived through the surreal last month or so, you would assume that when Liz Truss became Prime Minister on 6 September she had succeeded in throwing out a Labour Government, rather than it being as a result of Blue-on-Blue action.”
Nick Forsyth – Managing Partner:
“If this statement from the Chancellor is deemed to be “mini” then heaven help us when he comes to making a major statement!”
Graham McNeill – Partner:
“was this budget for growth or to try and limit the effects of an impending recession?”
Sean Wiegand – Partner:
“So on the face of it, good for everyone in the short term, unless you are about to buy some dollars to go on holiday…”
Craig Weavers – Partner:
“At a time where costs are increasing with the high inflation, focus will be on preventing balance sheet values from falling.”
Paul Short – Partner:
“I would also like to see changes to the pension regime which currently prevents people putting as much as they would like into their pot.”
Posted by Lambert Chapman LLP
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.