The Telegraph published this video item, entitled “Coming up: Kwarteng delivers mini budget ‘focused on growth'” – below is their description.
Kwasi Kwarteng will reveal 38 areas in England are bidding to establish the new “investment zones” Westminster has been hearing all about. Businesses within their boundaries will benefit from tax cuts and liberalized planning rules.
The centrepiece of the budget will be whopping tax cuts to businesses and individuals in a bid to get Brits investing and spending. Alongside the reversal of the national insurance rise that Kwarteng announced ahead of time, the chancellor is expected to reverse the planned rise in corporation tax and cut taxes on home purchases.
Mr Kwarteng will also announce new laws to speed up major infrastructure projects across the U.K., targeting fuel generation, roads and rail. The government pointed to numerous examples where projects have taken much longer than reasonable to get through the planning and completion stages.
The Chancellor has issued a warning to the Governor of the Bank of England, as he vows in Friday’s mini-Budget to break the “cycle of stagnation”.
Mr Kwarteng told Andrew Bailey that claims that near double-digit inflation was mainly driven by the war in Ukraine were less credible now that the Government had taken action to hold down energy bills, a swipe at the Bank’s record on controlling inflation.
In a letter to Mr Bailey that marked a change in tone compared with Rishi Sunak, Mr Kwarteng said: “Current high inflation is making it hard for households to pay their energy bills and meet their other living costs, whilst placing further costs on businesses and reducing the certainty they need to grow.
“Inflationary pressures are becoming more domestically driven”.
He stressed it was the Bank’s job to ensure inflation, which currently stands at 9.9pc, returns back to its 2pc target.
“I know and expect that the MPC will continue to take the forceful action necessary to achieve this,” he said.
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