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Former Labour chancellor Alistair Darling dies | Politics News

Alistair Darling, who served as chancellor under then prime minister Gordon Brown, has died at the age of 70.

His family confirmed the news about the Labour peer on Thursday, calling him “the much-loved husband of Margaret and beloved father of Calum and Anna”.

Lord Darling became a household name when Gordon Brown appointed him chancellor after taking the keys to Number 10 back in 2007.

He ran the Treasury throughout the global banking crisis, and stayed in post until Mr Brown lost the election in 2010.

But he was a presence in Tony Blair’s government from the start, beginning as chief secretary to the treasury in 1997 following Labour’s landslide victory, and going on to run a number of departments – including work and pensions, transport and trade.

He was a member of parliament from 1987 until he stepped down in 2015.

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The chancellor, the autumn statement… and the fantasy of tax cuts | Politics News

There will be a lot of positive talk from the chancellor when he delivers his autumn statement on Wednesday, but this will be a fiscal event full of illusory gains.

The government is on track to borrow less than previously forecast, which will give rise to a fantasy that Chancellor Jeremy Hunt has more space to slash taxes than he actually has.

It’s a fantasy because these gains on borrowing are largely the product of high inflation, which has bolstered tax receipts. The government hasn’t admitted it yet, but inflation will inevitably drive up spending too.

It means Hunt’s room for manoeuvre is actually limited if he wants to meet his target of getting debt falling as a proportion of gross domestic product (GDP).

Although interest rates, which have been higher than expected, will weigh on the public finances, the windfall from higher taxes bolstered by inflation and wage growth will more than offset this. The Office for Budget Responsibility (OBR) will likely show that the government’s headroom against that target has grown from £6.5bn to around £13bn.

Jeremy Hunt will want to claim this as a victory, while also tempering expectations for tax cuts. His message will be that the public finances are improving under this government but they are in too poor a shape to allow for any tax cuts.

This is where the political infighting begins. Many MPs within his own party want him to use that headroom to cut taxes. They are perturbed by the fact that a Conservative government has overseen growth in the tax burden to its largest in the post-war era.

Among the most egregious of these tax rises is the freezing of thresholds, a stealth tax which will see taxpayers pay £40bn a year more by 2028. It has dragged millions of public sector workers, including teachers and nurses, into the higher band of tax.

Tensions over taxation have been simmering in the party and will likely flare up again because Hunt is unlikely to make any big giveaways. The government is insistent that the priority must be to bring inflation down because any tax rises could drive inflation higher. However, with the target to halve inflation now met, MPs will be asking when the tax cuts can begin.

Chancellor Jeremy Hunt
Image:
Jeremy Hunt will deliver his autumn statement on Wednesday

Both Hunt and Rishi Sunak are sensitive to this and will probably throw a bone or two. Downing Street has been looking for options that are relatively inexpensive and less likely to increase inflation.

There are a number of policies under consideration, including the scrapping of inheritance tax, or a reduction in the rate from 40% to 20% on estates above £325,000. The government could also cancel a planned increase on stamp duty. Together, these policies would cost about £5.2bn. The chancellor is also expected to cancel the planned 5p increase in fuel duty from April next year, which will cost £6bn.

So, any giveaways would quickly swallow up the headroom, at a time when government spending will inevitably have to rise. Departmental budgets are set in cash terms and high inflation means that the cost of paying prison guards and running courts has gone up. Without substantial increases, public services face real-terms pay cuts.

On current plans, unprotected departments would see their spending power cut by 16% between 2022-23 and 2027-28, which would be a similar pace of cuts to those implemented by George Osborne in the early 2010s. The Resolution Foundation, a left-leaning think tank, described this scale of the cuts as a “fiscal fiction” that is “undeliverable”.

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Chancellor on ‘next part of economic plan’

The opposition will be keeping a hawk eye on this and will be quick to decry any signs that the country is returning to a period of austerity. It will also be quick to attack any of the government’s tax-raising plans – and there will be a number of them.

Tax thresholds will probably remain frozen into 2029, a policy that could raise another £6bn. The Treasury will also be cracking down on benefits, uprating them in line with October’s inflation rate of 4.6% instead of September’s figure of 6.7%. That could save £2bn. A tweak to the triple lock calculation for pensions could net £600m.

So, for all the large upward revisions to the numbers coming out of the OBR, it’s a fiscal event that is unlikely to inspire. There will be some tweaks around the edges and some big talk on plans to boost economic growth.

However, the government will probably want to keep its powder dry for the budget in March. Unfortunately, that may not be enough to satisfy Tory MPs, who are hungry for tax giveaways now.

Labour chancellor Rachel Reeves pledges overhaul of UK’s ‘antiquated’ planning system | Politics News

Rachel Reeves will promise to speed up planning processes to revive the economy as she branded the Tories the “single biggest obstacle” to the economy.

The shadow chancellor will pledge an overhaul of the UK’s “antiquated planning system” in order to “get Britain building again”.

Business and the economy is set to dominate the second day of Labour conference in Liverpool and as the party looks to capitalise on the Conservatives’ controversial decision to scrap the northern leg of HS2 to Manchester.

Read more: Union boss criticises ‘bland’ offering from Sir Keir Starmer – Labour conference latest

Sir Keir Starmer will charm businesses by gathering hundreds of company bosses at the Labour conference in a meeting the party described as the biggest of his kind.

Microsoft, Ikea and Octopus are among the attendees at the business forum, which will be addressed by Ms Reeves and the shadow business secretary Jonathan Reynolds.

In her speech Ms Reeves is expected to highlight how decision times for major infrastructure projects have increased by 65% since 2012, now taking four years,.

The reforms she will propose include updating all national policy statements – some of which have not been revised for over a decade – within the first six months of Labour entering Number 10.

Planning applications would be fast-tracked for battery factories, laboratories and 5G infrastructure while the party would also set clearer national guidance for developers on consulting local communities to avoid the prospect of litigation.

Sweeteners and potential incentives such as cheaper energy bills will be provided to encourage local communities to back clean energy projects.

“If we want to spur investment, restore economic security and revive growth, then we must get Britain building again,” Ms Reeves is expected to say.

“The Tories would have you believe we can’t build anything any more. In fact, the single biggest obstacle to building infrastructure, to investment and to growth in this country is the Conservative Party itself.

Read more:
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“If the Tories won’t build, if the Tories can’t build, then we will. Taking head-on the obstacles presented by our antiquated planning system.

In response, the Conservatives criticised Labour for its recent opposition to government plans to relax environmental rules in order to boost housebuilding.

Party chairman Greg Hands said: “If Labour had any intention of making long-term reform, they would support new building projects – instead, just weeks ago, they tried to block our plans to build 100,000 new homes.

“Labour’s only plan to grow the economy is to borrow an extra £28bn a year, increasing debt and inflation.”

Chancellor Jeremy Hunt sets out stall to halt ‘vicious circle’ of tax hikes as pressure mounts | Politics News

Chancellor Jeremy Hunt has vowed to tackle the “vicious circle of ever-rising taxes” by revamping public services and the welfare system.

The cabinet minister argued the state needed to become “more productive”, not bigger, as he pointed to the use of artificial intelligence to realise frontline efficiencies and reduce the burden on the public purse.

He also said the government was looking at welfare changes, with 100,000 people a year moving off work on to benefits “without any obligation” to look for a job.

Mr Hunt made his comments as the Conservative Party annual conference gets under way in Manchester this weekend, with some senior party figures demanding tax cuts.

It follows a report published this week that said the Tories will have overseen, between the 2019 election and the next general election, the biggest set of tax rises since at least the Second World War.

Analysis by the Institute for Fiscal Studies (IFS) thinktank said taxes will have increased to around 37% of national income, equivalent to around £3,500 more per household.

But despite the growing pressure, Mr Hunt told The Times newspaper: “We’re not in a position to talk about tax cuts at all.”

He added: “We need a more productive state, not a bigger state.”

“We need a state that doesn’t just deliver the services it currently delivers, but actually improves the services it delivers and recognises that there’s going to be more calls on those services with an ageing population,” he said.

“But we need to find a formula that doesn’t mean that we’re on a vicious circle of ever-rising taxes.”

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Truss ‘tried to fatten and slaughter the pig’

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More than 30 Tory MPs, including Liz Truss, Prime Minister Rishi Sunak’s short-lived predecessor, and former home secretary Dame Priti Patel, have vowed not to back further tax hikes.

Ms Truss, whose mini-budget 12 months ago triggered market turmoil in response to unfunded tax cuts and ultimately forced her from office, tweeted on Friday: “We should always seek to reduce the tax burden, especially when there’s so much pressure on family budgets.”

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In his Times interview, Mr Hunt also called for a more upbeat tone about the economy and said people needed to “shrug off a bit of the pessimism”.

Mr Hunt, who took over from Ms Truss’s sacked chancellor Kwasi Kwarteng, said: “When I started the job there was a lot of doom and gloom about Britain, our prospects.

“What I have realised now nearly a year on is that there is just far too much declinism.

“If you look at the fundamentals of the British economy we have had our setbacks like everyone else, we are the fastest-growing large European country, not just since the pandemic but since Brexit, since 2010.

“That’s a period when we’ve had a once-in-a-century pandemic, a global financial crisis that we were particularly exposed to, and a 1970s-style energy shock. Despite all of that the British economy has been very resilient.”

His remarks came after it was revealed the UK economy grew faster than had first been thought between January and March this year.

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Data published by the Office for National Statistics shows UK economic growth was 0.3% from January to March, better than the 0.1% first announced.

The revision put the country’s economy ahead of both Germany and France in terms of post-pandemic performance but behind allies such as the United States, Canada, Japan and Italy.

Chancellor Jeremy Hunt speaks out against profiteering – as he points to reason for high inflation | Business News

Chancellor Jeremy Hunt has warned that profit increases benefit no one if they worsen inflation.

Mr Hunt said he agreed with remarks by Bank of England governor Andrew Bailey and said “margin recovery benefits no one if it feeds inflation”.

Mr Bailey has spoken out against companies raising prices, seeking to recover profits hit during the COVID-19 pandemic.

Speaking at the City of London’s Mansion House on Monday evening, Mr Hunt said the UK’s economic resilience – such as the low unemployment rate and lack of recession – is one of the reasons inflation has remained high.

“[The UK economy] has shown itself more resilient than many predicted, but that resilience is itself one of the reasons for higher inflation,” he said.

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Chancellor Jeremy Hunt says the UK faces ‘difficult challenges’, but has ‘shown itself more resilient than many predicted’.

The chancellor also outlined ambitions for pension reform.

Corporate profiteering and wage increases were spurring on stubborn inflation, Mr Bailey said last month when the latest interest rate rise was announced.

“We can’t have companies seeking to rebuild profit margins which means prices continue to go up at their current rates,” Mr Bailey said.

“The current levels, I’ll be honest, are unsustainable.”

He has previously suggested that food producers – rather than supermarkets – may be overcharging.

Banks and supermarkets have continued to profit, with some seeing profits increase, throughout the cost of living crisis.

Read more
Government explores options to attract pension fund investment for UK projects

A core aim for Mr Hunt is to remedy the fact UK pension funds don’t invest in UK high-growth companies as much as their international counterparts.

The heads of major defined benefit pension schemes – the schemes most people are members of – on Monday signed an agreement aiming to, by 2030, allocate at least 5% of the funds people automatically join to shares in companies that aren’t listed on a stock exchange.

The defined benefit market is “too fragmented”, Mr Hunt said, and there is scope for them to consolidate.

Overall the announcements were said to be “evolutionary not revolutionary”, by Mr Hunt.

Pension schemes which are not achieving “the best possible outcome for their members” will face being wound up by the Pensions Regulator, Mr Hunt added.

There could be real financial benefits as a result of reforms, the chancellor said.

“For an average earner who starts saving at 18, these measures could increase the size of their pension pot by 12% over their career – that’s worth over £1,000 more a year in retirement.”

There will also be benefits for some companies, he added.

“At the same time this package has the potential to unlock an additional £75bn of financing for growth by 2030, finally addressing the shortage of scale up capital holding back so many of our most promising companies.”

Former chancellor Nigel Lawson dies | Politics News

Former chancellor Nigel Lawson has died at the age of 91.

Prime Minister Rishi Sunak said Mr Lawson “was a transformational chancellor and an inspiration to me and many others” as he paid tribute on Twitter.

Mr Lawson was a Conservative MP representing the constituency of Blaby from 1974 to 1992, and served in Margaret Thatcher’s cabinet from 1981 to 1989.

He was appointed chancellor in June 1983 and served until his resignation in October 1989.

Mr Lawson had six children including celebrity chef Nigella Lawson and journalist Dominic Lawson.

Tributes from the world of politics began pouring in following his death.

Former prime minister Boris Johnson said Mr Lawson was “a fearless and original flame of free market Conservatism”.

“He was a tax-cutter and simplifier who helped transform the economic landscape and helped millions of British people achieve their dreams,” he added.

“He was a prophet of Brexit and a lover of continental Europe. He was a giant. My thoughts and prayers are with his family.”

Foreign Secretary James Cleverly called Mr Lawson “a true statesman”, adding: “His contributions to this nation will not be forgotten.”

Deputy Prime Minister Dominic Raab said Mr Lawson was “a giant who changed the political weather, a lodestar for Conservatives, and a kind man always generous with his wisdom”.

Tory Party chairman Greg Hands said Mr Lawson will be remembered “for his clarity of thinking, commitment to free market economics and willingness to challenge orthodoxies”.

Former Home Secretary Priti Patel called him a “giant of British politics and a strong champion of free market Conservative values”.

She said: “A generation of families and businesses have benefited from the economic freedoms he delivered for our country. He will be greatly missed and my thoughts and prayers are with his family.”

Born in Hampstead, northwest London, on 11 March 1932, the son of the owner of a tea-trading firm climbed his way to the top of British politics after an education at Westminster School and Oxford University.

His political life started at Oxford, where he did Philosophy, Politics and Economics – like so many politicians – but began his working life carrying out national service as a Royal Navy officer.

Lord Lawson, as he was to become, then became a financial journalist for 14 years before entering politics at the age of 42.

He served a number of positions in Mrs Thatcher’s government before she appointed him as chancellor – a position that ensured he would go down in the history books.

Sunak confirms Hunt will still be chancellor at next election despite criticism ahead of spring budget | Politics News

Rishi Sunak has said Jeremy Hunt will still be chancellor at the next election after criticism his number two did not have enough economic vision.

The prime minister, for the first time, confirmed to Sky News that Mr Hunt will remain chancellor when the next general election comes around in January 2025.

“Of course,” Mr Sunak said when asked by Sky News’ deputy political editor Sam Coates.

Mr Hunt was criticised by businesses following a keynote speech in January about the government’s plan to boost economic growth as they complained it offered no new policies.

The chancellor also signalled the upcoming spring budget, to be announced by him on Wednesday, will not contain big tax cuts – despite calls from some Tory MPs – because of the need to focus on curbing high inflation.

But Mr Sunak insisted the budget will deliver on the three economic pledges he set out when he became prime minister: to halve inflation, grow the economy and reduce debt.

“It’s important to get public sector pay settlements right, important to reduce debt to make sure we’re not passing on burdens for the next generation,” he said.

“It also ensures we’re reducing inflation and keeping interest rates low.”

Read more:

What to look our for in Jeremy Hunt’s first budget
UK to spend extra £5bn on military to counter China and Russia threats

Prime Minister Rishi Sunak on the deck of the decommissioned and now museum, USS Midway Aircraft Carrier in San Diego, during his visit to the US for meetings with US President Joe Biden and Prime Minister of Australia Anthony Albanese as part of Aukus, a trilateral security pact between Australia, the UK, and the US. Picture date: Sunday March 12, 2023.
Image:
Mr Sunak on the deck of the decommissioned and now museum, USS Midway Aircraft Carrier in San Diego

Mr Sunak acknowledged that recent high interest rates have caused “damage” for banks, in reference to the UK arm of Silicon Valley Bank having to be rescued on Monday after its parent company in the US, SVB America, collapsed.

The PM said the government – and Mr Hunt – are focused on growing the economy in “the best way to provide jobs for people around the country”.

“That’s what the chancellor is going to deliver on Wednesday, what the government will deliver,” he added.

“People should be confident we’ve already delivered, we’ve brought about enormous improvement since I took over as prime minister last year and we’ll continue to deliver.”

Mr Sunak was speaking in San Diego where he is meeting US President Joe Biden and Australian PM Anthony Albanese as part of the AUKUS project to develop nuclear-powered submarines for the Australian navy.

He said the programme was not purely in reaction to the rising “systemic challenge” from China.

The PM told Sky News: “This partnership represents something much bigger.

“We’re building the next generation of attack submarines with world-beating technology that we will be able to share with each other.

“Not just in the Pacific, but the Atlantic and around the world, it’ll improve security around the world and provide jobs.”

Chancellor Jeremy Hunt expected to announce rise in national living wage | Politics News

Chancellor Jeremy Hunt will announce a rise in the national living wage this week, Sky News understands.

Mr Hunt and Prime Minister Rishi Sunak will accept an official recommendation to increase the living wage from £9.50 an hour to about £10.40 an hour, according to news first reported in The Times.

The rise of nearly 10% would benefit around 2.5 million people, the newspaper said.

Among the other measures reportedly being considered are:

• Cost of living payments for eight million households worth up to £1,100
• Payments of £650 for those on means-tested benefits such as universal credit, £150 for disability benefit recipients, and £300 for pensioner households
• Freezing of thresholds for income tax, national insurance, VAT, inheritance tax and pensions savings
• Removing the requirement for local authorities to hold a referendum before increasing council tax by more than 2.99%, allowing them to raise significantly more money. The new threshold could be 5%, The Daily Telegraph reported

The moves are part of plans to cut spending by £33bn and raise taxes by £22bn to plug a black hole in the country’s finances.

The government has already said that the poorest households will be prioritised, leaving wealthy and middle-income households to bear the greatest burden from tax rises.

One of the main focuses will be energy costs, with changes to be made to the price guarantee announced in September by Mr Sunak’s predecessor, Liz Truss.

Read more:
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The price guarantee meant that a typical household would face energy bills of no more than £2,500 a year, but this could rise to as much as £3,100 from April – and even this would still leave taxpayers with a large bill.

There have also been hints that the autumn statement on Thursday could include benefits and pensions being increased in line with inflation – a move that will cost around £11bn.

The triple lock on state pensions – which guarantees an increase in line with average earnings, inflation, or 2.5%, whichever is higher – was part of the Conservatives’ manifesto in 2019.

But, as inflation soars past 10%, it has become increasingly expensive.

Read more:
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Jeremy Hunt says everyone will have to pay higher taxes – but richest will make larger sacrifices

Speaking to reporters accompanying him on his trip to the G20 summit in Bali, Mr Sunak said: “My track record as chancellor shows I care very much about those pensioners, particularly when it comes to things like energy and heating because they are especially vulnerable to cold weather.

“That’s why when I announced support earlier this year as chancellor we made extra provision for pensioners to receive up to £300 alongside their winter fuel payments to help them cope with energy bills over the winter.

“So I am someone who understands the particular challenge of pensioners.

“They will always be at the forefront of my mind.”

Chancellor Kwasi Kwarteng to return to London from Washington early as major mini-budget U-turn expected | UK News

Chancellor Kwasi Kwarteng has cut short his trip to the International Monetary Fund in Washington and is returning to the UK earlier than planned, as another major mini-budget U-turn is expected.

Mr Kwarteng was due to attend a final day of meetings at the IMF’s annual gathering today.

Instead, after a hasty briefing with journalists late on Thursday, he announced he would fly home overnight.

A source close to him dismissed suggestions that this represented a sign of panic.

Truss is out ‘and we have the numbers’, says Tory MP – politics latest

Pressed on why there was a need for a last-minute schedule change, a Treasury official insisted that it was for talks on “the medium-term fiscal plan”.

The chancellor had “a very constructive time, spoke to Janet Yellen (the US Treasury Secretary), spoke to Kristalina Georgieva, the head of the IMF… and it put everything in a global context… a global set of challenges…” according to the treasury official.

The chancellor’s team bristled at comparisons made to the Greek financial crisis of 2011 when the Greek finance minister had to rush home from an international meeting.

“That was completely different. A sovereign debt crisis and on a completely different scale to anything that’s happening in our markets,” a Treasury source said.

Pushing for an explanation for such an unusual change in scheduling, we were told: “Markets have been turbulent and [the chancellor] really really wants to be there engaging with colleagues, engaging with ministers…”

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Pressure builds on Kwarteng

On his return, the chancellor is likely to find a significant section of his mini-budget re-drawn following days of open revolt among Tory MPs and an expectation that another major U-turn is on the cards.

It comes amid speculation in Westminster about the fate of Mr Kwarteng, only a few weeks into the job, if his financial plans are scrapped in the coming days.

However, Mr Kwarteng has insisted that his position is safe, telling broadcasters: “I am not going anywhere.”

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PM’s key pledge could be next casualty

Meanwhile, mounting pressure has been placed on Prime Minister Liz Truss to reassure the UK’s financial markets and rescue her administration, with her key pledge to scrap the planned increase in corporation tax from 19% to 25% widely seen as a likely casualty.

Former home secretary Priti Patel became the latest senior Tory to suggest the government could be forced into another U-turn, telling Sky News “market forces” could make a reversal on corporation tax cuts unavoidable.

Downing Street has not denied the policy could be reversed, despite it being one of Ms Truss’s landmark promises.

Chancellor Kwasi Kwarteng insists he is ‘not going anywhere’ and is ‘totally focused’ on growth plan | Politics News

The chancellor has insisted he is “not going anywhere” amid the economic turmoil in the UK and said he remains “totally focused” on delivering the government’s growth plan.

During a visit to Washington DC, Kwasi Kwarteng was asked whether he and Liz Truss, the prime minister, will be in their respective roles this time next month.

“Absolutely. 100%. I’m not going anywhere,” he said.

The chancellor admitted there has been some “domestic turbulence” since he unveiled his tax-cutting mini-budget at the end of September and the pound fell to record lows against the dollar, but said there is “a very dicey situation globally”.

Truss is out ‘and we have the numbers’, says Tory MP – politics latest

“I speak to Number 10, the PM all the time, and we are totally focused on delivering the growth plan,” he said.

Pushed on whether there will be any more reversals of policies in the mini-budget, Mr Kwarteng said: “I am totally focused on the growth agenda.”

Last week, after open revolt from Tory MPs and a surge in support for Labour in the polls, Ms Truss and Mr Kwarteng abandoned the plan to abolish the highest 45% tax rate.

Sky News understands discussions are under way in Downing Street over whether to scrap some of the contentious proposals which remain in the chancellor’s tax-cutting mini-budget.

The proposed changes to corporation tax and dividend tax are those understood to be under discussion.

Downing Street insisted earlier on Thursday that there will be no more U-turns on policies in the government’s tax-cutting mini-budget despite pressure from Conservative MPs for changes to be made.

Asked to confirm there would be no further reversals, the prime minister’s official spokesman said: “Yes, as I said to a number of questions on this yesterday – and the position has not changed from what I set out to you all then.”

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Discussions happening over whether to scrap parts of the mini-budget

Ms Truss faces open revolt in her party over the £45bn package of unfunded tax cuts in the mini-budget, which unleashed chaos in the markets when it was announced last month.

The chancellor will set out his debt-cutting plan in more detail on 31 October, having bowed to pressure to bring the date forward from 23 November given the economic turbulence.

Earlier on Thursday, James Cleverly, the foreign secretary, refused to say there would be no more reversals.

He told Sky News the Halloween statement would give “a more holistic assessment of the public finances and our response to the global headwinds that every democracy, every economy in the world is facing”.

Pressed on the plan to axe the increase in corporation tax from 19% to 25% in April, Mr Cleverly said it is “absolutely right” the government helps businesses to “stay competitive” and “stay afloat”.

The Treasury had vowed to reduce the rate of income tax on dividends by 1.25 percentage points.

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How long can Truss stay in power?

Mr Kwarteng is meeting with International Monetary Fund (IMF) leaders in Washington DC today, after the institution’s chief economist said tax cuts threatened to cause “problems” for the UK economy.

Speaking at a press conference in Washington, the managing director of the IMF said it is sometimes right for a “recalibration” of policies as she was questioned over reports of further U-turns after the mini-budget market chaos.

Kristalina Georgieva said: “Our message to everybody, not just the UK, is that at this time, fiscal policy should not undermine monetary policy.”

Read more:
What on earth is happening in UK markets?
What are bonds and where do they fit in the mini-budget crisis?

Meanwhile, in a post on social media on Thursday, former Conservative chancellor George Osborne questioned why Ms Truss and Mr Kwarteng would wait for the chancellor’s statement on 31 October to perform an “inevitable U-turn” on their mini-budget.

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Tories ‘must get back to being fiscally responsible’

On Wednesday, Mel Stride, the Tory chairman of the Commons Treasury Committee, said that given Ms Truss’s commitments to protect public spending, there was a question over whether any plan that did not include “at least some element of further row back” on the tax-slashing package can reassure investors.

While David Davis, the Tory former minister, called the mini-budget a “maxi-shambles” and suggested reversing some of the tax cuts would allow Ms Truss and Mr Kwarteng to avert leadership challenges for a few months.