KWASI Kwarteng has admitted today his mini budget “hit a little turbulence”, but the defiant Chancellor said he’s proud to have saved working Brits almost £2,000 per year through cutting taxes.
Mr Kwarteng described the fall out from his tax slashing budget as “tough” – but vowed to deliver his growth plan to a cheering crowd at the Tory conference in Birmingham this afternoon.
He explained that thanks to the government’s Energy Price Guarantee, a typical person in a semi detached property will save £1150 on their gas and electricity bills, on top of an additional £400 bills discount.
And Brits who are earning an average salary will benefit from a tax cut of around £400, bringing total savings to almost £2,000.
“The path we were on was clearly unsustainable, so that’s why we’re cutting taxes for working people,” Mr Kwarteng said.
The headstrong Chancellor pledged that he’s ready to move on from this morning’s screeching U-turn, which saw the government back track on its plan to cut the 45p top tax rate.
The pound jumped against the dollar after the announcement was made, having suffered falls over recent weeks, along with other major currencies.
READ MORE MONEY NEWS
Mr Kwarteng vowed to push forward with his mission to boost economic growth, and defended the government’s tax slashing agenda.
Under beaming bright lights, he said: “What a day!
“No more distractions, we have a plan. We need to get on and deliver it.
“That’s what the public expect from the government.”
The Chancellor promised: “With grit, with drive and with determination, we can meet the challenges of this new era.”
Mr Kwarteng refused to accept that it’s Britain’s destiny to “fall back into middle status”.
He said he won’t accept that the tax burden reaching a 77 year high is somehow inevitable. “It isn’t. And it shouldn’t be”.
Lambasting accusations the Conservatives have handled the economy irresponsibly, Mr Kwarteng said it is the Tories who are “serious custodians of the public purse”.
“There is no path to higher sustainable growth without fiscal responsibility,” he said.
“Conservatives have always known this and we know it still.
“This is what defines us and separates us from the Labour Party.”
We love this country, our patriotism, isn’t something that we turn on and off and negotiate like the Labour Party
Liz Truss sent shockwaves through Tory party conference today after she ditched scrapping the 45p tax rate in a humiliating climb down.
Chancellor Kwasi Kwarteng confirmed the dramatic move in a tweet at 7.30am this morning.
The markets reacted positively to the announcement with pound rising against the dollar.
Mr Kwarteng wrote: “We get it, and we have listened.”
The Sun last night exclusively revealed the PM and Chancellor were planning to ditch the tax – with Mr Kwarteng this morning telling the BBC: “What was clear, talking to MPs, voters, constituents, that the 45p rate was becoming a huge distraction on a very strong plan.”
The Chancellor is only ditching the abolition of the 45p tax rate and vowed to press on with the other aspects of his mini budget bonanza.
