UK Prime Minister Liz Truss has defended the government’s tax-cutting plan which has led to turmoil in the financial markets, calling it an “urgent action” needed to get the economy growing. Chancellor Kwasi Kwarteng on Sept. 23 unveiled the biggest package of tax cuts in half a century, which was aimed at spurring growth in…
Tax-Cutting Plan Is ‘Urgent Action’ Needed to Get UK Economy Growing: Truss
Bank of England Intervenes to Calm Markets as UK Borrowing Costs Soar
September 28, 2022
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Bank of EnglandBusiness & Marketseconomic policieseconomygovernment bondsKwasi Kwartengliz trussMarketstax cutsThe International Monetary Fund (IMF)UKWorld
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The Bank of England, Britain’s central bank, has sought to restore financial stability with an emergency bond-buying programme, after the government’s new fiscal policy caused the pound to dive and borrowing costs to soar. The British pound on Monday plunged by more than 4 percent to just $1.03, an all-time low. It recovered to about…
IMF Urges UK to ‘Reevaluate’ Tax-Cutting Measures After Drop in Pound
September 28, 2022
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Business & Marketseconomic policieseconomyinflationInternationalKwasi Kwartengliz trussMarketstax cutsThe International Monetary Fund (IMF)UKWorld
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The International Monetary Fund (IMF) has urged the UK government to “reevaluate” its strategy to boost economic growth with massive tax cuts funded by borrowing, which has spooked the markets and caused the pound to plunge. The British pound on Monday plunged by more than 4 percent to just $1.03, an all-time low. It recovered…
UK Economy to Grow Slower Than Previously Predicted, Says OECD
The British economy will grow less than previously predicted this year and flatline entirely in 2023, according to a new report. The Organisation for Economic Co-operation and Development (OECD) said it has downgraded its current annual projection for the UK economy owing to “declining real incomes and disruptions in energy markets.” The UK’s GDP is…
British Pound Falls to Record Low Against US Dollar After Tax Cut Plans
The British pound has plunged to an all-time low against the U.S. dollar after the UK government announced a massive tax-cutting programme, which is the biggest in 50 years. Sterling fell by more than 4 percent to just 1.03 dollars in early Asia trading before it regained some ground to about 1.07 dollars early on…
‘Politics of Envy’ Won’t Deter UK Government as It Cuts Taxes to Spur Growth: Minister
The UK government will not worry about the “politics of envy” as it tries to spur economic growth with the biggest tax cuts in 50 years, a minister has said. Prime Minister Liz Truss’s new government on Friday unveiled the biggest package of tax cuts in half a century, which will cost £45 billion ($49…
UK Announces Biggest Tax Cuts in 50 Years to Boost Economic Growth Amid Crisis
UK Prime Minister Liz Truss’s new government has unveiled the biggest package of tax cuts in half a century aimed at spurring growth in the UK economy, which could already be in recession. Announcing his mini-budget in the House of Commons on Sept. 23, Chancellor Kwasi Kwarteng confirmed that the rise in corporation tax and…
Tax Cuts Benefit Everyone by Making UK Economy More Competitive: UK Prime Minister
UK Prime Minister Liz Truss has said her tax-cutting plans will make the UK economy more successful and benefit the population in general. Talking to journalists from the Empire State Building in New York on Sept. 20, Truss confirmed that she will be reversing the national insurance hike and axing the planned corporation tax rise…
Arizona Supreme Court Rules Voter Referendums Can’t Repeal Tax Cuts Passed by Legislature
August 21, 2022
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2022 Midterm ElectionsArizonaArizona ConstitutionArizona Supreme CourtBusiness & Marketseconomic policieseconomyJudiciaryPolicies & ImpactsPoliticsRegional-Local Newstax cutsUS
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The Supreme Court of Arizona found 5–2 on Aug. 19 that a referendum backed by organized labor aimed at blocking a planned $2 billion per year state-level income tax cut violated the state constitution. On April 21, the court overturned a lower court ruling allowing the referendum to move forward but hadn’t explained the reasoning…
Arizona Supreme Court Rules Voter Referendums Cannot Repeal Tax Cuts Passed by Legislature
August 21, 2022
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2022 Midterm ElectionsArizonaArizona ConstitutionArizona Supreme CourtBusiness & Marketseconomic policieseconomyJudiciaryPolicies & ImpactsPoliticsRegional-Local Newstax cutsUS
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The Supreme Court of Arizona found 5–2 on Aug. 19 that a referendum backed by organized labor aimed at blocking a planned $2 billion per year state-level income tax cut violated the state constitution. On April 21, the court overturned a lower court ruling allowing the referendum to move forward but had not explained the…
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