Vladimir Putin Kwasi Kwarteng Russia Ukraine COST UPS Target Vladimir Putin Kwasi Kwarteng Russia Ukraine

Kwasi Kwarteng’s mini-budget: key points at a glance

Reading now: 496
theguardian.com

Kwasi Kwarteng says the government was never going to let households face soaring energy bills caused by Putin’s war in Ukraine.The chancellor says there will be three key steps.

The energy price guarantee, equivalent support for businesses and an energy markets financing scheme delivered by the Bank of England.Aubrey Allegretti, political correspondent: Kwarteng starts by pinning the blame for inflation and spiralling energy bills directly on Russia’s president, Vladimir Putin.After the criticism the Conservatives faced over the summer for months of inaction while the leadership contest dragged on, the chancellor tries to counter that narrative by claiming the new PM acted with “great speed”.“People need to know help is coming, and help is indeed coming,” is intended as a rallying cry of reassurance – however he tempers that expectation by reminding people energy markets are “volatile”.Kwarteng says the government will expand the supply side of the economy through tax cuts to target economic growth of 2.5% per year.The chancellor says he will turn a “vicious cycle of stagnation into a virtuous circle of growth,” although cautions that “none of this is going to happen overnight”.Kwarteng says the government will publish costings of the measures.

Read more on theguardian.com
The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA