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BBG-PM To Hold Presser Later Today On UK Economy

UK

Bloomberg reports PM Truss to hold presser later today on the likely reversal of measures from the 'fiscal event'. No set time for this yet.

  • Steven Swinford at The Times: "It's not yet clear what level corporation tax will rise to. One senior Govt source tells me it won't be to the full 25%, but discussions on level ongoing. Some of the other, smaller measures in mini budget could also be reversed. [...] all bar £13billion of measures in the mini budget - the income tax and stamp duty cuts - could be reversed. That means ***three quarters*** of Kwasi Kwarteng's original £45billion worth of unfunded tax cuts will have been abandoned."
  • From MNI's Senior FI Analyst: "[...] very back of the envelope calculations corporation [tax] is about 1/3 of the costs of the "Growth Plan" (when the energy plan is excluded). - The other big measures are the removal of the NIC increase from Nov 2022 - which has a similar cost. - And the decision to bring forward the basic rate income tax cut from 20% to 19% (but that only impacts one year really)"
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