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NI & Corp Tax Rise Reversals Expected In 'Fiscal Event' @ Bottom Of Hour

UK

Chancellor of the Exchequer Kwasi Kwarteng is due to deliver a statement billed as a 'fiscal event' in the House of Commons at the bottom of the hour. Parts of the 'fiscal event' (not a Budget as there are no forecasts from the independent OBR) were released by the gov't yesterday (see link: https://www.gov.uk/government/news/national-insura...)

  • Link to livestream: https://www.parliamentlive.tv/Event/Index/2ef38582...
  • Reversal of National Insurance increase implemented earlier in the year announced yesterday. Today there is widespread expectation that Kwarteng will also suspend the planned increase in corporation tax from 19% to 25%, lower stamp duty on the purchase of houses, establish 38 'investment zones' around England that will benefit from lower taxes and looser planning rules, and announce new laws to speed up major infrastructure projects.
  • FT reports that reforms to the City "would include reform to regulation of pension funds and insurers, intended to release more capital for investment, along with changes to stock market listings rules to make London more attractive to companies."
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