Displaying items by tag: tax cuts

Public finances are under pressure from a predicted recession. Both PM candidates agree that people will need help with the cost of living this autumn, but tax cuts will only bring relief to taxpayers. Cutting health and social care levies gives no money to pensioners or anyone earning less than £12,570. The new prime minister will not start the job for another four weeks. The candidates are coming under increasing pressure to spell out their plans. Gordon Brown recently said an emergency budget was urgently needed and that Boris Johnson, Ms Truss and Mr Sunak must agree on one now. A financial time bomb will explode with the October energy price cap. Loughborough University’s Prof Hirsch said, ‘It is urgent for the next prime minister to ensure families have enough to live through this crisis and beyond.’ Some will be £1,600 worse off per year. On 11 August government ministers met with energy giants, focusing on how energy companies can alleviate pressure on consumers: see