Liz Truss is still planning ’emergency budget’ to unveil tax cuts next week after the Queen’s state funeral
- Liz Truss is still planning an emergency budget this month to revive the economy
- The PM is pencilling in the fiscal event for soon after the Queen’s state funeral
- Package is set to include her promised tax cuts and moves to boost business
- Full coverage: Click here to see all our coverage of the Queen’s passing
Liz Truss is still planning to hold an emergency budget this month to unveil tax cuts for the cost-of-living crisis.
The PM and Chancellor Kwasi Kwarteng are putting together a package that will be unveiled soon after the Queen’s state funeral.
With world leaders due in London to pay respects to the former monarch on Monday and the premier expected to make a trip to New York, Thursday looks the most likely.
Politics has been largely put on hold during the 10-day period of mourning for the Queen, which lasts until her funeral.
But the perilous position of the UK economy was underlined today with figures showing GDP virtually stalled in July. More grim data on inflation is expected this week.
The PM’s official spokesman said: ‘We are still planning to deliver a fiscal event this month.’
Liz Truss is still planning to hold an emergency budget this month to unveil tax cuts for the cost-of-living crisis
The perilous position of the UK economy was underlined today with figures showing GDP virtually stalled in July
Last week Ms Truss announced long-awaited plans to tackle soaring energy bills, freezing prices for two years and declaring she will boost domestic energy supplies.
That included lifting the ban on fracking and new licences for North Sea oil and gas, as well as boosting nuclear, wind and solar.
Mr Kwarteng is due to give specifics of how the plan will be funded at the ‘fiscal event’.
The window for the emergency package is even smaller because the Commons due to go into conference recess on September 22.
The Liberal Democrats have cancelled their party conference, which would have clashed with the Queen’s funeral.
Labour and the Conservatives are still set to hold their conferences, even if the annual events are likely to be more low-key than normal.
Under the Government’s ‘energy price guarantee’, bills for the average household will go no higher than £2,500 at any point over the next two years.
It will save a typical home around £1,000 from October 1, when the current consumer price cap had been set to soar, according to official estimates.
Passing legislation is not believed to be required to bring the price guarantee into effect for households, although businesses are still facing a wait for details about additional support.
‘There isn’t a date set for the business support element of the guarantee. Obviously we’re working that through. It hasn’t been impacted by the mourning period, as I understand,’ the Prime Minister’s spokesman said.
Mr Kwarteng is due to give specifics of how the plan will be funded at the ‘fiscal event’
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