Protecting the UK economy

Yesterday the Prime Minister and Chancellor set out the difficult decisions we need to take to ensure there is trust and confidence in our economy, acting in the national interest to deliver for the British people.

We need to be frank about the scale of the economic challenges we face. We have had short term difficulties caused by the lack of an OBR forecast alongside the Growth Plan – but also global inflationary and interest pressures, caused by Putin’s invasion of Ukraine.

  • We went too far, too fast - and are sorry for the mistakes that have been made. Now our full focus needs to be delivering for the British people and acting in the national interest to preserve economic stability.
  • That is why – to support confidence and stability in our economy – the government has made immediate changes to the Growth Plan:
  • Reversing most of the tax measures announced last month – including the cut to dividend tax rates; the reversal of the off-payroll working reforms introduced in 2017 and 2021; the new VAT-free shopping scheme for non-UK visitors; and the freeze to alcohol duty rates.
  • Maintaining the planned levels of income and corporation tax – keeping the basic rate of income tax at 20 per cent until economic circumstances allow for it to be cut, restoring the top rate of income tax at 45 per cent, and proceeding with the planned corporation tax rise to 25 per cent.
  • Reviewing the Energy Price Guarantee – keeping the planned support in place until April 2023, and conducting a review into how best to support energy bills for households and businesses beyond that date, ensuring support is in place for those most in need.
  • This will help to put the public finances on a sustainable footing – and we will publish a credible, transparent, fully costed plan to get debt falling as a share of the economy over the medium term on 31 October based on the judgements and forecasts of the independent OBR.
  • We remain committed in our mission to go for growth – but need to change the way we approach this. We will take advantage of Brexit freedoms, delivering Investment Zones, speeding up road projects, standing up to Russia, and increasing our energy supply so we are never in this situation again.
  • But to achieve this growth – we must unite as a party and act now to create the stability we need, taking the tough and difficult decisions in the long-term interests of the country. 

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