New chancellor Kwasi Kwarteng is to deliver his mini-Budget on Friday September 23, reports say.
The fiscal event will outline publicly how Liz Truss’ government intends to finance tax cuts and the targeted support for households with rising energy costs.
Truss has already confirmed that the Energy Price Guarantee will keep typical household energy bills frozen at no more than £2,500 per year. It has been speculated that it could cost the government as much as £150 billion. Meanwhile, businesses are also waiting to hear further detail of government plans to support them with energy prices.
The chancellor’s statement had been put on hold by the passing of the Queen, but it will now take place following the completion of the period of national mourning, four days after Her Majesty’s funeral.
Parliament is adjourned during the period of mourning. Business will resume on Thursday, one day before Kwarteng will deliver his mini-Budget.
One of the measures expected to be included is a temporary axing of green levies on energy bills to further reduce the squeeze on the consumer, after Truss had hinted that she would do so if elected to Number 10. It is also likely the speech will be used to confirm a reversing of the National Insurance increase brought in by the government of Boris Johnson.
Following the temporary halting of parliamentary business brought on by the Queen’s passing, it is reported that there are talks being held around changing plans to allow MPs three weeks off from Saturday September 24 for party conferences.
