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Without a 'distraction', who pays the bills?
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    • Last updated October 5, 2022
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Without a 'distraction', who pays the bills?

Posted By gee mong     October 5, 2022    

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Without a 'distraction', who pays the bills?


It was a 'distraction', said Kwasi Kwarteng about plans to scrap the 45p rate of income tax for higher earners.

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Removing the top rate of income tax, outside of Scotland, saved those who pay it an average of £10,000, and 'the optics' - how it looks, politically - were beyond inept.

This was while price inflation was heading towards 11%, the public sector is embroiled in pay battles, and a few days before domestic energy bills were to go up 27%.

So what was it distracting us from? Well, the rest of the tax cutting package, of course, adding up to a whopping £43bn of the £45bn unfunded tax cuts in the chancellor's mini-budget of 23 September. The top rate brought in an extra £2bn.

So it was a big and expensive political U-turn, but didn't make much difference to the underlying questions of how to pay for what remains of the plan.

It also distracted us from the energy price guarantee, and its equivalent for business, costing us... we have no idea how much. It's the blankest of blank cheques.

So having been distracted, let's look again at the remaining tax cuts. The plan for raising corporation tax on profits from 19% to 25% has been reversed, as Liz Truss said she would do during the leadership campaign in the summer.

Likewise, former Chancellor Rishi Sunak's move to use higher National Insurance Contributions (1.25% more for employers as well as employees) to fund the transition to more generous social care (in England, at least) is being reversed, taking effect next month, only seven months after it was introduced.

Two further measures don't affect Scotland directly: a cut in the basic rate of Westminster's income tax regime from 20 pence in the pound to 19 pence, and a deep cut in the tax take from the transactions tax on homes, known in England and Northern Ireland as Stamp Duty Land Tax.

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