Tax Break? Emergency Budget likely for next week...

Speculation is growing that next week there will be an Emergency Budget - or a ‘fiscal event’ as new Prime Minister Liz Truss is calling it.

It is seen as breaking protocol to confirm such an event during a period of national mourning; however, Westminster commentators say there is a very limited timeframe for such an event.

The Queen’s state funeral and Bank Holiday are on Monday, after which Truss is expected to fly to the US to appear at the United Nations.

Then, at the end of next week, Parliament will break for the Labour and Conservative conferences, with the recess currently set for September 22 to October 17.

This suggests that towards the end of next week might be the only available time for new Chancellor Kwasi Kwarteng to announce new measures.

During the Conservative leadership race Truss pledged not to introduce new taxes, including those applying to property.

Commentators say the government is expected to announce it will reverse the recent national insurance contribution increase and could ditch a planned increase in corporation tax.

In addition the Budget is expected to include the temporary removal of green levies from energy bills, plus a figure for the cost of the energy price guarantee announced last week by Truss.

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