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October 18, 2022

Reactions from accounting industry: UK mini-budget U-Turn

By Zoya Malik

Katharine Arthur, Head of Private Client at haysmacintyre, comments:

“The reversal of almost all tax cuts in the mini-budget, so soon after Friday’s corporation tax U-turn, is clearly a crisis response from the government. With the Bank of England now withdrawing support, it seems the Chancellor Jeremy Hunt is clutching at straws to rebuild confidence – and while the pound is seemingly rallying, one wrong step can turn the tides.”  

“Ultimately, confusion and uncertainty do not breed confidence, and although we now seem to have a clearer sense of direction, the Chancellor’s tough decisions today have traded in political credibility for stability and led us back to square one.”

“The UK is currently shouldering the greatest tax burden in decades, and with the freezing of thresholds and rising inflation, paired with a reversal of all tax cuts, this burden is growing heavier by the day. At this point, anything is possible – and new tax rises are an obvious candidate as the UK struggles to appease volatile markets. ‘Uneasy lies the head who wears the crown’, and those in power must hold steady, exchanging complexity and uncertainty with simplicity, transparency, and reassurance.”

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