Kwasi Kwarteng promised to “turn the vicious cycle of stagnation into a virtuoso cycle of growth” as he outlined the new government’s approach to the issue british economy.
Universal credit change in today’s mini-budget
The change means more people who receive the benefit will have to meet regularly with their work coach, take steps to increase their income and face benefit cuts if they don’t meet their obligations.
People on Universal Credit are now expected to meet regularly with a work coach to take further steps to find work and increase pay.
This is expected to prompt 120,000 Universal Credit applicants to take active steps to find work.
Changes will be made to Universal Credit to encourage more people to work. This means that more people receiving this benefit will need to:
✅ meet regularly with their work coach
✅ Take action to increase their earnings
✅ There is a risk of benefit cuts if promises are not fulfilled pic.twitter.com/53S2ac9FWw
— HM Treasury (@hmtreasury) September 23, 2022
The Chancellor already confirmed ahead of his mini-budget that the increase in Social Security introduced by Boris Johnson’s government to pay for welfare and deal with the NHS backlog will be reversed.
Bank bonus cap lifted
Chancellor Kwasi Kwarteng has lifted the cap on bankers’ bonuses.
In his mini-budget announcement in the House of Commons, the Chancellor said the UK economy relies on a “strong financial services sector”.
He confirmed that the UK government would lift rules capping bankers’ bonuses.
The cap was introduced across the EU in 2014 after the global financial crisis.
It capped the amount a banker could receive in bonuses, capping him at twice his annual salary unless shareholders approved.
Chancellor Kwasi Kwarteng concluded: “For too long we have engaged in a redistribution struggle in this country. Now we need to focus on growth, not just how we tax taxes and spending.
“We will not apologize for running the economy in a way that increases wealth and living standards. Our entire focus is on making the UK more competitive globally – and not losing out to our competitors abroad.
“The Prime Minister promised that we would be a tax-cutting government. Today we’ve lowered stamp duty, we’ve enabled companies to keep more of their own money to invest, innovate and grow, we’ve lowered income tax and Social Security for millions of workers, we’re firmly securing our place in the competitive global economy lower corporate tax rates and lower personal tax rates.
“We promised to prioritize growth. We promised a new approach for a new era. We promised to unleash the enormous potential of this country. Our growth plan has delivered on all of those promises and more.”
https://www.theargus.co.uk/news/22568838.universal-credit-changes-benefit-announced-mini-budget/?ref=rss Universal Credit: Mini-Budget performance changes announced