New PM Liz Truss will go ahead and announce her tax slashing mini budget within weeks despite the death of the Queen. She has vowed to scrap the rise in National Insurance contributions in a “fiscal event” later this month.
She is also said to be looking at other measures to ease the cost of living crisis and turbocharge the economy. Questions had been raised over whether the long-awaited package - which Chancellor Kwasi Kwarteng is helping to draw up - would be delayed as the country marks 10 days of official mourning for the late Queen Elizabeth II.
But, it is understood that the plans would go ahead despite the death of the Queen. Officials had looked into making the announcement via a statement on parliament’s website rather than the recall of MPs - although Downing Street later dismissed the idea.
Parliament will be shut for a total of 13 days. This includes 10 days of official mourning and extra time to allow MPs to swear a new oath of allegiance to King Charles III. It means the only day available to the new PM’s team to deliver the plans clash with a pencilled visit to the United Nations in New York.
A source close to the PM said: “Officials are working to adapt plans to work around the mourning period so that it can be delivered on time while maintaining respect for the late Queen.” A full traditional debate on the financial measures will be debated at a later date.
They also insist plans to cut corporation tax will not be delayed as that would not come into effect until April next year.
