The Chancellor of the Exchequer, Kwasi Kwarteng, has delivered his 2022 mini-budget in an attempt to address concerns surrounding the ongoing cost of living crisis.
While significant tax cuts were already predicted ahead of the crucial economic update, many people across the country may have been surprised by the sheer extent of measures announced by the chancellor across the board.
Energy
Addressing the subjects on everyone’s mind early on, Kwarteng stated that the annual price of energy for UK households will now be limited to £2,500, resulting in savings of around £1,000 against the projected figures following the most recent energy cap.
He also confirmed that the £400 energy discount is still in place, with the most vulnerable homes receiving even more in government support. Some are less than convinced that any real ‘savings’ will be made.
Earlier this week, the government announced that they would be halving energy bills for businesses over the next six months. Today he confirmed that a relief scheme will be put in place, as well as an “energy market finance scheme” which will offer liquidity to traders.
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Similar relief will be afforded to schools and charities.
Lending and inflation
The hope is that this overall energy plan will reduce inflation, which currently sits at 9.9% based on August’s figures, to 5% and see the trending rate of annual financial growth to 2.5%.
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Not only does the government believes this will lower the wider cost of living pressures but also free up finances to help better fund public services.
The overall energy relief package is said to be costing approximately £60 billion, meaning a significant amount will have to be borrowed from the Bank of England.
Bankers’ bonuses cap and corporation tax hike scrapped
On the subject of banks, one of the most controversial parts of the Kwasi Kwarteng’s update was the announcement that the cap on bankers’ bonuses will be scrapped entirely, arguing that previous measures only led to higher wages and people paying tax in other countries outside of the UK.
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Next year’s scheduled corporation tax increase from 19% to 25% is also going to be scrapped, the rationale being that “low tax encourages investment” both domestically and from overseas.
Once again, people are less than impressed that the nation’s highest-earners appear to be the ones benefiting the most from government policy.
Removing red tape
The chancellor also said that the government are committed to removing further enterprise barriers caused by EU regulation, hoping to streamline “planning restrictions” across childcare, immigration, agricultural productivity, and digital infrastructure.
He sighted energy, telecoms and travel as key problem areas hamstrung by red tape.
However, he conversely criticised the ongoing strike action across the country and said that they plan to imitate other countries by introducing legislation to ensure minimum level service resumes.
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Tax cuts
Elsewhere, businesses in nearly 40 different ‘designated zones’ have been promised tax cuts for the next 10 years and no stamp duty on new premises. Speaking of which, as of today, no payment will be required on the first £250,000 of a property’s value, with first-time buyers paying zero on the first £425,000.
In fact, it looks as though the overall tax system is set to be reviewed once again. Not only are previous corporation tax and stamp duty plans being scrapped but income tax, alcohol duty and more are all being reexamined as part of the not-so mini-budget.
Alcohol duty is set to be frozen in February, meaning that Brits can expect to save around 7p per pint, 38p per bottle of wine and £1.35 on spirits. VAT-free shopping is also due to be introduced for overseas visitors, with aim of increasing revenue from tourism.
Kwarteng also confirmed that the basic rate of income tax will be cut by 1p to 19p from April 2023, with the 45p tax rate for those earning over £150,000 will be abolished from the same time next year.
This is said to be the biggest series of tax cuts in 50 years.
Despite the ‘real’ living wage being increased by 10% in an attempt to try and curb rising costs in almost every other walk of life, it goes without saying that the UK faces an extremely difficult period ahead as energy costs continue to rise, post-Brexit prices keep rising and we approach the ever expensive winter months.
The shadow chancellor Rachel Reeves told the Financial Times that regardless of the measures announced today, both the mini-budget and Liz Truss’ appointment as Prime Minister represents “another zigzag on a path of policy failure” rather than any real sign of change.
Co-op Live boss issues statement as troubled Manchester venue takes ‘a short pause’
Daisy Jackson
The top dog at Co-op Live has issued a statement addressing the immediate future of the venue, which last night announced more high-profile event changes.
The enormous new arena out by the Etihad Stadium confirmed that Take That – who were lined up to play a whopping SEVEN shows at Co-op Live – would be moving their five May gigs across to established venue the AO Arena.
It follows the postponement of Olivia Rodrigo (Friday and Saturday), Keane (Sunday) and A Boogie Wit Da Hoodie (called off on Wednesday with fans already queueing outside) – not to mention Peter Kay and The Black Keys.
The Co-op Live has now said it will be taking ‘a short pause’ from events while it works to make the state-of-the-art space safe and secure for fans and artists.
Details of all the rescheduled shows, new dates and venue changes are towards the end of this article.
An independent inspection of the arena ceiling will be taking place in the next fortnight.
The venue has apologised again, saying ‘we are aware our actions have frustrated and angered ticket holders’.
In a statement it also said that the ‘significant impact’ on fans would be addressed and recognised, at the request of naming rights partner The Co-op Group – details on what that will look like will follow.
Tim Leiweke, Chairman and CEO of Oak View Group (which owns and operates Co-op Live), has now also released a statement offering his ‘sincere apologies’.
He said: “As many of you will know, it’s not been the smooth start we had planned for, and I know that has caused a huge amount of disruption and frustration to thousands of people.
“On behalf of all of us at Oak View Group, I’d like to express my sincere apologies to all those that have been affected. We understand that there is work to be done to rebuild your trust in us.
“This starts now and at the request of the naming rights partner, The Co-op Group, we will be addressing impact on affected ticket holders, details of which will be shared soon.
“I’d like to reiterate my sincerest apologies to everyone that has been affected by the delays around the opening of Co-op Live.
“The team here is working incredibly hard to get the building up and running, and we look forward to welcoming you to the arena from 14 May 2024.”
Co-op Live’s full statement reads: “Ticket holders and fans. Following the events that led to the cancelled A Boogie Wit Da Hoodie show on 1 May, we have decided to take a short pause to events at Co-op Live to fully ensure the safety and security of fans and artists visiting the venue.
“This time will allow for an independent inspection of all elements of the arena ceiling.
“We have worked with promoters to limit the impact on fans, keeping as many shows as possible in Manchester.”
As for the rest of Co-op Live’s opening gig programme (the next scheduled show is Elbow on 14 May), it continued: “At this time, we do not expect further impact on our opening season.
“We are aware our actions have frustrated and angered ticket holders.
“We know you’ve incurred significant disruption, and are finding a way to help make it right.
“We are taking the pause to think about the best ways to do that.
“Our naming rights partner, the Co-op Group, has also expressed the importance of ensuring that the significant impact on ticketholders is recognised and addressed, with more detail to follow soon.”
New dates and venue changes for Co-op Live’s rescheduled gigs
Peter Kay – original dates 23 and 24 April. Rescheduled dates 29 and 30 April. NEW DATES 23 and 24 May.
The Black Keys – original date 27 April. New date 15 May 2024.
A Boogie Wit Da Hoodie – original date 1 May – new date 4 May and venue change to AO Arena.
Olivia Rodrigo – original dates 3 and 4 May – new dates to be announced.
Keane – original date 5 May – new dates to be announced.
Take That – original dates 7, 10, 11, 12 May – venue change to AO Arena.
Take That – original date 8 May – new date 9 May and venue change to AO Arena.
Take That’s June dates remain unaffected.
Ticket holders for each event will be contacted by their point of purchase, and refunds will be available if preferred.
Gavin and Stacey will return with a 2024 Christmas special for its final episode
Danny Jones
After some pretty big rumblings earlier this year, it’s finally been confirmed that Gavin and Stacey will be returning for a Christmas special this year and what will be its last-ever episode.
The beloved British comedy last aired back in 2019 with their previous Christmas special and fans of the show have been crying out for more ever since.
Well, it turns out they’ll be getting just one more go around the block as co-creators James Corden and Ruth Jones revealed that they have now finished writing their third and final Xmas special which will tie a festive bow on the trio of series which started all the way back in 2007.
Sharing a picture of the script on social media, the pair wrote: “Some news… It’s official!!! We have finished writing the last ever episode of Gavin and Stacey. See you on Christmas Day, BBC One. Love Ruth and James”.
However, what was actually going on was a bit of a red herring as she carefully chose to talk down any notions of another series but didn’t categorically dismiss the potential Christmas special.
In fact, she actually went on to add: “All I can say is, if there was something to say on that front, James [Corden] and I would happily announce it, we would.”
And that’s exactly what they’ve done. Well played, Nessa.
As for details surrounding the final chapter in the Gavin and Stacey story, we have very few details at this stage but fans of the iconic show will already be wondering how they might pick up from where certain threads left off.
Production companies Baby Cow, Corden’s Fulwell 73 and Jones’ Tidy Productions are all behind the special and, given the momentous occasion, it will likely have a primetime slot on the TV guide when it finally rolls around this holiday season.
So get your remotes, baubles and bhunas at the ready because Gavin and Stacey is coming back for one last time and it’s sure to be a TV event that people all across the UK will remember for years to come.