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.
Kwarteng says a typical energy bill of 2,500 this year is a SAVING of £1,000.
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.
This is a Bankers’ Budget:
– Scrapping the cap on bonuses – Slashing tax for the top 1% of earners – Cutting tax on big businesses' profits
When millions urgently need help with the cost-of-living crisis, the Tories are helping out their super-rich mates.#EnoughIsEnough
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.
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£45 billion of tax cuts. This is biggest tax cutting event since 1972. Barber's "dash for growth" then ended in disaster. That Budget is now known as the worst of modern times. Genuinely, I hope this one works very much better.
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.
New Lancashire Cricket investors aiming to make Manchester Originals as big as United and City
Danny Jones
Lancashire County Cricket’s new investors and Manchester Originals’ majority owners have stated their desire to make the local Hundred team as big as Man United and City.
The Originals were courted by the RPSG (Rising Pune Supergiant) Group this month, with the Goenka family agreeing to buy up a 70% share of the club after LCCC sold part of their stake in the franchise.
Famously in charge of the Lucknow Super Giants over in the Indian Premier League and their Durban equivalents in South Africa, the possibility of not just a shiny new kit but the Originals being renamed the ‘Manchester Super Giants’ isn’t out of the question, though it would be much further down the line.
Although the conglomerate was initially interested in one of The Hundred’s Southern teams, London Spirit – and they were quizzed on this in a press conference on Friday, 14 February – Vice Chairman Shaswat Goenka’s answer was simple: “Lords is Lords but Manchester is Manchester.”
Expressing a huge amount of respect and admiration for the city’s competitive history, even dubbing it a “sporting powerhouse”, Goenka began by insisting that the opportunity presented is one to build a perfect marriage of culture and a love for cricket.
Going on to identify sport as “one of the single biggest things that unites people across the world, regardless of race, colour” and so forth, he believes that while this is categorically not football, this new chapter could rival its prominence here in the UK and especially Manchester.
From there, he went so far as to argue that the stopping power is there and that RPSG “want the Manchester franchise in the Hundred to become the third biggest sports team in Manchester and challenge those two sports teams [Man City and Man United] in Manchester.”
Quite the statement indeed – but one that was echoed by his two new key collaborators in Lancashire’s CEO, Dan Gidney, and Manchester Originals Chair, James Sheridan.
Gidney in particular was visibly energised by the prospect, reflecting on the moment he realised a great potential after seeing the fanaticism shown by the crowd during India vs Pakistan at Emirates Old Trafford for the 2019 Cricket World Cup.
Even with new leadership, Lancashire Cricket will remain 30% owners of the Manchester Originals. (Credit: The Manc Group/Matt Eachus)
Waxing lyrical about seeing “just how much supporters celebrate a single game of cricket”, he said the goal is to “inject some of that passion into Manchester and LCC“.
Doubling down on Goenka’s statement, he continued: “We’re a bit conservative in the UK, we need to embrace the power of this sport; the fandom is off the scale – [it could be] stronger than the Premier League, in my opinion.”
All three executive speakers were also keen to reiterate that is by no means a complete takeover but rather a “joint venture” aiming to achieve a “true partnership” which could pose even more exciting cross-pollination in the future.
The consensus seems to be that further collaboration with the Super Giants is pretty inevitable and not just in regards to the men’s game but that this merging of brands presents a huge opportunity for young players and the women’s team too, the idea of players spending more time over in India and even some games perhaps being held still sounding very plausible.
Manchester Originals’ Chair, James Sheridan, did caveat the discussion by noting that “contracting isn’t straightforward in franchise cricket” but that conversations have at least started to take place” and, like Goenka, they don’t see this as a gamble but what is bound to be a “formidable partnership.”
He also reiterated the belief that Manchester is “probably the UK’s No 1 sporting city, adding “There you go, I said it”, and that the vision is to build the best team, the biggest fan base and the best culture – with this particular region being the perfect staging ground to do so.
The Manchester Originals Chair and LCCC Chief Exec welcome the incoming co-owners. (Credit: Supplied)
Two players were present for the press conference as well, with Originals Women’s star Beth Mooney saying she had “admired The Hundred for afar” since it started and quickly knew she “100% wanted to be a part of it”, aiming to “help create a legacy with the Originals as the tournament.”
Men’s player Phil Salt welcomed the new ownership as the start of an “extremely exciting new era” that should help them “bring the best product to the UK”, reiterating that “being part of the right organisation is key.”
Although the investment is yet to be fully ratified by the ECB (England and Wales Cricket Board) and Lancashire made no bones about the arrears they still have on the books, Gidney was keen to label a lot of as ‘good debt’ and an investment in facilities and infrastructure, something which RPSG will only further aid.
One of the biggest outlays even prior to the new co-owners is the ongoing Farrington project but since the wider county region may have struggled to cheer on a Manchester team, the Originals and Lancashire, more importantly, will no doubt benefit from its completion.
The new sister stadium will be based over in Preston, offering a second home for what is crucially a Lancashire club. (Credit: Supplied)
Featured Images — Matt Eachus (supplied via Lancashire County Cricket Club)
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Free roses are being handed out at a Manchester train station this Valentine’s Day
Danny Jones
In an effort to spread the love this Valentine’s Day, free roses are being hands out to commuters at a Manchester train station this week.
Add that to the ever-growing list of why we absolutely adore this place.
Not everyone is coupled up come the most mush day of the year, nor do they need to be – self-love, Galentine’s and even just a whoelsome pint or two with the boys – but it’s nice to see Greater Mancs going out of their way to make things nicer for each other.
In our eyes, in a relationship or otherwise, this day is just about sharing the love with everyone and if you happen to arriving or leaving Manchester (excuse me, why would you ever?) from Victoria station this Friday, you could be in for a lovely little surprise.
The brains behind the touching little gesture is the city’s legendary live music and entertainment space, AO Arena.
Although many arrive at the venue via the Trinity Way Tunnel on the other side of Arena, the AO is already directly attached to Victoria by a simply set of stairs, meaning you can arrive in the city centre via train or tram and arrive directly at your destination.
It’s also one of the busiest stations in the North West, so for commuters looking to start the day with a little love, whether that be to treat their significant other, brighten a colleague’s day or just make themselves feel good, these roses are set to be handed out on Valentine’s Day morning.
100 of the most romantic flowers will be up for grabs from 8am at Manchester Victoria Station on a first-come, first served basis, naturally, Simple as that – but it gets better…
There is also an exciting chance to win a handful of surprises, including free tickets to a show at the arena, which will be given away with a select few lucky roses.
This year marks an extra special milestone for the AO Arena, as they are celebrating thirty years of spreading joy in the city as Manchester’s longest standing large music venue.
With that in mind and tying together the arena’s history and love for entertainment, each rose will be individually wrapped in a special 30th birthday edition print.
This design features the names of all artists and acts who have performed there over the last three decades; consider it just a small token of AO‘s love and affection for 0161, wrapped in nostalgia.
Happy Valentine’s Day, Manchester – you’ll always be ours x
Danny Jones -
23rd September 2022 
