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.
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.
Bury FC manager steps down just two days after appointment following major backlash over history
Danny Jones
In case you missed the news over the weekend, Bury FC manager Michael Jolley stepped down just two days after joining the club following major backlash to his appointment.
The uproar and almost immediate U-turn came in response to his past conviction.
After learning of his history, the club were met with a significant amount of stick from Bury fans and other football supporters, leading Jolley himself to quickly resign. Confirming the outcome by mutual decision, the club revealed his departure on Sunday afternoon.
Bury Football Club can confirm that Michael Jolley has today been relieved of his duties as First Team Manager by mutual consent.
Sharing an official statement, The Shakers wrote: “The Board recognises the strength of feeling expressed in recent days by supporters, staff, partners and players, and the very real impact the Board’s decision to appoint Michael has had on individuals connected to the Club…
“We will also be engaging directly with players, staff and stakeholders to listen, learn and ensure that appropriate support is available. Our immediate priority is the welfare of our people and the stability of the Club and our community.
“We believe this step is necessary to help restore confidence, create space for reflection, and allow Bury FC to move forward in a way that reflects our values and responsibilities.
“Bury Football Club remains committed to acting with integrity, transparency and respect. Further updates will be shared when appropriate.”
Confirming that the assistant manager, Tim Lees (who helped lead the side to a 2-1 victory over Mossley AFC at home this weekend), will be leading the team as interim head coach for the time being, they also noted that Jolley insists he didn’t want his signing to place unwanted attention on the club.
Wishing them the best in their search for the next man to take them forward, and believe they have a “special connection” with their local community.
Jolley states he made higher-ups aware of his past conviction before being interviewed for the job, as he explains in a lengthy statement of his own, which was released before Bury’s own announcement.
Following a period of reflection, I have decided to relinquish the opportunity to become the Manager of Bury FC. Full statement attached. pic.twitter.com/bAHekBfnb5
Addressing the situation on social media, the Sheffield-born former Grimsby and Barrow boss said: ‘After a period of reflection over the weekend, it has become apparent that my appointment at Bury FC has become a distraction for the club and so I have decided to relinquish the opportunity to become first team manager…
“Additionally, I welcome the fact that every investigation into the incident, whether through the legal process, or the subsequent investigations by the UK government, The FA, all established through evidence that I was deceived and at no time did I act maliciously.
“All three organisations concluded that there was no evidence which should prevent me from continuing my career, and that is what I have done, periodically, since that time. I consider safeguarding a critical aspect of coaching and have always delivered safe practice 100% of the time throughout my career.”
As he explains in the full document, “16 and a half years later, [his] CRB check has long since shown as clear, but in the interests of transparency and openness”, he still ensures any prospective employers are made aware of the case.
He goes on to say that he has become used to the abuse inside stadiums and online, given the nature of football fan culture, but now that he has a young family, he makes it clear that they are a key factor in the decision as he looks to prioritise their safety and wellbeing before his own.
The local outfit is once again looking for a new steward to steer them back in the right direction and, hopefully, away from any more intrigue and/or controversy. A return to the EFL still seems a way off, but who would you like to see installed as the gaffer at Gigg Lane, Shakers?
Brits are petitioning to give ‘SIR’ Kevin Sinfield the knighthood he deserves
Danny Jones
An impassioned Brit, along with nearly 100,000 others, are championing a petition to give a Greater Manchester sporting role model a knighthood.
The UK is long overdue for a SIR Kevin Sinfield, if you ask us.
Yes, now five years after his first remarkable charity challenge in the form of his inaugural ‘seven in seven’ ultra-marathon, our very own Kevin Sinfield officially completed his sixth edition of the fundraising feat earlier this month.
Having now raised more than £1.2 million for the Motor Neurone Disease Association (MNDA) in memory of his friend and former late, great, Leeds Rhinos teammate, Rob Burrow – and that just this year alone.
👏 An outstanding achievement!
🏃 Kevin Sinfield CBE completed his latest 7 in 7: Together Challenge this afternoon, raising over £1.1 Million for @mndassoc!
To take into account every penny he’s helped generate for the crucial neurological cause, he’s helped welcome in excess of £11 million since he started this tributary journey nearly six whole years ago.
Sinfield has become nothing short of a national hero over the last few years, and the people think it’s about time he is recognised with the highest honour.
The Oldham-born native has already been given a trio of notable awards, including an MBE, OBE and CBE, which also means he doesn’t technically qualify to be considered for a knighthood until 2027 at the very earliest.
However, the petition’s creator, Mel Handforth, believes that an exception should be made and the “arcane” rules around the New Year’s Honours should be changed to allow Sinfield (and, indeed, others) to be celebrated more promptly.
Even the Speaker for the House of Commons, Lindsay Hoyle, is one of many to have argued for the stipulation to be scrapped.
Despite countless calls for him to be included in the most recent list, which saw the likes of David Beckham finally made a knight, he was overlooked due to the three-year gap protocol.
He also somehow missed out on being shortlisted for this year’s BBC Sports Personality of the Year Awards, though you can guarantee he would have plenty of votes from the general public – especially here in the region and, indeed, over in his adopted second home of Yorkshire.
You can see who did make it onto this year’s list down below.
The same happened again at the Pride of Britain a year later, and the retired rugby league player turned union coach was also handed an honorary degree by the University of Leeds in July 2024, just a month after Burrow sadly passed away.
But Sinfield has quite literally had the backing of millions to be made ‘Sir Kevin’ for well over half a decade now; we made him our ‘Manc of the Month’ back in November ’22, and our stance on him being given a knighthood is even clearer now than it was back then.
As Handforth writes in the bio of the Change.org petition: “The words ‘legend’ and ‘hero’ are often handed out, but Kevin Sinfield truly embodies them both. He’s not doing this for recognition – he’s doing it because he cares deeply about the MND community and honouring his friend Rob’s legacy.
“Let’s show Kevin that his nation stands with him. Sign this petition to urge the Honours Committee to recognise Sir Kevin Sinfield for his remarkable service to humanity.”
If you agree, you can sign the petition to make him Sir Kevin Sinfield right HERE.
Danny Jones -
23rd September 2022 
