The Government wants a new approach to growth, Mr Kwarteng said, with the aim, over the medium term, to reach a trend rate of growth of 2.5%.
Here are the main points from Chancellor Kwasi Kwarteng’s statement on the economy in the Commons:
– He said that the consensus among “independent forecasters” was that the Government’s energy plan “will reduce peak inflation by around five percentage points”. – The Chancellor announced the Government’s plans for new low-tax “investment zones”, that will allow planning rules to be relaxed and will reduce business taxes to encourage investment.
– The planned alcohol duty rises will be cancelled, Mr Kwarteng said, and the Government will introduce VAT-free shopping for tourists.
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