![]() ![]() Can’t increase much less quickly without actually going down.Ģ6 political peerages announced as three Tory MPs close to Boris Johnson get knighthoodsĭowning Street has announced a swathe of new political peerages. ![]() Higher inflation has already eaten into plans set out a year ago. Liz Truss just said she will ensure spending increases less quickly than previously planned. This is from Paul Johnson from the Institute for Fiscal Studies. Truss was implying, not just that spending would not be increased to compensate for higher inflation, but that there would be cuts relative to what had been promised. Since then inflation has gone up (on both measures), meaning the rises are less generous than they seemed a year ago. Government spending plans were set in the spending review of 2021 and under those plans spending was due to rise faster than inflation – but only faster than the measure of inflation used for public spending, not necessarily the CPI measure. Yesterday, when Keir Starmer asked her during PMQs whether she was going to stick to what she said during the Tory leadership contest about “not planning public spending reductions”, she replied: “Absolutely.”ĭowning Street never did explain quite what this meant. ![]() Our public sector will become more efficient to deliver world-class services for the British people.Īnd spending will grow less rapidly than previously planned. The main focus during Liz Truss’s press conference was on her confirmation that she will go ahead with the rise in corporation tax announced by Boris Johnson when he was prime minister, and on her overall tone and manner.īut in her opening speech she also confirmed that public spending will be cut. Key events (23) Liz Truss (50) Kwasi Kwarteng (34) Jeremy Hunt (10) Rishi Sunak (6) Pippa Crerar (6) ![]()
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