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Griffith demands tax cuts as UK economy hits 'nosebleed territory'
Griffith warns UK economy is at 'nosebleed territory' with tax cuts needed to prevent market collapse.
In brief
Griffith warns UK economy is at 'nosebleed territory' with tax cuts needed to prevent market collapse. Andrew Griffith demands John Healey cut taxes and address economic weaknesses before markets detect weakness. Originally reported by Dailymail.
Griffith calls for tax cuts
Andrew Griffith demands Labour cut taxes at next Budget to address UK economic weaknesses.
“We are reaching nosebleed territory”
Healey labeled out of his depth
Griffith says John Healey is unprepared for UK finances before becoming Chancellor.
“out of his depth”
Markets smell economic weakness
Griffith warns markets can detect economic weakness before it becomes severe.
“markets can smell weakness”
Proposed tax reforms for small businesses
Griffith wants to replace IR35 rules for self-employed workers to reduce compliance burden.
“torture for small firms”
Small businesses face £25bn tax burden
Small businesses spend £25 billion annually on tax compliance with 44 hours yearly on paperwork.
“£25billion”
Tax compliance task force launched
Griffith commissions task force led by Lord Mackinlay and Robert Colvile to reform tax compliance.
“taskforce”
Bank of England board concerns
Griffith criticizes union leaders on Bank of England board as outdated financial practice.
“1970s”
CPI inflation rises to 3.1%
Official figures show headline CPI inflation at 3.1% for year to August, up from 2.9%.
“3.1%”
Energy costs driving inflation
Brent Crude at $108 a barrel with diesel prices at four-year high.
“$108 a barrel”
Budget funding shrinking
Healey's budget funding decreases as markets raise interest rates on government debt.
“funding headroom”
Potential £10bn tax rises needed
Some analysts estimate £10 billion tax rises or spending cuts needed to balance UK budget.
“£10billion”
Monetary policy committee holds rates
Monetary Policy Committee holds interest rates at 3.75% to target 2% inflation.
“3.75%”
CPI expected to rise to 4%
Economists predict CPI inflation could reach 4% next year with multiple interest rate hikes.
“4%”
Tax compliance reforms proposed
Griffith wants to reduce tax compliance burden for small businesses through policy changes.
“tax compliance system”
Union leaders on Bank of England board
Griffith criticizes practice of selecting union leaders for Bank of England board.
“union bosses”
Next Budget deadline approaching
Healey has six weeks to prepare for potentially pivotal Budget next month.
“six weeks”
The takeaway
Andrew Griffith demands John Healey cut taxes and address economic weaknesses before markets detect weakness.
