# 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. - Title: Griffith demands tax cuts as UK economy hits 'nosebleed… - Summary: Griffith warns UK economy is at 'nosebleed territory' with tax cuts needed to prevent market collapse. Andrew Griffith demands John Healey cut taxes and… - Keywords: andrew griffith, john healey, uk economy, tax cuts, markets, nosebleed territory, conservative shadow chancellor, labour, budget, news, entertainment, Griffith - Source: Dailymail — https://dailymail.com/news/article-16138675/Nosebleed-territory-Griffith-demands-Healey-cut-taxes.html?ito=1490&ns_campaign=1490&ns_mchannel=rss - Published: 2026-09-17T11:14:02+00:00 - Read time: 2 min - Topics: andrew griffith, john healey, uk economy, tax cuts, markets, nosebleed territory, conservative shadow chancellor, labour, budget, news, entertainment ## 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 taskforce ## Bank of England board concerns Griffith criticizes union leaders on Bank of England board as outdated financial practice.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 ## Key takeaway Andrew Griffith demands John Healey cut taxes and address economic weaknesses before markets detect weakness.