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Politics
Harry Fletcher
Sep 23, 2022
Kwasi Kwarteng says government will get rid of cap on bankers' bonuses
IndyTV
Kwasi Kwarteng has heralded "the beginning of a new era” in the House of Commons, and he seems to have forgotten that the Tories have been in government for the past 12 years.
The biggest talking point from Friday’s mini-budget saw Kwarteng axe the higher income tax for top earners, scrap the cap on bankers’ bonuses, cut a planned increase in corporation tax on big business profits and alcohol duty and axed stamp duty.
It was announced as the Chancellor discussed his aim for the economy in the Commons, saying: “Growth is not as high as it should be.”
"This has made it harder to pay for public services requiring taxes to rise. In turn higher taxes on capital, higher taxes on labour, have lowered returns on investment and work, reducing economic incentives and hampering growth still further.
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"We are determined to break that cycle. We need a new approach for a new era.”
\u201cHowls of laughter from opposition benches when Kwasi Kwarteng tells the HoC that \u201cwe are at the beginning of a new era"\n\nJust forget the last 13 years. \n\n#MiniBudget\u201d— Haggis_UK \ud83c\uddec\ud83c\udde7 \ud83c\uddea\ud83c\uddfa (@Haggis_UK \ud83c\uddec\ud83c\udde7 \ud83c\uddea\ud83c\uddfa) 1663923168
The comments were criticised by Labour MP Rachel Reeves, who tore into Kwarteng by saying: “Can I thank the Chancellor on his comprehensive demolition of the record of the last 12 years. Their record, their failure, their vicious circle of stagnation.”
\u201cRachel Reeves MP bringing the \ud83d\udd25. She\u2019s not wrong. #minibudget\u201d— Eddie Burfi (@Eddie Burfi) 1663923896
The statement from Kwarteng on a ‘new era’ was met with laughter from opposition benches and it did not go down well with critics on social media, either.
\u201cKwasi Kwarteng "This government is at the beginning of a new era."\nTWELVE YEARS. 12 YEARS. 12 LONG TORY YEARS. 144 MONTHS. 625.7 WEEKS. 105189.84 HOURS. 12 BLOODY YEARS\u201d— sue#NHSLove\ud83d\udc99\ud83d\udc99\ud83d\udc99#FBNHS (@sue#NHSLove\ud83d\udc99\ud83d\udc99\ud83d\udc99#FBNHS) 1663923471
\u201c"We're at the beginning of a new era" says @KwasiKwarteng.\n\nThe Chancellor will be furious when he discovers the Conservatives have been in power for a dozen years since 2010.\u201d— Kevin Maguire (@Kevin Maguire) 1663922704
\u201cKwasi Kwarteng says: "We are at the beginning of a new era" - as he sets out the plans of the fourth Conservative Prime Minister in six years\u201d— Liam Thorp (@Liam Thorp) 1663922839
\u201cKwarteng: "we are at the beginning of a new era"\n\nThe Tories have been in power for 12 years.\u201d— Frances 'Cassandra' Coppola (@Frances 'Cassandra' Coppola) 1663922564
\u201cSecond time the Chancellor has said "we are at the beginning of a new era".\n\nClearly trying to leave the legacy of the last administration behind\n\n#MiniBudget\u201d— Martin Lewis (@Martin Lewis) 1663922574
\u201c\u201cBeginning of a new era\u201d says Kwasi, you guys have been in power for 12 years, same old story, same old Conservatives. The British people deserve better than this.\u201d— Barrie cunning (@Barrie cunning) 1663922640
Kwarteng began his statement to the Commons by insisting “help is coming” for people with their energy bills.
He told MPs: “People will have seen the horrors of Putin’s illegal invasion of Ukraine. They will have heard reports that their already-expensive energy bills could reach as high as £6,500 next year. Mr Speaker, we were never going to let this happen.”
Kwarteng added: “People need to know that help is coming. And help is indeed coming.”
He said the energy price guarantee will limit the unit price that consumers pay for electricity and gas, noting: “This means that for the next two years, the typical annual household bill will be £2,500. For a typical household, that is a saving of at least £1,000 a year, based on current prices.
“We are continuing our existing plans to give all households £400 off bills this winter. So taken together, we are cutting everyone’s energy bills by an expected £1,400 this year.”
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