THE NEW Government under the leadership of Prime Minister Liz Truss looks set to make a budget announcement next week, which is expected to include a tax cut designed to tackle the cost-of-living crisis.
Similar to Government’s Autumn and Spring statements, it is an opportunity for new Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng to make any changes to financial decisions of the previous leadership.
And Ms Truss is expected to introduce a tax cut designed to support people with the rising cost-of-living and potentially, details on the cost of an energy plan set out last week.
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Councillors on a new authority set to take over in Carlisle, Allerdale and Copeland next year have had their say on what next week’s ‘mini-budget’ should include.
Councillor Joseph Ghayouba, Labour’s elected member for Bransty on the new Cumberland Council said: “It should be nationalising energy companies, they should be providing support to the most vulnerable people in our country, not just a price freeze but making sure it’s targeted to the people who need it.
“They should be doing things like meaningful grants for people to insulate their homes better so that energy bills go down and invest in that kind of thing.”
On the rumoured tax subsidy on the cost of energy, Cllr Ghayouba said: “The things I’ll be looking for firstly is how it’s funded.”
He asked if the tax cut could see working people pick up the bill “rather than just taxing energy companies that have made a killing during this period of uncertainty, a windfall tax is an entirely appropriate mechanism.
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“People with the broader shoulders should bear the responsibility and the people in this climate that have the broader shoulders are the energy companies making the big fortune that they didn’t expect to.”
Councillor Brian Wernham, Liberal Democrat councillor for Stanwix Urban said: “It looks like Liz Truss is going to be borrowing money on the never-never, working-up the national debt so as to subsidise energy users.
“For example Nadhim Zahawi (Chancellor of the Duchy) keeps his horse stable warm for his horses and the money he spends on that will actually get a bigger advantage with this than a couple of pensioners heating their house.
“What the Lib Dems would do is what Germany and Holland are doing which is to tax windfall profits.”
Cllr Wernham said that a tax subsidy would not be far reaching enough: “Even areas like Longtown are not on the gas grid, it doesn’t look though there’ll be any help for them.”
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Conservative councillor for Gosforth David Moore said: “What we really need to do is get that clear investment in what our energy future is. I hope that we’re going to see some announcements of further investment to speed-up the SMR (Small Modular Reactor) programme.
“I’m looking for investment and job opportunities being created from good investment.”
Cllr Moore said that the UK’s own supply of clean energy from new nuclear would mitigate the rise in costs caused by the War in Ukraine.
“The trouble is, we’re being held to ransom over gas and oil prices, what we should have done years ago is move to that sustainable energy.”
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