Chancellor must reverse reckless decisions

Date published: 01 October 2022

Finance Minister, Conor Murphy has joined his counterparts from other devolved governments in seeking an urgent meeting with Chancellor Kwasi Kwarteng to discuss immediate actions needed to reverse the damaging effects of the British Government’s tax proposals.

Over £260 million paid out under Localised Restrictions Support Scheme - Murphy

Minister Murphy,  Welsh Finance Minister Rebecca Evans and Scottish Finance Minister John Swinney are highlighting the profound impact of “the largest set of unfunded tax cuts for the rich in over 50 years” warning that it is “a huge gamble on the public finances and the health of our economy”.  

In a joint letter to Mr Kwarteng, they warn against being condemned to another decade of austerity and express deep concern over reports that Whitehall Government departments will be asked to make spending cuts to balance the budget, which may have profound consequences for devolved budget settlements already eroded by inflation.

The Ministers also renew calls for the British Government to provide targeted support for households and businesses, funded through taxing the windfall gains in the energy sector. In addition, they call for additional funding to increase Social Security benefits to support low income households with the higher costs they will face through winter, and request additional resources for the devolved governments to protect public services and to fund public sector pay settlements.

Read the full letter on the Department of Finance website

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