As the country continues to mourn the passing of Her Majesty the Queen, behind the scenes much work is being carried out for an ad-hoc Budget next week.
Coming in four days after the national holiday for the Queen's funeral, Kwasi Kwarteng the newly crowned Chancellor will deliver an emergency Budget on Friday September 23rd.
It was revealed a couple of weeks ago as the leadership challenge was coming to an close that the OBR (Office for Budget Responsibility) was drawing up forecasts for an imminent budget. Fast-forward and next week we will learn not only the state of the economy as a whole, but how the new Chancellor intends to intervene to remedy spiraling inflation and a rampant cost of living crisis.
New PM Truss has already outlined that she wants to cut taxes and provide a new energy price cap for two years fixed at £2,500 - now we await the details on how this will be implemented.
The national insurance levy of 1.25 percent is to be reversed, and you can see how the effect this has on you in our liz truss tax calculator, which looks at her leadership promises.
There is also a reversal to the planned rise in corporation tax to 25 percent. It will likely remain at the current 19 percent when the next tax year ticks over in April 2023.
Details of the new government backed fixed energy price cap should reveal who benefits from the £2,500 fix period and whether those on more expensive fixes at the moment can switch out. Businesses, who are not subject to price caps will need clarification of what support is coming their way - and currently only business rate reliefs and VAT cuts are rumoured.
Outgoing Chancellor Rishi Sunak promised to lower the basic rate of tax to 19 percent from April 2024 - doing this earlier would certainly be a headline grabber though would not be a huge tax cut overall.
We will continue to update on the planned Budget as more information comes in over the next week.