Liz Truss has taken her first Prime Minister's questions today, promised frozen energy bills, announced major reshuffles of the current cabinet and in particular interest to us here, announced Kwasi Kwarteng as new Chancellor.
Kwarteng, the 47 year old former Etonian and holder of a PhD in Economics from Cambridge - once swearing while competing on University Challenge in 1995 - was previously the Business, Energy and Industrial Secretary. He was once in a relationship with former Home Secretary Amber Rudd.
His new promotion to Number 11 will involve taking Liz Truss's promises for lower taxes and frozen energy bills and finding a way to implement them effectively while being fiscally responsible.
An emergency Budget or bringing forward of the Autumn Budget could detail the following:
- VAT main rate cut from 20% to 15%.
- Reversal of National Insurance surcharge of 1.25%. This is complicated as thresholds were changed mid-year in July and this would be the second mid-year change. Would he also reverse the increased thresholds?
- Cancel the corporation tax rise which would have taken the main rate to 25% from 19%.
- Look into the controversial loan charge and complication of IR35.
We'll look further into policies as they are announced, starting with tomorrow's new Energy Bill scheme - rumoured to be frozen at a £2,500 price cap with current refund plans still in place (£400 - £1,200 off bills in the winter).