Katharine Arthur, Head of Private Client at haysmacintyre, comments:
鈥淭he reversal of almost all tax cuts in the mini-budget, so soon after Friday鈥檚 corporation tax U-turn, is clearly a crisis response from the government. With the Bank of England now withdrawing support, it seems the Chancellor Jeremy Hunt is clutching at straws to rebuild confidence 鈥� and while the pound is seemingly rallying, one wrong step can turn the tides.鈥�
鈥淯ltimately, confusion and uncertainty do not breed confidence, and although we now seem to have a clearer sense of direction, the Chancellor鈥檚 tough decisions today have traded in political credibility for stability and led us back to square one.鈥�
鈥淭he UK is currently shouldering the greatest tax burden in decades, and with the freezing of thresholds and rising inflation, paired with a reversal of all tax cuts, this burden is growing heavier by the day. At this point, anything is possible 鈥� and new tax rises are an obvious candidate as the UK struggles to appease volatile markets. 鈥楿neasy lies the head who wears the crown鈥�, and those in power must hold steady, exchanging complexity and uncertainty with simplicity, transparency, and reassurance.鈥�
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