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Kwarteng gambles on rush for growth

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CHANCELLOR of the Exchequer Kwasi Kwarteng unveiled his and Liz Truss’s economic vision for the UK on Friday morning.

The headlines are straightforward.

There will be £45bn in tax cuts by 2027; however, the largest cuts – national insurance cuts, the abolition of the cap on bonuses and the highest income tax rate- benefit only high earners.

MAIN POLICIES

Cut in the basic rate of income tax to 19% from April 2023;

National Insurance will not rise as scheduled, and the Government will reverse the current year rise as of November 6;

New Health and Social Care Levy to pay for the NHS will not be introduced;

The top rate of income tax was cut from 45% to 40%;

Cancel the rise in corporation tax which was due to increase from 19% to 25% in April 2023;

Rules around universal credit tightened by reducing benefits if people don’t fulfil job search commitments;

VAT-free shopping for overseas visitors;

End of the cap on bankers’ bonuses;

Planned increases in the duties on beer, cider, wine, and spirits cancelled;

Government to discuss setting up investment zones with 38 local areas in England.

Alongside the above, the Chancellor announced plans to remove environmental safeguards for building developments and reduce the regulatory burden on financial institutions.

KWARTENG LEAVES LABOUR AN OPEN GOAL

In an interview with Rishi Sunak during the Conservative leadership contest, Nick Robinson observed that it would be a nasty surprise for the former Chancellor when he found out who’d been in power for the last twelve years.

Kwasi Kwarteng followed Liz Truss’s preferred method of operation: he pretended they hadn’t happened.

The Chancellor comprehensively dumped on the policies pursued over the last dozen years by successive Conservative governments, for a decade of which Liz Truss has been a member.

His statement was, as one ministerial colleague said, “a game changer”, although perhaps not in the way he envisaged.

So complete was the change of economic policy that it leaves an open question about how Mr Kwarteng and his Cabinet colleagues ended up in the same political party as most of their backbench colleagues and served under the last three Conservative leaders.

Shadow Chancellor Rachel Reeves did not miss the open goal. Even as Mr Kwarteng and Ms Truss shook their heads on the government benches, she hammered home that the Chancellor’s statement was an admission the record of Conservative governments since 2010 was one of a failure to deliver growth or a viable economic plan.

THE SUPPLY SIDE FIX

The Chancellor and Prime Minister’s rationale is that cutting taxes for the already well-off will benefit all citizens as they are incentivised to invest and act in entrepreneurial ways. In addition, reducing regulation for businesses will encourage increased commercial enterprise.

They believe the growth stimulated will make up for any loss in tax revenues as increased economic activity, encouraged by lower taxes, leads to increased government revenues.

That approach is called supply-side economics, which focuses on increasing the supply of goods and services through growth.

In every developed nation where the Government’s brand of economics has been tried, two things have happened: a cataclysmic bust has followed a short-term burst of economic activity.

In addition, wealth inequalities – and the UK is already grossly unequal – are embedded and made worse.

Low taxes on the wealthiest do not distinguish between those who generate wealth through their industry or create economic activity through business investment and those who inherit wealth or sit on capital without producing anything.

“THE RICH WILL REJOICE”

Wales’s Finance Minister, Rebecca Evans MS, responded: “Rebecca Evans, Minister for Finance and Local Government, said: “Instead of delivering meaningful, targeted support to those who need help the most, the Chancellor prioritises funding for tax cuts for the rich, unlimited bonuses for bankers, and protecting the profits of big energy companies.

“Instead of increasing funding for public services in line with inflation, we get a Chancellor blithely ignoring stretched budgets as public services find their money is not going as far as it did before.”

Plaid Regional MS Cefin Campbell said: “This Budget will see the rich rejoice as their bonuses rocket and their tax bill sliced, once again it will be the poorest and most vulnerable bearing the brunt of the disastrous cost of living crisis.”

 Plaid Cymru’s Treasury spokesperson, Ben Lake MP, added: “Tax cuts for the super-rich will do absolutely nothing to drive growth in the Welsh economy.

“I urge the UK Government to recognise that our Government in Wales must be given the fiscal tools to unlock our economic potential ourselves. That is the only way to improve the lives of people across Wales.”

Welsh Conservative Shadow Minister for Finance, Peter Fox MS, said: “Today shows that the UK Conservative Government has a comprehensive plan to provide a sharp boost to the economy by putting cash back into people’s pockets. Labour in Wales has the power to cut taxes in Wales but chooses not to.

“Mark Drakeford needs to take a leaf out of Liz Truss’ book and take immediate action to support hard-working people and struggling businesses, stimulating the Welsh economy rather than stifling it.”

Scott Corfe, Research Director at Social Market Foundation, said: “The Chancellor is taking a very high-risk gamble with the economy.

“If his package of enormous tax cuts and ‘supply side reforms’ fails to translate into significantly higher economic growth, we risk further falls in the pound and surging gilt yields as investors lose confidence in our ability to pay our way in the world.

“That, in turn, means higher inflation, an unsustainable trajectory for the public finances and steeper interest rate rises – potentially deepening rather than alleviating the cost of living crisis.”

News

Milford Haven School celebrates U14 Pembrokeshire Hockey Championship victory

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MILFORD HAVEN SCHOOL’S Under-14 girls’ hockey team has been crowned Pembrokeshire Champions, delivering an outstanding performance and securing their title after a series of intense matches.

The team, consisting of 14 talented players, demonstrated impressive skill, resilience, and teamwork throughout the competition. Under the guidance of Miss Griffiths, they evolved their strategy and showcased their capabilities with each game.

A Day of Victories

The team’s first game against YBP was a close battle, with Milford Haven securing a narrow 1-0 win.

  • Goal Scorer: Lola P
  • Players’ Player: Annabelle G
  • Coaches’ Player: Lilly J

In their second match, they faced Haverfordwest High and dominated with a strong midfield play and clinical finishes, achieving a 6-0 victory.

  • Goals Scored: Olivia D (3), Ruby D, Lola P, Ameila C
  • Players’ Player: Olivia D
  • Coaches’ Player: Ruby D

After a brief interval, Milford Haven went on to face YHT, focusing on using the field’s width, which led them to a 4-0 win.

  • Goals Scored: Lola P (2), Annabelle G, Olivia D
  • Players’ Player: Annabelle G
  • Coaches’ Players: Lola P and Macy B

In their final game of the day, the team played YGB, finishing with a decisive 7-0 win and showing relentless energy.

  • Goals Scored: Ellie M (2), Olivia D (2), Annabelle G, Lilly J, Ruby D
  • Players’ Player: Annabelle G
  • Coaches’ Players: Lacey N and Ellie M

Miss Griffiths expressed her pride in the team’s achievements and her excitement for their future development: “It’s been fantastic to watch the team grow today, and I can’t wait to see how they progress.”

Thanks were also extended to Evans Coaches for sponsoring the team’s kit and ensuring safe travel throughout the competition.

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News

St Katharine Church launches ‘Come and Make Angels’ challenge

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As part of an ambitious “Come and Make Angels” challenge, the church has set a target to fill its sacred space with over 6,500 angels. Community members of all ages and backgrounds are encouraged to participate by making and decorating their own angels. These creations will contribute to a record-breaking display that celebrates hope, unity, and the joy of the Advent season.

Workshops are being held every Saturday from 10:00am to 2:00pm at the St Katharine’s Church Hall, where participants can come together for a “creative Christmas cuppa” and join in this festive project. Free activities and refreshments will be provided, making it a wonderful opportunity for families and friends to create lasting holiday memories. Those under 14 are asked to attend with an adult or older sibling.

For those wanting to take part from home, the church has provided angel templates, along with simple instructions to cut, decorate, and assemble. Once completed, these angels can be brought to the church and added to the display, which will officially be unveiled on December 14.

The community is invited to visit and witness the spectacle of thousands of angels “flying” within the church, symbolising peace and goodwill.

In addition to the angel-making challenge, the Advent and Christmas calendar at St Katharine and St Peter’s is packed with events designed to bring joy and reflection during the festive season. All are welcome to attend and share in the warmth and spirit of Christmas.

For more information about the “Come and Make Angels” challenge, or other Advent and Christmas activities at the church, please visit the Roose Local Ministry Area Facebook page or contact Rev. Nicola Davies at 07508 915 432.

The church is also preparing to light up the Christmas season with its much-loved Annual Candlelit Festival of Nine Lessons and Carols, set to take place on Sunday, December 15, at 7:00pm.

And of course, the event promises to be even more magical this year, with a unique display of thousands of handmade angels crafted by members of the community.

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Community

Bishop Joins Street Pastors on Pembroke Outreach

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PEMBROKE’S Street Pastors received a visit from Bishop Dorrien over the weekend as he joined their outreach efforts to witness their work within the local community.

The Street Pastors, active in both Pembroke and Haverfordwest, provide pastoral and practical support to people using the town’s pubs and clubs. Their assistance ranges from offering water to the dehydrated, tissues to those in distress, and even flat shoes to help patrons make a safe journey home. Most importantly, they offer a compassionate ear, comfort, and prayers to those in need.

Supported by a dedicated prayer team, the Street Pastors take breaks to pray and gather strength, reflecting on their encounters with the community. Bishop Dorrien praised their work, describing it as a witness to Christ’s command to love our neighbours.

The Bishop noted the warm reception the team received during their rounds and the affection the community holds for their ministry. He blessed their ongoing service, acknowledging its positive impact on the lives of many.

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