Chancellor 'Delivering For The Wealthy' – Murphy

Chancellor Kwasi Kwarteng is delivering for the wealthy rather than ordinary workers, families, and small businesses, Finance Minister, Conor Murphy, has said.

Speaking following the Chancellor's statement, Conor Murphy said: "In this cost of living crisis it beggars belief that the Chancellor has chosen to announce tax breaks for the super-wealthy instead of supporting the working poor who are struggling to heat their homes and feed their families.

"What we needed today was a tax break for small businesses struggling with rising costs, and an increase in funding for public services and support for public sector workers who carried us through the pandemic. Instead the British Chancellor has announced tax breaks for the super-wealthy and no extra funding for public services.

"While the reversal of the increased National Insurance contributions will provide some relief to businesses the hospitality industry will rightly be extremely disappointed that the Chancellor has not acted to cut VAT. This would have helped many small family-run businesses who are deciding whether they can continue to keep trading. Instead the Chancellor chose to abolish the top rate of income tax for those on the highest salaries and removed the cap on bankers' bonuses. This will undoubtedly lead many small businesses to close while the rich get richer."

Minister Murphy continued: "The Chancellor's statement fails to provide an increase in funding meaning our ability to deliver public services and a fair pay rise for public sector workers will undoubtedly be impacted.

"Combined with the rise in interest rates and the absence of the Executive, the British Government's statement today means that families, workers, and small businesses face a very challenging time in the coming months."

Minister Murphy concluded: "I spoke to the Chief Secretary to the Treasury this morning. I made the point in the strongest possible terms my dismay at the failure to support those in need, help our smallest businesses and provide additional funding for public services. I also highlighted the inadequacy of the home heating oil announcement made earlier this week."