`The Chartered Institute of Payroll Professionals
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Published: 20 September 2022 Emailed: 21 September 2022
After serving as pensions minister for 5 years, Guy Opperman was relieved of his duties on 8 September 2022. As this was the day Queen Elizabeth II passed away, His announcement was delayed until the end of the mourning period.
Opperman thanks officials, civil servants and other colleagues in a letter posted on twitter, highlighting some of the key achievements from throughout his tenure.
With a new PM, Opperman states the conservatives will continue to have his full support. There is currently no new information about who will replace him as pensions minster.
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Medium- term fiscal plan’ to be delivered on 23 November Published: 27 September 2022 Emailed: 28 September 2022
Following the ‘mini budget’, delivered by chancellor of the Exchequer, Kwasi Kwarteng, on 23 September 2022, it’s been confirmed that he will set out his medium-term fiscal plan on 23 November 2022.
This plan will confirm details surrounding the government’s fiscal rules and plans to ensure that debt falls as a share of gross domestic product (GDP) in the medium term.
Alongside the fiscal plan, the Office for Budget Responsibility (OBR) will set out a full forecast. Additionally, there will be a budget in the spring, which will be accompanied by another OBR forecast.
The CIPP will bring you all the updates from the day, so keep your eyes peeled.
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Scottish emergency budget review Published: 30 September 2022 Emailed: 5 October 2022
The Scottish government has confirmed that an emergency budget review (EBR) will be held to study the impacts of Kwasi Kwarteng’s fiscal approach on Scotland. This will be carried out by a panel of experts.
The results of the review are expected to be published in the week beginning 24 October 2022 and will detail how resources are going to be focused to address the current cost-of-living crisis. Specialist advice is going to be taken in relation to the UK government’s mini budget, which was held on 23 September 2022, and the implications th is will have for Scotland.
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Government U-turn on top tax bracket abolishment Published: 3 October 2022 Emailed: 5 October 2022
Just over 1 week after the initial intent was d eclared in the government’s “Growth Plan”, Kwasi Kwarteng has announced that the scrapping of the additional rate of income tax will not go ahead.
The mini budget, which was packed full of surprises and shocks, gave the payroll profession many changes to get to grips with. The changes to income tax are not due to be implemented until April 2023, but software developers may have already begun work on implementing them.
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