`The Chartered Institute of Payroll Professionals
News On Line
Published: 20 October 2022 Emailed: 26 October 2022
Liz Truss has resigned as prime minister of the UK government.
Truss commented “ I recognise... given the situation I cannot deliver the mandate on which I was elected by the Conservative Party ".
A leadership election, voted on by conservative MPs, will be conducted within the next week, Truss will remain in post until a new leader is selected. Truss has currently been in office for 45 days, the shortest tenure of any prime minister in history. With the changes and U-turns to planned legislation rapidly evolving over the past few weeks, it remains to be seen how this will further impact the payroll profession. Much will depend on the successive chancellor, if a new chancellor is appointed.
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Rishi Sunak to become next PM Published: 24 October 2022 Emailed: 26 October 2022
It has been confirmed by the 1922 committee that Rishi Sunak has received the backing of enough MPs to be put forward as the next prime minister.
Sir Graham Brady, chairman of the committee, confirmed that Sunak was the only candidate put forward after Penny Mordaunt pulled out just minutes before the deadline.
Liz Truss and Sunak will need to visit His Majesty King Charles III to confirm the change in leadership, this is expected to happen tomorrow.
As previous chancellor, Sunak has already been involved in the fiscal policy of the UK. Having pioneered policy, such as the health and social care levy, we will keep an eye on upcoming changes to see if there will be further deviation from the Growth Plan of Kwasi Kwarteng.
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Rishi’s cabinet appointments made Published: 26 October 2022 Emailed: 26 October 2022
After a quick turnaround, Rishi Sunak is in office as prime minister and has now appointed ministers for his cabinet.
Some ministers have a key role in the financial and legislative framework of the government and are important to keep an eye on. Here are some of the appointments:
Jeremy Hunt, chancellor of the Exchequer
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• Dominic Raab, deputy prime minister and justice secretary • Suella Braverman, home secretary • Michael Gove, levelling-up secretary
Notably, Hunt remains chancellor, which may indicate that the plans he intends to present further on 31 October 2022 will go ahead. These plans will lay the foundation for further policy changes that may impact the payroll profession.
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