Ministers reconsidering inflation-linked benefits rise amid economic turmoil

Benefits may not be hiked in line with spiralling inflation, a minister has suggested, while insisting Government plans to cut taxes to the benefit of the most wealthy will continue. Treasury minister Chris Philp said that a commitment by former chancellor Rishi Sunak to uprate benefits in line with inflation was under consideration, after reports that different Government departments have been asked to draw up plans for efficiency savings. The move, reported by the BBC and others, would be aimed at reducing future Government borrowing after the economic turmoil following the mini budget. Liz Truss is expected to face public questioning about her economic plans for the first time following the fallout from the mini budget on Thursday, as the Prime Minister tours regional BBC radio stations in a morning round of interviews. On Wednesday, the Bank of England launched an emergency government bond-buying programme to prevent borrowing costs from spiralling out of control and stave off a “material risk to UK financial stability”. The Bank announced it was stepping in to buy up to £65 billion worth of Government bonds – known as gilts – at an “urgent pace” after fears over the Government’s economic policies sent the pound...

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