New Chancellor and Secretary to the Treasury appointed

King Charles III has been pleased to approve the following appointments:

  • Rt Hon Jeremy Hunt MP as Chancellor of the Exchequer
  • Rt Hon Edward Argar MP as Chief Secretary to the Treasury

Chancellor of the Exchequer – The Rt Hon Jeremy Hunt MP

Appointed Chancellor of the Exchequer on Friday 14th October 2022 after Kwasi Kwarteng stood aside after 38 days in office.

Political career

Educated at Oxford University, he was elected Conservative MP for South West Surrey in May 2005. He served as Secretary of State for Foreign and Commonwealth Affairs from 9th July 2018 to 24th July 2019.

Jeremy served as Secretary of State for Health and Social Care from 8 January 2018 to 9 July 2018 and was first appointed Secretary of State for Health in September 2012.

In May 2010 Jeremy was appointed Secretary of State for Culture, Olympics, Media and Sport. He was formerly Shadow Culture Secretary 2007 to 2010 and Shadow Minister for Disabled People 2005 to 2007.

What does the Chancellor of the Exchequer do?

The Chancellor of the Exchequer is the government’s chief financial minister and as such is responsible for raising revenue through taxation or borrowing and for controlling public spending. He has overall responsibility for the work of the Treasury.

The Chancellor’s responsibilities cover:

  • fiscal policy (including the presenting of the annual Budget)
  • monetary policy, setting inflation targets
  • ministerial arrangements (in his role as Second Lord of the Treasury)
  • overall responsibility for the Treasury’s response to COVID-19

Already busy

The new Chancellor @Jeremy_Hunt arrived at HM Treasury after his appointment by Prime Minister @trussliz.

He the Governor of the @bankofengland Andrew Bailey and discussed the importance of tackling global inflation, and their commitment to economic growth and fiscal discipline.

After a busy Saturday 15th October morning, @Jeremy_Hunt is back at HM Treasury working on the Medium-Term Fiscal Plan.

Opinion for payroll

The National Insurance reduction goes ahead for change on 6th November 2022.

Changes to the Growth Plan announcements relating to the removal of the Additional 45%, and cancelling the rise of corporation tax to 25% have already been reversed. What will now happen to the proposed 19% basic rate?

It is increasingly looking if payroll software we developers and the payroll industry is in for a period of turbulent change.

What trick or treat changes will be revealed in the Haloween 31st October 2022 ‘Medium-Term Fiscal Plan’?

PAYadvice.UK 16/10/2022

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