Chancellor Kwasi Kwarteng has abolished the top rate of income tax for the highest earners, as he spent tens of billions of pounds in a bid to drive up growth to ease the cost of living crisis.
In a so-called 'mini-budget' axing the cap on bankers’ bonuses and adding restrictions to the welfare system, he argued that tax cuts are “central to solving the riddle of growth”.
He scrapped the 45% higher rate of income tax and brought forward the planned cut to the basic rate to 19p in the pound a year early to April.
