Kwasi Kwarteng unveiled his mini-budget today amid the cost of living crisis. The Chancellor of the Exchequer pledged to “turn the vicious cycle of stagnation into a virtuous cycle of growth” as he set out the Government’s approach to the UK economy moving forwards.
The pound sank to a fresh 37-year low as the Chancellor unveiled tens of billions of pounds of tax cuts and spending. Equity markets were also particularly downbeat, with the FTSE 100 plunging to its lowest in two months.
Households will see a shake-up to their finances as a result of the mini-budget, including a raft of tax cuts. First-time buyers will pay no stamp duty up to £425,000. First-time buyers will be able to access the relief when they buy a property costing less than £625,000 rather than the previous £500,000. And a 1p cut to the basic rate of income tax will take place a year earlier than planned.
