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.
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The Government has previously confirmed the energy price guarantee, which will reduce the unit cost of electricity and gas so that a typical household in Britain pays, on average, around £2,500 a year on their energy bill, for the next two years, from October 1.
And plans include legislation to force trade unions to put pay offers to a member vote so strikes can only be called once negotiations have fully broken down. Other announcements include a Universal Credit shake-up, the cap on bankers' bonuses lifted and alcohol duty will be frozen from February next year.
Do you think Kwasi Kwarteng's mini budget will help you cope with the cost-of-living crisis? Do you think cutting taxes is the right way to boost the economy? Do you agree with abolishing the 45p tax rate for top earners?
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