A mini-budget will be delivered by new Chancellor Kwasi Kwarteng next Friday (September 23). The so-called 'fiscal event' will see Mr Kwarteng announce more information about the energy cap that was announced last week by Prime Minister Liz Truss.
The Chancellor is also set to give more details about tax cuts, including reversing April's increase in national insurance, after the new prime minister made taxation a centrepiece of her Tory leadership campaign, the Mirror reports. Mr Kwarteng has today come under fire for considering scrapping the cap on bankers’ bonuses, as millions struggle during the cost-of-living crisis.
Unions and economists were among those criticising the timing of the proposal to remove the cap, introduced in the wake of the 2008 financial crisis, that limits annual pay-outs to twice a banker’s salary.
