Chancellor Kwasi Kwarteng has announced tens of billions in tax cuts from the House of Commons today as part of the Tories’ mini-budget.
The new measures introduced by the Government include abolishing the higher rate of Income Tax, scrapping bankers’ bonuses, and permanently cutting stamp duty. Other announcements focused on tougher rules for Universal Credit claimants, slashing National Insurance, and cancelling the health and social care levy.
Officials have suggested that the richest could benefit by £10,000 a year each under the new plans, while the announced tax cuts will leave a £45 billion per year ‘black hole’ in public finances by 2026-27, The Mirror reports . Here’s what you need to know about today’s mini-budget announcements.
