Kwasi Kwarteng has bet the government’s re-election in 2024 on the biggest tax cuts in 50 years after the UK chancellor announced reductions in the top 45% rate of income tax, national insurance and stamp duty worth £45bn.
Facing accusations of a “class war” mini-budget that rewarded the rich more than those on lower incomes, Kwarteng said his efforts to boost growth and energise the economy included helping all households after he brought forward a planned 1p cut in the basic rate of income tax from 2024 to next year.
