Greater Manchester's Conservative MPs have backed the mini-budget made by the chancellor, Kwasi Kwarteng, this morning, saying it will boost the region. Labour leaders were quick to criticise the speech made to the house of commons this morning which outlined help for family and businesses with soaring energy bills but cut swathes of taxes for the richest in society.
The mini-budget included moves such as lifting the cap on bankers bonuses and scrapped the highest tax rate for those earning £150k a year. Also from April, the 660,000 earners getting more than £150,000 a year will no longer pay the top income tax rate of 45% and will instead pay the 40% applicable to those on more than £50,271 - meaning they will each reportedly save on average around £10,000 in tax a year.
Mr Kwarteng also brought forward a planned cut to the basic rate of income tax to 19p in the pound a year early to April and reduced stamp duty for homebuyers. He argued tax cuts are “central to solving the riddle of growth” as he also added restrictions to the welfare system.
