People across the UK have been working out what the announcements in yesterday’s mini-budget mean for them after the Government announced the largest tax cuts in 50 years.
Chancellor Kwasi Kwarteng announced that the Tories will cut the likes of Income Tax, stamp duty, National Insurance and Corporation Tax in a bid to boost the economy as the cost of living crisis continues. The new plans, which also include getting rid of the cap on bankers’ bonuses and scrapping the top rate of Income Tax, have been widely criticised for disproportionately benefitting the wealthiest.
After the mini-Budget was announced, MoneySavingExpert founder Martin Lewis was quick to provide some clarity on the changes as he explained in a video how people would be affected by the new numbers. And the financial expert provided a positive update for those earning less than £50,000, The Mirror reports .
