Martin Lewis called the government’s mini-budget statement ‘staggering’ as he analysed the news on Twitter. Chancellor Kwasi Kwarteng delivered the announcement in the House of Commons on Friday morning.
The Chancellor announced a range of tax-cutting measures which are aimed at driving up economic growth amid the cost of living crisis. Included in the statement are plans to scrap the top rate of income tax, cut stamp duty and ditch the National Insurance rise.
Mr Kwarteng also stated that the estimated cost of the energy package from the six months from October is currently around £60 billion, adding that it is “entirely appropriate” to use borrowing powers to fund temporary measures to help support families and businesses.
