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.
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Martin Lewis expressed concerns over the ambitious plans. Reacting to the statement on Twitter he said: “That really was quite a staggering statement from a Conservative party government. Huge new borrowing at the same time as cutting taxes.
“It's all aimed at growing the economy. I really hope it works. I really worry what happens if it doesn't.”
The money-saving expert retweeted Paul Johnson, the director of the Institute for Fiscal Studies, who compared the mini-budget to tax cuts of the 70s.
He tweeted: “£45 billion of tax cuts. This is the biggest tax cutting event since 1972. Barber's "dash for growth" then ended in disaster. That Budget is now known as the worst of modern times. Genuinely, I hope this one works very much better.”
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