Truss tax cuts will hand big banks and insurers £6.3bn, study says

The Liberal Democrats, who commissioned the research, are calling on the government to cancel the cuts and corporation tax freeze. Photograph: Neil Hall/Reuters

Liz Truss’s government has been criticised for lining up tax cuts that will help big banks and insurers save more than £6bn over the next two years.

The figures, compiled by the House of Commons Library, come as the chancellor, Kwasi Kwarteng, prepares to freeze corporation tax as part of the government’s mini-budget on Friday.