Kwarteng cuts stamp duty and top rate of income tax – mini-budget live & More Latest News

Energy invoice bundle will value £60bn in first six months, says chancellor Kwasi Kwarteng

Kwasi Kwarteng has minimize stamp duty and axed the upper income tax in a mini-finances which Labour has referred to as a “plan to reward the already wealthy”.

The chancellor revealed tens of billions in additional spending and tax cuts in plans to spice up financial progress.

This additionally included scrapping a cap on bankers’ bonuses and a deliberate enhance in company tax on huge enterprise income.

The authorities dubbed the mini-finances as a “growth plan” because the UK faces a cost-of-living disaster, recession, hovering inflation and climbing rates of interest.

It has been criticsed by politicians, unions and charities, who mentioned the richest within the nation – relatively than the poorest – would reap the advantages.

Rachel Reeves, the shadow chancellor mentioned: “The chancellor has made clear who his priorities are today – not a plan for growth, a plan to reward the already wealthy.”

Meanwhile the Child Action Poverty Group mentioned it was an announcement “for the 1 per cent” which mentioned “more about bankers’ bonuses than helping hungry kids”.

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No distributional evaluation for ‘staggering large tax minimize for richer households’

A assume tank boss mentioned there isn’t any distrubution evaluation from the federal government this time over the introduced insurance policies…

Zoe Tidman23 September 2022 11:35

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Mini-budget ‘reward for already wealthy’, Labour says

Earlier in parliament, the shadow chancellor criticised the mini-finances as benefitting the wealthy.

Rachel Reeves mentioned: “The chancellor has made clear who his priorities are today – not a plan for growth, a plan to reward the already wealthy. A return to the trickle-down of the past, back to the future, not a brave new era.”

She added: “If you are a pensioner worried about the cost of living, a working family seeing your mortgage rate going up, a small business whose costs are spiralling, the government’s announcements today do little to reassure them.

“Bigger bonuses for bankers, huge profits for energy giants, shamelessly shielded by Downing Street, and all the while ministers pile the crushing weight of all of these costs onto the backs of taxpayers.”

Rachel Reeves says mini-finances is ‘reward for already wealthy’

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Rachel Reeves says mini-budget is ‘reward for already wealthy’

(Parliament TV)

Zoe Tidman23 September 2022 11:30

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Full story: Planned rise to alcohol duty scrapped

Kwasi Kwarteng scrapped a planned increase on alcohol duty in his mini-budget as he set out plans for billions of pounds worth of tax cuts and more borrowing, Matt Mathers writes.

Kwarteng scraps planned duty increase for beer and wine

‘Our drive to modernise also extends to alcohol duties,’ chancellor says

Zoe Tidman23 September 2022 11:28

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Graph: Pound plunges after mini-budget

We mentioned the pound had dropped to a 37-year low following the mini-budget earlier.

This chart shows how it has plunged:

Zoe Tidman23 September 2022 11:10

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Full story: Kwarteng announces cuts to stamp duty

Kwasi Kwarteng has abolished stamp duty on homes worth up to £250,000 in a bid to boost the property market, Andrew Woodcock reports.

The chancellor said that his move – effective immediately – would take 200,000 people out of stamp duty altogether:

Stamp duty abolished on homes worth up to £250,000

Changes will save up to £5,000 on home purchases – with extra help for first-time buyers

Zoe Tidman23 September 2022 10:54

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Key points from mini-budget

Despite the name, the mini-budget has announced quite a few changes for the UK.

Here is a run-through of the main ones:

  • Top rate of income tax for the highest earners abolished. Those on more than £150,000 a year will no longer pay45 per cent but instead the lower 40 per cent rate applicable to those on over £50,271
  • Cap on bankers’ bonuses axed
  • Planned increase to corporation tax scrapped
  • Cut to basic rate of income tax brought forward
  • Cut to stamp duty which means 200,000 fewer people will pay the tax on house purchases
  • VAT-free shopping introduced for overseas visitors
  • Legislation to force trade unions to put pay offers to a member vote so strikes can only be called once negotiations have fully broken down
  • Confirmation of plans to make around 120,000 more people on Universal Credit take active steps to seek more and better paid work or face having their benefits reduced

Zoe Tidman23 September 2022 10:42

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Tax cuts worth tens of billions

The government’s mini-budget is estimated to contain total tax cuts of £45bn by 2026-27, according to figures published by the Treasury.

Government estimates also indicate that tax cuts in 2023-24 will be worth nearly £27bn.

Zoe Tidman23 September 2022 10:39

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Green Party says UK in throes of ‘inequality economics’

Caroline Lucas from the Green Party has said the UK is facing “inequality economics” following the mini-budget.

“This isn’t a budget to tackle the cost of living scandal, the energy bills crisis, or the climate emergency – it’s a budget of free cash giveaways to rich fatcats and city bankers, and crumbs on the table for everyone else,” she said.

Caroline Lucas says budget leaves ‘crumbs on table’ for most

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Caroline Lucas says finances leaves ‘crumbs on table’ for many

(Getty Images)

Zoe Tidman23 September 2022 10:31

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‘This was a statement for the 1 per cent,’ charity says

Following the mini-finances, Alison Garnham from the Child Poverty Action Group mentioned: “Despite his rhetoric about supporting families, this was in reality a statement for the 1 per cent, saying more about bankers’ bonuses than helping hungry kids.”

Zoe Tidman23 September 2022 10:27

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Cuts to stamp duty

Kwasi Kwarteng introduced the abolition of stamp duty on houses value as much as £250,000 in his mini-finances.

Watch right here:

Kwasi Kwarteng publicizes abolition of stamp duty on houses value as much as £250,000

Zoe Tidman23 September 2022 10:25

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