The Government’s Mini Budget
This morning, the Chancellor, Kwasi Kwarteng announced the government’s financial plans in the mini budget.
The main points mentioned were:
- The cap on bankers’ bonuses has been lifted.
- Corporation tax rise has been scrapped. It was previously set to rise from 19% to 25%.
- The rise in National Insurance will be reversed as of 6 November.
- Duty rates for beer, cider, wine, and spirits axed.
- The stamp duty cut has been announced, effective from today, which means that the property value has to be £250,000 before stamp duty is paid. For first time buyers, the amount will be raised from £300,000 to £425,000.
- The 45p additional rate of income tax will be scrapped.
- The basic rate of income tax will be cut to 19p in April 2023.
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