Parliamentary Clip – MPs respond to Kwarteng’s Mini Budget

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Kwasi Kwarteng, the Chancellor, has announced the largest tax cut package in 50 years. He said that this would be a “new era” for the UK economy.

Income tax and stamp duty on home purchase will be cut, and plans to raise business taxes have been abandoned. Kwarteng scrapped Boris Johnson’s previous plans to increase taxes in order to pay for public services with the aim of “boosting economic growth”.

He also announced a reduction in the top income tax rate from 45% to 40%. This means that the UK will have one higher rate starting in April.

The Bankers Bonus cap, which prevented bankers from receiving bonuses exceeding 200% of the basic salary, was being scrapped by the Chancellor. Kwarteng stated that this did nothing other than increase their base salaries, and discourage bankers from investing in Britain.

The package was generally not well-received in the Commons, with Shadow Chancellor Rachel Reeves saying that it provides “no hope or reassurance” to anyone struggling and Lib Dem’s Sarah Olney saying the current government are “out of touch”.

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