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Parliamentary clip – MPs respond to Kwarteng’s mini-budget ThePipaNews

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Chancellor Kwasi Kwarteng has unveiled the biggest package of tax cuts in 50 years. He said this would be a “new era” for the UK economy.

Income tax and stamp duty on housing purchases are to be lowered and planned increases in company taxes have been scrapped. Mr Kwarteng scrapped Boris Johnson’s previous plans to raise taxes to pay for public services to “boost economic growth”.

He also unveiled a cut in the top rate of income tax from 45% to 40%, meaning Britain will have a single higher rate from April.

The chancellor has promised to scrap the Bankers Bonus Cap, which while in place meant bankers could not get a bonus of more than 200% of their basic salary. This, Kwarteng added, did nothing but increase their basic wages and discourage bankers from investing in the UK.

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

The post Parliamentary clip – MPs respond to Kwarteng mini budget appeared first on Politics.co.uk.

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