Kwasi Kwarteng delivers sweeping cuts in latest mini-budget

Kwasi Kwarteng has delivered his first budget since being appointed to Liz Truss’ cabinet.

People need to know that help is coming and help is indeed coming we’re taking three steps to support families and businesses with the cost of energy firstly to help households the energy price guarantee will limit the unit price that consumers pay for electricity and gas this means that for the next two years the typical annual household bill will be 2 500 pounds for

A typical household that is a saving of at least a thousand pounds a year based on current prices we are continuing our existing plans to give all households 400 pounds off bills this winter so taken together mr speaker we are cutting everyone’s energy bills by an expected 1 400 pounds this year and millions of the most vulnerable households will receive additional

Payments taking their total savings this year to 2 200 pounds all right game over the medium term is to reach a trend rate of growth of 2.5 percent and our plan mr speaker is to expand the supply side of the economy through tax incentives and reform that is how we will deliver higher wages greater opportunities and crucially mr speaker fund public services now and

Into the future we need global banks to create jobs here invest here and pay taxes here in london in london not in paris not in frankfurt and not in new york all the bonus cap did was to push up the basic salaries of bankers or drive activity outside europe it never capped it never capped total remuneration so let’s not hear and sit here and pretend otherwise it

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Didn’t cut uh uh total remuneration so as a consequence of this mr speaker we are going to get rid of it i can confirm to the house that we’re in early discussions with nearly 40 places like teas valley the west midlands norfolk and the west of england to establish investment zones and will work with the developed administrations and local partners to make sure

That scotland wales and northern ireland will also benefit if they are willing to do so corporation tax rate will not rise to 25 it will remain at 19 and we will have the lowest rate of corporation tax in the g20 this will plow almost 19 billion pounds a year back into the economy that’s 19 billion pounds for businesses to reinvest create jobs raise raise wages or

Pay the dividends that support our pensions the increase in employer national insurance contributions and dividends tax will be canceled the interim increase in the national insurance rate brought in for this tax year will also be canceled giving them a stake in the success of our economy and society so support so to support growth increase confidence and help

Families aspiring to own their own home i could announce that we are cutting stamp duty high tax rates damage britain’s competitiveness they reduced the incentive to work to invest and to start a business and the higher the tax the more ways people seek to avoid them or work elsewhere or simply work less rather than putting their time and effort to more creative

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And productive ends take the additional rate of income tax at 45 percent it is currently higher than the headline top rate in g7 countries like the us and italy and it is even higher than social democracies like like no way but i’m not going to cut the additional rate of tax today mr speaker i’m going to abolish it all together from april the 23rd we will have

The high a single higher rate of income tax of 40 percent this will simplify the tax system and make britain more competitive it’ll reward enterprise and work it will incentivize growth it’ll benefit the whole economy and the whole country

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Kwasi Kwarteng delivers sweeping cuts in latest mini-budget By Guardian News