Kwasi Kwarteng’s Mini-Budget: The Latest 

WOTC Magazine

The Chancellor delivered a raft of tax cuts in an effort to boost economic growth amid a deepening cost-of-living crisis.

Kwasi Kwarteng unveiled a package of tax cuts worth £45 billion, setting out his plan to boost economic growth. 

The Chancellor has:

•  Scrapped the 45 per cent additional rate of income tax

• Axed a planned increase to corporation tax

• Cut National Insurance from November 6th 

• Announced a permanent cut to stamp duty

Kwarteng also lifted a cap on bankers' bonuses, brought forward a 1p cut to the basic rate of income tax by one year to 2023 and confirmed energy bills will be frozen at £2,500. 

How think tanks have responded to the 'mini-Budget'

Paul Johnson, director of the Institute for Fiscal Studies:

"This is a complete reversal of policy compared with the government as it was just a few months ago. This was like an entirely new government coming into office... The risks here are obvious, putting upwards of £40 billion into the economy when the Bank of England is really worried about inflation... is really very risky. This is a huge economic experiment which carries with it lots of risks as well as, we hope, the potential upside in terms of economic growth  that the Chancellor spoke so much about."

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