The mini-budget...and what it means for you
Described as a mini-budge, there was enough affecting your finances in this statement to fill any full-scale Budget.
In a massive shake-up of the UK's finances - the Chancellor, Kwasi Kwarteng, has outlined a series of tax cuts and economic measures he says will boost growth. The independent Institute for Fiscal Studies says it's the biggest tax-cutting event since 1972. The basic rate of income tax has been cut to 19p and the 45% top rate of tax for higher earners abolished - although this doesn't apply in Scotland. The threshold before stamp duty is paid in England and Northern Ireland has been raised to 拢250,000 - for first time buyers it's 拢425,000. The cap on bankers' bonuses has been lifted - and a planned rise in corporation tax has been scrapped. An increase in National Insurance has been reversed, and low-tax investment zones will be set up across the UK. Labour's shadow chancellor said it was a plan "to reward the already wealthy" and would not help those struggling most with rising prices.
Answering the key questions - from both political and economic perspectives - are 麻豆社 correspondents, Helen Catt and Kevin Peachey.
Image Credit: House of Commons/ Reuters
