Chancellor Kwasi Kwarteng has this morning announced his mini-budget or “growth plan” as it is referred to by the government.
Mr Kwarteng has previously announced that the National Insurance increase will be reversed on the 6th November and has today announced that he will abolish the 45% higher tax rate as well as axing caps on bankers’ bonuses.
In his statement, he announced that:
- He will abolish the 45% higher tax rate
- The planned increase in corporation tax from 19% to 25% will be axed
- Caps on bankers’ bonuses will be axed as part of wider City deregulation
- New investment zones will be created where businesses will be offered targeted tax cuts and also benefit from a relaxation in planning laws
- Stamp duty will be cut on property purchases
- Duty frozen on beer, wine, cider and spirits
