Following the Bank of England’s announcement to raise interest rates by 0.5 percentage points to 2.25% yesterday, Kwasi Kwarteng made his first budget-related appearance in Parliament today.
In delivering many of Liz Truss’s aspirations for her new government, the Chancellor said his budget was centred on ‘a new approach for a new era focused on growth’, with his aim over the medium term being to reach a trend rate of growth of 2.5% and to expand the supply side of the economy through tax incentives and reform.
Whilst referred to as a mini budget, the changes amount to the biggest tax cut of any budget since 1972. Below is an overview of the key points announced:
If you would like to discuss the implications of today’s announcements on your finances, please contact Nathan Mead-Wellings on 020 8057 8142 or by email at nmw@finura.co.uk.
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