What drives the Chancellor Kwasi Kwarteng? In the wake of an historic Mini-Budget, what influences Mr Kwarteng's decisions that will affect us all? Our Political Editor nicholaswatt unpicks his story 🎥👇
For first-time buyers the threshold will rise to £425,000 and the value of the property they can claim relief will increase from £500,000 to £625,000will be lifted
The changes to income tax do not apply in Scotland but cuts to corporation tax and national insurance are UK-wide. Boris Johnson's tax plans have been junked. Many households will save some money, but some of the biggest tax cuts will be for those with the biggest salaries.The chancellor's calculation is that it's worth it. People need help with bills and slashing tax will stimulate growth. If you grow the economy, there will be more tax raised and that will help pay the debt in the medium term.
Lib Dem leader Sir Ed Davey said: "This was the billionaire's budget, showing the Conservatives are completely out of touch with families struggling to pay the bills."The statement also included details of the cost of the government's plan to cap energy bills for households and businesses. The government normally releases an independent forecast of how major tax changes will impact the economy, but Mr Kwarteng has opted not to do this, as his statement is not technically a Budget.
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