£70 billion of increased borrowing will help fund the new measures
The end of last week saw Chancellor of the Exchequer Kwasi Kwarteng announce a new mini-budget to help 'solve the riddle of growth', and to aid people with the ongoing cost of living crisis.
From April next year, those earning over £150,000 will no longer have to pay the top income tax rate of 45% and instead pay the same tax rate of 40% paid by those earning £50,271. New policies will also see reduced stamp duty for home buyers and a cut in the basic income tax rate to 19p, as well as extra restrictions brought into the welfare system.
Greater Manchester Poverty Action’s CEO Graham Whitham also shared his views on the budget, saying: “Today’s mini-budget should have seen the government finally take steps to provide additional targeted support to low-income households.
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