He was not impressed 😳
New Tory Chancellor Kwasi Kwarteng released the mini-budget today in the House of Commons where he pointed out changes to National Insurance and Income Tax amongst other topics.
This comes as the UK is a week away from seeing their energy bills rise as the energy and cost of living crisis continues to hit households across the country.One of the controversial changes announced by the Chancellor was the UK Government scrapping the 45 per cent rate of Income Tax on annual income above £150,000 from April 6 2023. This means all annual income above £50,270 will be taxed at 40 per cent, the current higher rate of Income Tax.
Sign up to Glasgow Live's newsletter Get all the latest Glasgow news and headlines sent straight to your inbox twice a day by signing up to our free newsletter.The morning newsletter arrives every day before 9am and the evening newsletter, manually curated by the team, is sent between 4pm and 5pm, giving you a round up of the most important stories we've covered that day.The Greenock actor quickly took to Twitter and said: "Absolute disgrace during a cost of living crisis.
And as PA News reported, Sarah Coles, senior personal finance analyst at Hargreaves Lansdown said: “Our research shows that additional rate taxpayers are far more likely to have wiggle room in their budgets, and dramatically more likely to do so as we go through the cost-of-living crisis.“Putting money in the pockets of higher earners also raises an inflation risk.
As for National Insurance, the 1.25 percentage point rise in which came into force in April, will be reversed from November. This means 28 million people across the UK will keep an extra £330 a year, on average, in 2023/24, according to the Government.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reese Witherspoon, her mum and her daughter could pass for triplets in latest Instagram postThe actress also recently celebrated the twentieth anniversary of her romantic-comedy Sweet Home Alabama.
Read more »
Salma Hayek celebrates daughter Valentina's milestone birthdaySalma Hayek shared a sweet set of photos and videos in honor of her daughter Valentina's milestone 15th birthday
Read more »
Asda shoppers hit back at new 'vile' flavour spoiling classic nostalgic biscuitOpinions were divided as some shoppers with a sweet-tooth were left with a bad taste in their mouth after a new flavour of a classic biscuit has been released in Asda.
Read more »
Martin Compston slams 'disgraceful' mini-budget amid cost of living crisisThe Sweet Sixteen Actor has taken to social media to slam the upcoming tax changes that was announced by the Chancellor of the Exchequer on Friday in the mini-budget.
Read more »