Mini Budget 2022
Chancellor Kwasi Kwarteng has unveiled the biggest package of tax cuts in 50 years, as he hailed a "new era" for the UK economy.
Main proposals include:
- The basic rate of income tax will be cut by 1p to 19p from April 2023
- The 45p tax rate for top earners over £150,000 will be abolished, also from April next year
- The level at which house-buyers begin to pay stamp duty is doubled from £125,000 to £250,000
- First-time buyers will pay no stamp duty on homes worth £450,000, up from £300,000
- Planned rise on corporation tax from 19% to 25% is scrapped
- A 1.25% rise in National Insurance to be reversed from 6 Novemnber
- Cap on bankers' bonuses, which limited rewards to twice the salary level, is axed
- Cost of subsidising both domestic and business energy bills will cost £60bn for the next six months
-Strike action: unions will be required to put offers to members during pay talks
- UK to introduce sales tax-free shopping for overseas visitors
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