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Chancellor Kwasi Kwarteng unveiled the biggest tax package in 50 years. He said it would be a “new era” for the UK economy.

Income tax and stamp duty on house purchases will be cut, and a planned rise in business taxes has been scrapped. Kwarteng rejected Boris Johnson’s previous plans to increase taxes to pay for public services in order to “boost economic growth”.

He also unveiled a cut in the top rate of income tax from 45% to 40%, meaning the UK will have one higher rate from April.

The chancellor promised to lift the bonus cap on bankers, which meant bankers could not receive a bonus of more than 200% of their basic salary. This, Kwarteng added, did nothing but increase their base salaries and keep bankers from investing in the UK.

The overall package was not well received in the Commons, with shadow chancellor Rachel Reeves saying it offered “no hope or reassurance” to those struggling, while the Lib Dems’ Sarah Olney said the current government was “out of touch”.

Post Parliamentary clip – MPs respond to Kvarteng’s mini-budget first appeared on Politics.co.uk.

Parliamentary Clip – MPs respond to Kwarteng’s Mini Budget

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