Mini Budget 2022 Highlights

Chancellor Kwasi Kwarteng has drawn up a package of measures aiming to boost economic growth, helping people and businesses survive the cost of living crisis.

Details of these measures are included below:

• Kwasi Kwarteng announced the day before the mini-budget the 1.25 percentage point rise in national insurance will be reversed from 6 November.

• The Chancellor has confirmed benefit claimants working up to 15 hours a week are required to take new steps to increase their earnings or face having their benefits reduced.

• The Government will legislate to put new conditions on unions wanting to strike to ensure minimum services continue during strikes.

• The cap on bankers' bonuses will be lifted.

• The Government is scrapping a planned increase in Corporation tax that had been due to rise from 19% to 25%.

• Low-tax investment zones will be created with no stamp duty to pay on newly occupied business premises, no business rates to pay and no national insurance on the first £50,000 earnt by new hires.

• The Government will introduce VAT-free shopping for tourists.

• Planned increases in duty rates for beer, cider, wine and spirits will be cancelled.

• No stamp duty will be paid on the first £250,000 of a property, and for first-time buyers the threshold will be £425,000.

• The basic rate of income tax to be cut to 19p in April 2023 – one year early.

• The top rate of income tax of 45% rate for earnings over £150,000 to be abolished.