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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.


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