Chancellor Kwasi Kwarteng gave his first mini-budget in the House of Commons this morning.
He began by discussing the government’s plan to support people with the cost of energy, including freezing domestic bills at £2,500 and giving out the £400 rebate.
There’s also unit price limits for companies.
Kwarteng said he believes the UK needs a ‘new approach for a new era’ to achieve growth of 2.5%, saying the three important parts of his mini-budget are reforming the economy’s supply side, tax cuts and a responsible approach when it comes to public finances.
As part of this, the Chancellor announced a new bill to overhaul planning restrictions, saying this will ‘unpick the complex patchwork of planning restrictions and EU-derived laws’.
He revealed that benefit claimants will see their benefits reduced if they do not fulfil their job searching commitments.
Kwarteng also confirmed that the cap on bankers’ bonuses will be scrapped, following reports that he would make this one of his first moves.
As well as that, the planned corporation tax increase has been cancelled, and will remain at 19%, with the Chancellor also setting out a series of tax cuts for businesses.
This includes tax cuts for businesses in designated tax sites for 10 years, accelerated tax reliefs for buildings, and no business rates to pay for newly occupied business residences.
