Have your say – What Kwasi Kwarteng’s tax cuts will mean for Britain
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Some 30 million people will directly benefit from tax cuts announced by the Chancellor today, as the basic rate of income tax falls to 19p.
The Government also unexpectedly abolished the additional top tax rate of 45p, to be replaced with a single higher rate of income tax of 40 percent, allowing higher earners to keep more of their money.
And there was good news for homebuyers as Mr Kwarteng abolished stamp duty up to £250,000 on homes and first-time buyers up to £600,000.
The Chancellor vowed the Government would be “bold and unashamed in pursuing growth” and was not afraid to make the “difficult decisions” to make it happen.
The tax cuts, coupled with the energy bills package announced earlier this month, will cost a total of £105billion by 2026 according to Treasury figures.
But Labour have claimed the Government has got the mini budget wrong by helping bankers and boardrooms and leaving workers to pick up the bill.
Shadow Chancellor Rachel Reeves slammed the Chancellor for announcing a “reckless and irresponsible” budget which she said is a gamble on the finances of British families.
Before the new budget was announced, the pound plummeted in value against the dollar as markets responded to Britain’s new economic plan.
So, do you think the mega ‘mini budget’ is enough?
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