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On 23 September 2022, the Chancellor of the Exchequer, Kwasi Kwarteng, delivered a Ministerial Statement entitled "The Growth Plan" to the House of Commons. [1] [2] Widely referred to in the media as a mini-budget (it not being an official budget statement), it contained a set of economic policies and tax cuts such as bringing forward the planned 1% cut in the basic rate of income tax to 19% ...
September 23, 2022 at 9:33 AM The pound and London stock market plunged in what one analyst called “the worst day I have ever seen” after the Chancellor on Friday revealed his mini-budget.
Political and economic circles spent Saturday sizing up Jeremy Hunt, the new Chancellor.
— HM Treasury (@hmtreasury) September 23, 2022 From April 2023, the basic rate of income tax will be cut from 20% to 19% and will mean 31 million people will be better off by an average of £170 ...
In September and October 2022, the Conservative Party government led by newly appointed prime minister Liz Truss faced a credibility crisis. It was caused by the September 2022 mini-budget and a disorganised vote in the House of Commons over a parliamentary motion to ban fracking, ultimately resulting in the loss of support of Conservative members of parliament (MPs).
The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year. Thus, the UK budget for financial year 2021 runs from 1 April 2021 to 31 March 2022 and is often referred to as 2021–22. Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year.
The UK government announces a 1.25% rise in National Insurance contributions will be reversed from 6 November. The planned Health and Social Care Levy will also be scrapped. [178] 23 September – Chancellor Kwasi Kwarteng delivers an emergency mini-budget in which he announces the biggest tax cuts in the UK since 1972. The 45% top rate of ...
Yields on 30-year government bonds, or gilts, eased back by around 10% as Jeremy Hunt set out plans to shave off billions of Government debt.