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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% ...
Budget Revenue Expenditure Deficit/(Surplus) Budget Report 2024, October: £1.229 trillion £1.276 trillion £47.2 billion 2024, March: 2023, March: 2022, November: 2022, September mini-budget: 2021, October: £929 billion £1.045 trillion £116 billion 2021, March: £819 billion £1.053 trillion £234 billion 2020, March: £873 billion £928 ...
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 per year.
The Spring Statement of the British Government, also known as the "mini-budget", is one of the two statements HM Treasury makes each year to Parliament upon publication of economic forecasts, the second being the Autumn Statement presented later in the year. At 2016's autumn statement, it was announced the budget would move to the autumn, with ...
Rachel Reeves Budget measures mean that by 2028 weekly wages will have grown by £13 pounds over the last twenty years, an economic think-tank has said.. The Resolution Foundation has warned that ...
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).
Political and economic circles spent Saturday sizing up Jeremy Hunt, the new Chancellor.
Truss and Kwarteng subsequently conceded to failing to prepare the ground for the mini-budget, but argued it had been impacted negatively by global events. After Hunt replaced Kwarteng as Chancellor in October he reversed the majority of the mini-budget's measures in an emergency statement to the House of Commons .