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Mini-Budget live: Kwasi Kwarteng scraps 45pc income tax rate

Telegraph, 23 Sep 2022
Kwasi Kwarteng unveiled a package of tax cuts worth £45 billion as he set out his plan to boost economic growth.

The Chancellor stunned Westminster as he scrapped the 45 per cent additional rate of income tax - but that was just one of many major changes. He also:

1. Axed a planned increase to corporation tax
2. Cut National Insurance from November 6
3. Announced a permanent cut to stamp duty

Mr Kwarteng also lifted a cap on bankers' bonuses, brought forward a 1p cut to the basic rate of income tax by one year to 2023 and confirmed energy bills will be frozen at £2,500.

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