Kwasi Kwarteng definitely hit the ground running with the largest tax cuts in a Budget since Anthony Barber 50 years ago!

He’s scrapped the 45% top rate of income tax, reduced the Basic Rate of tax (from 20% to 19% from April 2023) abolished the cap on bankers’ bonuses and reversed the recent National Insurance rise which was proposed to fund health and social care. There will also be cuts to Dividend taxes. A lot of the changes favour higher earners.

This has led to a slide in the value of the Great British Pound, and the cost of borrowing looks set to increase. The idea is that the mini-budget stimulates the economy. Let’s wait and see.

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