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About: September 2022 United Kingdom mini-budget     Goto   Sponge   NotDistinct   Permalink

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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 of the United Kingdom. Widely referred to in the media as a mini-budget (not being an official budget statement), it contained a set of economic policies and tax cuts such as bringing forward the planned cut in the basic rate of income tax from 20% to 19%; the abolition of the 45% higher rate of income tax in England, Wales and Northern Ireland; reversing a plan announced in March 2021 to increase corporation tax from 19% to 25% from April 2023; the reversal of the April 2022 increase in National Insurance; and the abolition of the proposed Health and Social Care Levy. Following widespread negative response to the mini-budget, the plann