- Corporation tax will remain at 19%
- The planned increase to 25% next year has been scrapped
- Basic rate of income tax cut from 20% to 19%
- Income tax for higher rate cut from 45% to 40%
It's a good time to be rich. This supposed "mini budget" is essentially working off the idea that what is beneficial for the rich is also beneficial for the UK as a whole. That's a big tax cut for the nation's wealthiest. The headline is also a welcome development as it is very much a relief so that businesses can invest more, albeit amid a time of worsening economic conditions. *tiny violin music*
If you throw in the energy package in which Kwarteng says will cost £60 billion over the next six months, there's certainly nothing "mini" about this budget at all.
At the end of the day, sure the budget benefits those who are already wealthy. But it is all about trying to bolster growth and that's what the government is trying to do I guess with this.