Kwasi Kwarteng has unveiled a mini-budget that delivers billions of pound worth of tax cuts - including a surprise move to scrap the 45% top rate of income tax paid by the UK’s wealthiest.
The Chancellor announced sweeping moves intended to rev up the economy in the eagerly-awaited “fiscal event” on Friday morning.
The Government is dubbing it a “growth plan” at a time when the UK faces a cost-of-living crisis, recession, soaring inflation and climbing interest rates.
The Chancellor told MPs the planned rise to corporation tax would be cancelled as he announced the cap on banker bonuses would be scrapped.
