Kwasi Kwarteng has cut stamp duty and axed the higher income tax in a mini-budget which Labour has called a “plan to reward the already wealthy”.
The chancellor revealed tens of billions in extra spending and tax cuts in plans to boost economic growth.
This also included scrapping a cap on bankers’ bonuses and a planned increase in corporation tax on big business profits.
The government dubbed the mini-budget as a “growth plan” as the UK faces a cost-of-living crisis, recession, soaring inflation and climbing interest rates.
It has been criticsed by politicians, unions and charities, who said the richest in the country - rather than the poorest - would reap the benefits.
Rachel Reeves, the shadow chancellor said: “The chancellor has made clear who his priorities are today - not a plan for growth, a plan to reward the already wealthy.”
Meanwhile the Child Action Poverty Group said it was a statement “for the 1 per cent” which said “more about bankers’ bonuses than helping hungry kids”.
