A new mini-budget has been unveiled in the British parliament that intends to cut taxes and energy bills while driving economic growth. This is the most significant tax cut since 1972. The new finance minister Kwasi Kwarteng proposed the new budget and it will see cuts to national insurance, stamp duty and the top tax rate.
The bill is seen as an intervention as it will address an energy price guarantee, equal support for businesses and an energy markets financing scheme. Earlier in the year, there were concerns that energy bills would reach as high as 6,500 pounds next year among the energy crisis caused by the Russian invasion of Ukraine. The national insurance rise that was proposed last year will be canceled, saving households 330 pounds a year. A plan has also been brought forward to cut the lowest income tax bracket rate from 20 to 19 percent and reduce the highest rate from 45 to 40 percent.