Kwasi Kwarteng announced a mini-budget on the 23rd September. On Friday 14th October, Kwasi was sacked with the new Chancellor Jeremy Hunt taking over. What changes has Jeremy Hunt made after his broadcast Monday Afternoon?
Here is a list of the changes;
- Income tax being reduced to 19% starting April 2023 has now been scrapped indefinitely.
- International tourists will no longer have VAT-free shopping
- Corporation tax cuts have been reversed
- Dividend tax rates will not be cut
- Off-payroll working reforms will not be reversed, meaning the changes from April 2021 are to continue
- Help with energy bills for all households will only last until April. The government will seek ways to help the most vulnerable households
The following will continue;
- The increase of 1.25% in National Insurance for Health and Social Care will be reversed from 6th November 2022
- The cuts to Stamp Duty will continue to go-ahead
All of the above is a plan Hunt has put in place to raise £32billion to try and get the public finances back on track and stabilise financial markets after weeks of turmoil.
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