Mini Budget Revised September 2022
The government’s plans for growth
Chancellor reveals his plan for growth
Following the reversal of the 45% tax rate reduction please find revised details of the mini budget.
The week leading up to Chancellor Kwasi Kwarteng’s ‘Mini Budget’ may have been a short one due to the Queen’s funeral but the new government managed to fill it with a stream of policy announcements.
Before Mr Kwarteng stood up to make his statement on ‘The Growth Plan’ much of what he had to say about energy support for businesses and households, bankers’ bonuses, investment zones and reversals to NICs had already been announced. The government also said that the Chancellor’s statement would not be subject to a forecast from the Office for Budget Responsibility. However, this did not stop the media from dubbing this event a Mini Budget.
The Growth Plan set out a new approach to the economy built around three central priorities:
▪ reforming the supply-side of the economy
▪ maintaining a responsible approach to public finances
▪ cutting taxes to boost growth.
We are pleased to enclose a copy of our Mini Budget September 2022 newsletter, which summarises the main points relating to taxation in the Chancellor’s speech.
We hope the summary will provide you with a useful update and allow you to get to grips with the changes. If you have any questions in understanding how the changes to tax affect you, please do get in touch.
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