John Swinney Kwasi Kwarteng Britain Scotland economy Strategy John Swinney Kwasi Kwarteng Britain Scotland

Mini Budget 2022: How Kwasi Kwarteng's huge tax cuts will affect Scots as rich set to benefit

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The UK is heading for the biggest era of borrowing and tax cuts since the 1980s after Tory Chancellor Kwasi Kwarteng slashed corporate and personal tax rates for the very rich.

In a drastic, right-wing strategy to get the economy moving, the chancellor announced he would bring in a estimated £50 billion of tax cuts, mostly funded by borrowing.

Some of the staggering measures, like a reduction in income tax rates and in stamp duty paid on house sales, do not affect Scots directly because these are set separately in Holyrood.

But the so-called mini-budget presented to the Commons on Friday morning, which brings benefits mainly to the wealthy and big companies, will affect the economy in Scotland and how much Scots have in their pockets.

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