Kwasi Kwarteng Manchester hospital economy Kwasi Kwarteng Manchester

'More money for millionaires than for the North': Greater Manchester Labour leaders react to mini-budget

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manchestereveningnews.co.uk

Labour leaders in Greater Manchester have been reacting with anger to the mini-budget announced by the government this morning.

Kwasi Kwarteng lifted the cap on bankers bonuses and scrapped the highest tax rate for those earning £150k a year, as well as a raft of other tax cuts, in a controversial budget today.

From April, the 660,000 earners getting more than £150,000 a year will no longer pay the top income tax rate of 45% and will instead pay the 40% applicable to those on more than £50,271 - meaning they will each reportedly save on average around £10,000 in tax a year.

Using more than £70 billion of increased borrowing, Mr Kwarteng also brought forward a planned cut to the basic rate of income tax to 19p in the pound a year early to April and reduced stamp duty for homebuyers.

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