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What the government's mini-budget means for you

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The Chancellor unveiled a new wave of economic measures being introduced by the government in the House of Commons today. Kwasi Kwarteng claimed the government will take “difficult decisions” to drive up economic growth as he announced his mini-budget.

He told MPs: “As a Government, we will focus on growth – even where that means taking difficult decisions. None of this is going to happen overnight. Read more: LIVE Kwasi Kwarteng unveils major tax cuts and stamp duty hikes in mini budget - updates “But today we are publishing our growth plan that sets out a new approach for this new era, built around three priorities: reforming the supply-side of the economy, maintaining responsible approach to public finances, and cutting taxes to boost growth.” Mr Kwarteng said the Government will set out its fiscal approach more fully in future and the Office for Budget Responsibility will publish an economic and fiscal forecast before the end of the year, with a second to follow in the new year.

Here's how the government's financial plan announcements may affect you. The basic rate of income tax will be cut to 19p a year earlier than previously planned from April 2023.

Furthermore, the 45 per cent higher rate will be "abolished" and replaced with a single higher rate of 40 per cent. The government claims that this removes the UK's position as having top rate tax when compared to other countries such as Norway, USA, and Italy while helping to attract a more innovative workforce.

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