{"id":121892,"date":"2022-09-23T12:04:53","date_gmt":"2022-09-23T11:04:53","guid":{"rendered":"https:\/\/politicscouk.wpengine.com\/?p=121892"},"modified":"2022-10-12T13:38:08","modified_gmt":"2022-10-12T12:38:08","slug":"kwarteng-budget","status":"publish","type":"post","link":"https:\/\/www.politics.co.uk\/video\/2022\/09\/23\/kwarteng-budget\/","title":{"rendered":"Parliamentary Clip &#8211; MPs respond to Kwarteng&#8217;s Mini Budget"},"content":{"rendered":"\n<script type=\"text\/javascript\" src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script> <div id=\"Brid_63930445\" class=\"brid\" style=\"width:16;height:9;\" > <\/div> <script type=\"text\/javascript\"> $bp(\"Brid_63930445\", {\"id\":\"25314\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1103906\"}); <\/script>\n\n\n\n<p class=\"wp-block-paragraph\">Chancellor Kwasi Kwarteng has unveiled the biggest package of tax cuts in 50 years. He said that this would be a &#8220;new era&#8221; for the UK economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Income tax and the stamp duty on home purchases will be cut and planned rises in business taxes have been scrapped. Kwarteng scrapped Boris Johnson&#8217;s previous plans to increase taxes in order to pay for public services with the aim of &#8220;boosting economic growth&#8221;.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He also unveiled a cut to the top rate of income tax from 45% to 40%, meaning the UK will have a single higher rate from April.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Chancellor has vowed to scrap the Bankers Bonus Cap, which whilst in place, meant that bankers were unable receive a bonus of more than 200% of their basic salary. This, Kwarteng added, did nothing but increase their base salaries and deter bankers from investing in the UK. <br><br>The package was generally not well-received in the Commons, with Shadow Chancellor Rachel Reeves saying that it provides &#8220;no hope or reassurance&#8221; to anyone struggling and Lib Dem&#8217;s Sarah Olney saying the current government are &#8220;out of touch&#8221;. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chancellor Kwasi Kwarteng has unveiled the biggest package of tax cuts in 50 years. He said that this would be a &#8220;new era&#8221; for the UK economy. Income tax and the stamp duty on home purchases will be cut and planned rises in business taxes have been scrapped. Kwarteng scrapped Boris Johnson&#8217;s previous plans to&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/www.politics.co.uk\/video\/2022\/09\/23\/kwarteng-budget\/\" title=\"Read Parliamentary Clip &#8211; MPs respond to Kwarteng&#8217;s Mini Budget\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":395,"featured_media":121893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"_acf_changed":false,"footnotes":""},"categories":[868],"tags":[6901,6467,6569,6533,6273,6316,980,7361,1345,5977,7229],"editors-picks":[],"maps":[],"class_list":["post-121892","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-video","tag-benefits","tag-budget","tag-cost-of-living","tag-energy-prices","tag-john-glen","tag-kwasi-kwarteng","tag-margaret-hodge","tag-mini-budget","tag-rachel-reeves","tag-sarah-olney","tag-tax-cuts","post_format-post-format-video"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Parliamentary Clip - MPs respond to Kwarteng&#039;s Mini Budget - Politics.co.uk<\/title>\n<meta name=\"description\" content=\"Chancellor Kwasi Kwarteng has unveiled the biggest package of tax cuts in 50 years, as he hailed a &quot;new era&quot; 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