HomeWorldParliamentary clip - MPs respond to Quarteng's mini budget IV News
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Parliamentary clip – MPs respond to Quarteng’s mini budget IV News

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Chancellor Quasi Quarteng has unveiled the biggest package of tax cuts in 50 years. He said it would be a “new era” for the UK economy.

Income tax and stamp duty will be deducted on home purchase and the planned increase in business taxes has been done away with. The Quarteng quashed Boris Johnson’s previous plans to increase taxes to pay for public services aimed at “promoting economic growth”.

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He also unveiled a cut in the top rate of income tax from 45% to 40%, meaning the UK will have a single higher rate from April.

The chancellor vowed to eliminate the bankers bonus cap, which meant bankers were unable to receive bonuses of more than 200% of their basic pay. Quarteng said it did nothing but increase his basic salary and prevent bankers from investing in the UK.

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The package was not generally well received in the Commons, with Shadow Chancellor Rachel Reeves saying it offers “no hope or assurance” to anyone struggling and Lib Dem’s Sarah Olney saying the current government is “out of touch”.

MPs’ reaction to Quarteng’s mini budget – after parliamentary clip first appeared on Politics.co.uk.

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