2022 Mini-Budget
Sep. 25, 2022, 5:07pm
The new Chancellor Kwasi Kwarteng presented his ‘Mini-Budget’ revealing his plan for economic growth.
Summary of the Chancellor’s 2022 Mini-Budget
The week leading up to Chancellor Kwasi Kwarteng’s ‘Mini-Budget’ may have been a short one due to the Queen’s funeral but the new government managed to fill it with a stream of policy announcements.
Before Mr Kwarteng stood up to make his statement on ‘The Growth Plan’ much of what he had to say about energy support for businesses and households, bankers’ bonuses, investment zones and reversals to NICs had already been announced. The government also said that the Chancellor’s statement would not be subject to a forecast from the Office for Budget Responsibility. However, this did not stop the media from dubbing this event a Mini-Budget.
The Growth Plan set out a new approach to the economy built around three central priorities:
- reforming the supply-side of the economy
- maintaining a responsible approach to public finances
- cutting taxes to boost growth.
Our summary of the Chancellor’s Mini-Budget is now available – click here to download it.
Within our summary of the Mini-Budget we have included informative comments to help you assess the likely effect that the proposed changes may have on you personally and their significance. In addition, we provide an outline of the main areas of taxation covered in the Mini-Budget. We have included our observations on the more significant changes, together with any planning points that may arise.