September mini-budget: What can people expect from Liz Truss’ cabinet?

Prime Minister Liz Truss She has now been prime minister for 18 days and in her short tenure as the nation’s leader has dealt with the death of the longest-reigning monarch and escalating threats from Russia.

The new Chancellor of the Exchequer this morning Kwasi Kwarteng he will face his first test in his new role as he draws up a mini-budget to help ease the financial crisis facing Britain.

But with the promise of Quarteng a “A New Era for Britain”what might his package of measures be to “turn the vicious cycle of stagnation into a virtuous cycle of growth”?

What is already fixed in the minibudget?

Abolition of national insurance

Cancellation of the planned increase in national insurance has already confirmed from Kwarteng before the morning mini-budget.

The increase, announced back in April, was planned to be lifted National Insurance Tax by 1.25%, but the cancellation of this increase was one of the Liz Truss campaign promises during his campaign to become the new prime minister.

Cutting green fees

The abolition of green fees was first announced when Kwasi Kwarteng was the business secretary.

“The proposal will help around 300 businesses, supporting 60,000 jobs in UK industrial centres. “

“Finding ways to reduce the cost of doing business in key areas will help secure the future of domestic manufacturing and support a competitive business environment in the UK, delivering economic growth and protecting thousands of jobs across the country.”

What is expected to be announced from the minibudget?

Reduction of stamp duty

To boost growth, there have been reports that one of the biggest measures Kwasi Kwarteng may announce this morning is stamp duty hack for new homeowners.

“Any reduction in the levy is likely to boost house prices, which have soared during the pandemic when the tax was suspended for many buyers to stimulate demand.” This is reported by Bloomberg.

VAT and income tax

Residents of England, Wales and Northern Ireland now pay 20% of annual earnings between £12,571 and £50,270

Canceling the corporate tax increase

This is reported by Sky News Kwasi Kwarteng intends to implement the cancellation of the planned increase in corporate tax from 19% to 25% and the cancellation of restrictions on bankers’ bonuses.

Low tax zones

The West Midlands, the Thames Estuary, the Tees Valley, West Yorkshire and Norfolk are among the places being discussed as low tax areas.

Each area will have a central region where planning rules and regulations will be relaxed to encourage industrial, commercial and residential development. September mini-budget: What can people expect from Liz Truss’ cabinet?

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