Saturday 17 September 2022 10:47 PM Kwasi Kwarteng is set to serve up a tax cuts bonanza in this week's mini Budget trends now
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Chancellor Kwasi Kwarteng is planning to announce a tax-cutting bonanza in this week’s emergency mini-Budget, which may include fast-tracking a planned 1p reduction in income tax.
Whitehall sources said that Mr Kwarteng is drawing up a ‘really punchy’ £30 billion package of measures which will reflect Prime Minister Liz Truss’s desire to make a ‘dash for growth’ in time for the next General Election, which is expected to be held by autumn 2024.
In addition to Ms Truss’s promises to reverse former Chancellor Rishi Sunak’s recent increase in National Insurance and to freeze corporation tax, Mr Kwarteng is also considering bringing forward Mr Sunak’s plan for a 1p cut in the basic rate of income tax from 20p to 19p in the pound.
Mr Sunak said in March this would take effect in two years time.
The sources said that Mr Kwarteng was also planning a ‘knock-out surprise measure’ – described as a ‘proper rabbit out of the hat moment’ – which has been the subject of extensive, secretive discussions between Ms Truss and her Chancellor.
Chancellor Kwasi Kwarteng is due to deliver an emergency budget to the Commons on Friday
The emergency statement, which Mr Kwarteng is due to deliver to the Commons on Friday, will form part of one of the most
