Millions of households are set to benefit from the tax cuts
On Friday morning, chancellor Kwasi Kwarteng delivered the government's mini-budget to the House of Commons, announcing caps to rising energy bills, lifting the cap on bankers bonuses, and reducing stamp duty for homebuyers as households struggled with the rising cost of living.
Several tax cuts will help out thousands of regular people working across the country too, with a planned decision to cut the basic rate of income tax to 19p in the pound brought forward a year early to April. The Health and Social Care Levy, which raised National Insurance contributions from 12 to 13.5 per cent, is being scrapped, whilst the higher threshold to making payments will remain in place to help boost people's take home income.
Although these changes will boost households across the country, it can be difficult to understand exactly how much you'll benefit from these changes, so the Manchester Evening News has put together a calculator to help show exactly how much money you can expect into your pocket with the new tax cuts.
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