What we can expect from Kwasi Kwarteng's mini-budget today, from tax cuts to stamp duty 🔴 The Chancellor is set to unveil some 30 measures to tackle the cost-of-living crisis, recession, soaring inflation and climbing interest rates
A temporary reduction in the rate of VAT applied to hospitality and leisure may also be announced, as well as cutting VAT from energy bills.if they do not take “active steps” to work more, as Mr Kwarteng is expected to shake-up the benefits system.
Mr Kwarteng has described the policy as a “win-win”, pitching it as a way to fill 1.2 million job vacancies across the country.Some 38 local council and mayoral areas could become new investment zones and benefit from more liberal planning rules and time-limited tax cuts. Areas under consideration include the West Midlands, Thames Estuary, Tees Valley, West Yorkshire and Norfolk.Mr Kwarteng is set to announce new laws to speed up major infrastructure projects across the UK.The new rules will aim to fast-track the planning and completion stages.The national insurance hike introduced by Boris Johnson’s government will be reversed from November 6.
The measure was brought in to fund the NHS and social care and was due to be replaced by a 1.25 per cent Health and Social Care Levy in April, which has also been axed.
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