24th September 2022
The new Chancellor of the Exchequer, Kwasi Kwarteng, delivered his Fiscal Statement, also known as ‘The Growth Plan’ yesterday.
Reported as a “mini budget”, the Statement was neither a Budget nor mini, and with interest rates at their highest in 14 years and the Bank of England reporting that it believes the economy has already gone into recession, the Chancellor has set out his ambitious aim for 2.5% growth. The Statement delivers the biggest package of tax cuts in 50 years, estimated at £45bn.
Our summary provides an overview of the key announcements arising from the Chancellor’s speech, and how they are likely to impact your business and personal finances.
Please get in touch with your usual haysmacintyre contact or any member of the Tax team, if you have any queries.