Ian Blackford has accused Liz Truss of "ignoring the damage and the chaos" of her mini-budget that plunged the markets into turmoil due to her unfunded tax cuts.
Tax cuts, bankers bonuses and energy bills: Eight key announcements Kwasi Kwarteng made in today's mini-budget
23.09.2022 - 13:41 / manchestereveningnews.co.uk
The chancellor has this morning set out the government's plan to 'solve the riddle of growth' and to help people with the cost-of-living crisis with widespread tax cuts for the highest earners in a 'new era'. Kwasi Kwarteng delivered the government's mini budget to the House of Commons as he announced expected caps to rising energy bills and lifting the cap on bankers bonuses.
Here are some of the major points from the mini-budget.
Energy prices
The Chancellor began by insisting “help is coming” for people with their energy bills. He said the energy price guarantee will limit the unit price that consumers pay for electricity and gas, saying: “This means that for the next two years, the typical annual household bill will be £2,500. For a typical household, that is a saving of at least £1,000 a year, based on current prices. We are continuing our existing plans to give all households £400 off bills this winter. So taken together, we are cutting everyone’s energy bills by an expected £1,400 this year."
Millions of the most vulnerable households will receive additional payments, taking their total savings this year to £2,200, Mr Kwarteng added. Energy relief will also come for businesses under the Energy Bill Relief Scheme.
READ MORE: What the government's mini-budget means for you
He said it will "reduce wholesale gas and electricity prices for all UK businesses, charities and the public sector like schools and hospitals. This will provide a price guarantee equivalent to the one provided for households, for all businesses across the country". The government believes this energy plan will reduce 'peak inflation by around five percentage points'. It will cost £60 billion over the next six months, he said.
The government
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