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| What was in the mini-budget and what has changed? | What was in the mini-budget and what has changed? |
| (about 2 hours later) | |
| Prime Minister Liz Truss has made a major U-turn on the government's mini-budget, after sacking Chancellor Kwasi Kwarteng. | |
| The government has been under intense pressure to change it, following days of turmoil on the financial markets. | |
| So what was announced in the 23 September mini-budget and what has the government had to change since? | |
| Corporation tax | |
| What was announced: | |
| Cancel UK-wide rise in corporation tax which was due to increase from 19% to 25% in April 2023 | |
| What has changed: | |
| Ms Truss has now announced that she is dropping this change. UK corporation tax will go up from 19% to 25% in April 2023 after all. | |
| Does cutting corporation tax always raise more money? | |
| Income tax | Income tax |
| What was announced: | What was announced: |
| Cut in basic rate of income tax to 19% from April 2023 | Cut in basic rate of income tax to 19% from April 2023 |
| Government estimates 31 million people getting £170 a year more | Government estimates 31 million people getting £170 a year more |
| Currently, people in England, Wales and Northern Ireland pay 20% on any annual earning between £12,571 to £50,270 - rates in Scotland are different | Currently, people in England, Wales and Northern Ireland pay 20% on any annual earning between £12,571 to £50,270 - rates in Scotland are different |
| 45% higher rate of income tax abolished for England, Wales and Northern Ireland taxpayers | 45% higher rate of income tax abolished for England, Wales and Northern Ireland taxpayers |
| One single higher rate of income tax of 40% from April next year | One single higher rate of income tax of 40% from April next year |
| What has changed: | What has changed: |
| Before his sacking, Mr Kwarteng U-turned on the higher rate change. He announced that the scrapping of the 45% rate would not go ahead, after it had proved "a massive distraction" to the rest of the mini-budget. | |
| National Insurance | National Insurance |
| Reverse recent rise in National Insurance (NI) from 6 November | Reverse recent rise in National Insurance (NI) from 6 November |
| Workers and employers have paid an extra 1.25p in the pound since April | Workers and employers have paid an extra 1.25p in the pound since April |
| New Health and Social Care Levy to pay for the NHS will not be introduced | New Health and Social Care Levy to pay for the NHS will not be introduced |
| What is national insurance? | What is national insurance? |
| Benefits | Benefits |
| Rules around universal credit tightened, by reducing benefits if people don't fulfil job search commitments | Rules around universal credit tightened, by reducing benefits if people don't fulfil job search commitments |
| Around 120,000 more people on Universal Credit to be asked to take steps to seek more work, or face having their benefits reduced | Around 120,000 more people on Universal Credit to be asked to take steps to seek more work, or face having their benefits reduced |
| Jobseekers over 50 to be given extra time with work coaches to help them return to job market | Jobseekers over 50 to be given extra time with work coaches to help them return to job market |
| What is universal credit? | What is universal credit? |
| Work and investment | Work and investment |
| IR35 rules - the rules which govern off-payroll working - to be simplified | IR35 rules - the rules which govern off-payroll working - to be simplified |
| Annual investment allowance, the amount companies can invest tax free, remains at £1m indefinitely | Annual investment allowance, the amount companies can invest tax free, remains at £1m indefinitely |
| Regulations change so pensions funds can increase UK investments | Regulations change so pensions funds can increase UK investments |
| New and start-up companies able to raise up to £250,000 under scheme giving tax relief to investors | New and start-up companies able to raise up to £250,000 under scheme giving tax relief to investors |
| Share options for employees doubled from £30,000 to £60,000 | Share options for employees doubled from £30,000 to £60,000 |
| Stamp duty | Stamp duty |
| Cut to stamp duty which is paid when people buy a property in England and Northern Ireland | Cut to stamp duty which is paid when people buy a property in England and Northern Ireland |
| No stamp duty on first £250,000 and for first time buyers that rises to £425,000 - comes into operation today | No stamp duty on first £250,000 and for first time buyers that rises to £425,000 - comes into operation today |
| 200,000 more people will be taken out of paying stamp duty altogether, government claims | 200,000 more people will be taken out of paying stamp duty altogether, government claims |
| What are the new stamp duty rates? | What are the new stamp duty rates? |
| Energy | Energy |
| Freeze on energy bills, which the government claims will reduce inflation by 5 percentage points | Freeze on energy bills, which the government claims will reduce inflation by 5 percentage points |
| Total cost for the energy package expected to be around £60bn for the six months from October | Total cost for the energy package expected to be around £60bn for the six months from October |
| Bankers' bonuses | Bankers' bonuses |
| Rules which limit bankers' bonuses scrapped | Rules which limit bankers' bonuses scrapped |
| Package of regulatory reforms to be set out later in the autumn | Package of regulatory reforms to be set out later in the autumn |
| Shopping | Shopping |
| VAT-free shopping for overseas visitors | VAT-free shopping for overseas visitors |
| Planned increases in the duties on beer, for cider, for wine, and for spirits cancelled | Planned increases in the duties on beer, for cider, for wine, and for spirits cancelled |
| Infrastructure and investment zones | Infrastructure and investment zones |
| Government discussing setting up investment zones with 38 local areas in England | Government discussing setting up investment zones with 38 local areas in England |
| Tax cuts and liberalised planning rules to be offered to release land for housing and commercial use | Tax cuts and liberalised planning rules to be offered to release land for housing and commercial use |
| Investment zones offered measures such as no business rates and stamp duty waived | Investment zones offered measures such as no business rates and stamp duty waived |
| New legislation to cut planning rules, get rid of EU regulations and environmental assessments in an effort to speed up building | New legislation to cut planning rules, get rid of EU regulations and environmental assessments in an effort to speed up building |
| Unions | Unions |
| Plan to introduce Minimum Service Levels, requiring a "minimum service" to be provided when there are public transport strikes | Plan to introduce Minimum Service Levels, requiring a "minimum service" to be provided when there are public transport strikes |
| New legislation which would require unions to put all pay offers to a member vote before a strike can be held | New legislation which would require unions to put all pay offers to a member vote before a strike can be held |
| What are your questions on the cost of living crisis? What would you like to know about the chancellor's mini-budget? Send your questions to yourquestions@bbc.co.uk. | What are your questions on the cost of living crisis? What would you like to know about the chancellor's mini-budget? Send your questions to yourquestions@bbc.co.uk. |
| You can also send your questions in the following ways: | You can also send your questions in the following ways: |
| WhatsApp: +44 7756 165803 | WhatsApp: +44 7756 165803 |
| Tweet: @BBC_HaveYourSay | Tweet: @BBC_HaveYourSay |
| Or fill out the form below | Or fill out the form below |
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