The government will chair the small budget in the House of Commons and the new Prime Minister today Liz Truss His cabinet is expected to unveil sweeping tax changes.director Quasi-Kwaten It has been confirmed that people will get more take home pay through cuts in their National Insurance contributions, but a massive tax cut is also expected today, with many speculating it could be the biggest tax cut in 34 years.

Speaking on Thursday, Mr Kwarteng said: “Taxing our prosperity has never worked. To improve the standard of living for all, we must be determined to develop our economy.

“Tax cuts are crucial for this – whether companies reinvest the cash they free up in new machinery, lower shop prices or raise staff salaries, removing the tax will help them grow, while allowing the UK public to keep more of what they earn.”

Today’s announcement comes amid heightened financial concerns; energy bills will skyrocket from next month, wages will skyrocket in the cost of living crisis, and just yesterday the Bank of England announced a 0 hike, 5% to 2.25% of its benchmark interest rate – – This is the highest level in 14 years.

The Bank of England also said it now expects UK gross domestic product to decline 0.1% in the third quarter.

Today’s mini-budget will start in the House of Commons at 9.30am rather than 12 noon as is usually the case with such announcements.

You can follow all the action as it unfolds in Express Mini Budget Live Blog Or watch the BBC or Sky News.

About National Insurance: The Prime Minister has confirmed that NI’s controversial rate hike will be reversed.

Stamp duty : Currently only transactions over £125,000 are subject to tax, but experts believe that could change today.

About Universal Credit: Welfare rules should be tightened up in welfare reforms to ‘make Britain work again’.

Regarding income tax: Any cuts may also be shown on the map. Currently, annual earnings of £12,574 to £50,270 are taxed at 20%.

Regarding corporation tax: Originally scheduled to increase from 19% to 25% in April 2023, but expected to be canceled today

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