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News Every Day |

Mini Budget 2022: All the money saving measures Kwasi Kwarteng is set to announce THIS Friday for millions of Brits

HOUSEHOLDS across Britain are bracing for a tough winter as the cost of living crisis continues to wreak havoc on family finances.

But in just two days the government will finally step in with a mini budget they say should provide crucial relief for hard-up Brits facing sky high bills.

Reuters
Kwasi Kwarteng will present the government’s mini budget to the Commons on Friday[/caption]

The “fiscal event” is designed to keep more money out of government coffers and in working people’s pockets.

The government claims it should stimulate economic growth and act as a force against sky rocketing inflation.

Liz Truss is desperate to make her mark as a tax slashing PM.

Yesterday she even vowed to unleash a tax cutting revolution, overhauling the system to lower the burden on Brits.

Meanwhile, the Chancellor has been under pressure to act on the cost of living crisis from the moment he was given the keys to No11.

The government claims it understands the pressure families face.

They say Friday’s mini budget, which takes place in the Commons, will provide much needed relief on household finances.

Here are some of the announcements you can expect.

HEALTH AND SOCIAL CARE LEVY

The Chancellor is expected to slash the Health and Social Care Levy that was brought in under Boris Johnson’s administration last April.

During the Tory leadership campaign Ms Truss said she hated the national insurance hike and vowed to get rid of it.

For some people it means paying the government hundreds of pounds extra a year.

On Friday it’s set to be scrapped.

Critics say it will disproportionately benefit richer workers because they earn more and so will save more.

Here is a breakdown of how much you will save from the reversal:

– A worker on £25,000 will save £155 a year 

– A worker on £40,000 will save £343 a year 

– A worker on £100,000 will save £1,093 a year 

Anyone who earns less than £12,570 a year will continue not to pay any National Insurance at all.

READ MORE MONEY NEWS

TAKING CARE OF BUSINESS

Exact date businesses will have their energy bills capped revealed

PAY UP

More than 1million families to be paid £100 under new cost of living crisis plan

COST OF LIVING HANDOUTS

Brits will also still continue to receive the cost of living payments announced last spring.

The spring package included a one-off £650 cash handout to benefits claimants, a £300 lump sum to the poorest pensioners and a £150 bung for the disabled.

And an energy bills rebate for all households was also doubled to £40.

It came on top of a £150 council tax rebate for homes in bands A to D announced earlier in the year.

STAMP DUTY

Last night The Times reported that Ms Truss has been working secretly on plans to axe stamp duty.

Cutting the levy will encourage growth by allowing more people to move property and getting more first-time buyers on the housing ladder.

Whitehall sources said the move was “rabbit” out of the hat in the growth plan, The Times reported.

Under the current system no stamp duty is paid on the first £125,000 of any property purchase. The threshold at which the duty is paid for first-time buyers is £300,000.

How much buyers pay depends on the price and type of property, including if it’s residential use or non-residential or mixed-use.

INCOME TAX

Mr Kwarteng is expected to announce that the basic rate of income tax will be slashed from 20p to 19p.

The PM wanted to make the cut in 2024, but Whitehall sources think it will be sooner.

The exact date the cut kicks in isn’t yet known but should be confirmed on Friday.

CORPORATION TAX

A planned rise in corporation tax for April next year is likely to be binned on Friday.

The idea is that by keeping taxes lower, major companies will have more money to invest in the British economy, ultimately helping it to grow.

The levy on business’ profits was due to rise from 19 per cent to 25 per cent.

Reducing costs on businesses should mean shoppers pay less for products – in a win for consumers.

But the overall benefit will be impossible to calculate for now.

RED TAPE BONFIRE

The new Chancellor is preparing to shred masses of EU red tape strangling City firms – but could ask them to invest in social care in return.

He is set to unveil his “Big Bang 2.0” deregulation blitz in a speech to bosses.

As part of the red tape bonfire he is expected to allow fat cats to trouser millions by scrapping the cap on bonuses they can receive on top of their salaries.

He is also set to ditch Brussels’ Solvency II rules that limit insurance firms’ investments in exchange for them pouring money into the cash-starved social care system.

Mr Kwarteng is eyeing a trade-off whereby companies plug the £13billion black hole in the creaking care budget after Ms Truss reverses the National Insurance rise.

It would mean Brits don’t lose out on the government’s social care cap even after the National Insurance rise is reversed.

ENERGY BILLS

The tax cuts will come on top of the energy package announced earlier this month.

The PM confirmed a multi-billion package to save typical Brits £1,000 by protecting them from crippling global gas costs. 

Bills were set to rise to £3,500 in October and more than £6,000 next April in a terrifying prospect for most households

However in a mammoth intervention – which could cost more than furlough – Ms Truss is now going to cap costs from October 1, with the typical family paying no more than £2,500.

She has capped unit prices – meaning you will still pay more for using more – but officials have calculated estimates for how much the plan will save you:

Detached house:

Under October price cap: £4,700

Under new cap: £3,300

Savings: £1,400

Semi detached

Under October price cap: £3,800

Under new cap: £2,650

Savings: £1,150

Mid terraced

Under October price cap: £3,300

Under new cap: £2,350

Savings: £950

Bungalow

Under October price cap: £3,500

Under new cap: £2,450

Savings: £1,050

Flat

Under October price cap: £2,450

Under new cap: £1,750









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