The Growth Plan (Mini Budget) Statement

EDIT: This information from the ‘Mini-Budget’ has been substantially reversed. For an up-to-date summary please visit our budget updates page.

Kwasi Kwarteng’s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates the day before. The new Prime Minister Liz Truss revealed much of what we might expect before Mr Kwarteng spoke a word, so we already knew that there would be:

• A two-year £2,500 Energy Price Guarantee (EPG) for consumers
• Similar but shorter-lived support for businesses and other non-domestic energy users
• Cuts to National Insurance Contribution (NIC) rates
• A reversal of the planned April 2023 increases in the rate of corporation tax

Nevertheless, Mr Kwarteng’s launch of ‘The Growth Plan’ contained some surprises, including the end of additional rate income tax (outside Scotland) and the reversal of recent changes to IR35.

We have summarised the full set of announcements and measures that may affect you, which you can find by clicking the button below. 

Please get in touch if you would like to discuss any aspect of the announcement and its implications.