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From stamp duty to defence spending: what will Kwarteng’s mini-budget do?

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theguardian.com

The chancellor, Kwasi Kwarteng, stands up in the Commons on Friday morning to reveal his “emergency budget”. Here’s what we know so far:Growth targets Kwarteng’s message is that Britain can grow at a faster rate if the private sector is freed from onerous taxes and regulations.The chancellor claimed this week it was possible to raise the trend growth of national income (GDP) to 2.5%, if his plans are implemented.

During the last 12 years of Conservative administrations, GDP growth has averaged close to 1.5% and wages for most workers have stagnated.The Institute for Fiscal Studies (IFS) thinktank said there waslittle evidence that tax cuts and deregulation offered a “miracle cure” for boosting growth.

It said ahead of the mini-budget that “plans underpinned by the idea that tax cuts will deliver a sustained boost to growth is a gamble, at best”.Energy bill supportAn emergency price cap for the next two years of £2,500 on the average household’s annual energy bill was announced by Liz Truss in the first week of her premiership.

It was accompanied by a freeze on bills for businesses that will last a least six months, details of which were set out on Wednesday.

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