To remove some of the confusion, here’s your guide to the government’s most recent key economic policies and what they could mean for your finances.
Cost of living scams: what do they look like and how can you avoid them?, the prime minister, doubling down on her economic policies in a series of interviews last week, this morning saw Kwarteng perform an abrupt U-turn. In a statement posted on Twitter, he said that “it is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country”.
In the hours following the announcement, reports suggested that the pound had started to rally slightly.If you’re a high earner with an annual salary of above £150,000, then you will continue to pay tax at 45%, just as you did before. Writing on Twitter, Paul Johnson, director of the Institute for Fiscal Studies, described the cut to the 45p rate as the “smallest part” of the mini-budget, adding: “What was a £45bn tax cutting package is now a £43bn package.”Though a 1.25% rise in National Insurance was rolled out by Rishi Sunak, the former chancellor, in April, that increase will be rolled back again come November.
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