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we ll bring you analysis throughout the day on bbc news and if you want to send in your questions or thoughts on the mini budget get in touch i m @bbcjoannag on twitter or use the hashtag bbc your questions. and i m lukwesa burak the other stories on bbc news. the victims commissioner for england and wales dame vera baird resigns, describing the criminaljustice system as being in chaos. a 15 year old boy has become the second person to be arrested in connection with the murder of a 15 year old boy who was stabbed outside his school in huddersfield. and author dame hilary mantel, best known for her wolf hall trilogy, has died aged 70. hello, i mjoanna gosling in westminster, in a massive shake up of the uk s finances, the chancellor kwasi kwarteng has outlined a series of tax cuts and spending commitments that will cost £45 billion by 2027. the government says its policies will help boost economic growth. but critics say funding the tax cuts will lead to un ....
Demanding a sharply higher interest rate to compensate for the risks of lending to a government that is financing huge tax cuts through borrowing. economists say it is likely to boost growth, but that might not last. we think this will boost output in the economy from something where it was hovering around zero over the next year or so to something like 2% over the next year or so. what it is doing is really bringing about an artificial boom in the economy. and the bank of england is going to respond to that with higher interest rates, because it is boosting the economy over and above its capacity to supply those goods and services. so in effect it s a problem, not an answer that we have had today from the budget. with the government doing its utmost to heat up the economy, the bank of england has to do even more to cool it down and keep inflation under control. interest rates are now expected in the city to rise by next august to 5.5%, more than twice their current level. andy verity, ....
From april next year. a planned rise in corporation tax from 19% to 25% has been cancelled that s the tax businesses pay on their profits. there will be a cut to stamp duty in england and northern ireland that s the tax you pay when buying a property. the threshold will be raised to £425,000 for first time buyers and £250,000 for everyone else. the rules which cap bankers bonuses to twice their annual salary have been scrapped. more than 40 new investment zones will be set up in england these zones will be allowed to relax planning rules and reduce business taxes to encourage investment. and planned increases in the duty rates for beer, for cider, for wine, and spirits will all be cancelled. and as we ve been saying the government described today s announcement as a mini budget but this chart from the institute for fiscal studies shows todays statement represents the biggest tax cut of any budget since 1972. here s our political editor, chris mason. ....
A new era, but they have been in government for 12 years, it stretches credibility beyond breaking point, saying that tax cuts for the rich, whopping bonuses for bankers and low corporation tax for companies will somehow re float, magically, britain s sinking economy. this budget amounts to an environment wrecker s charter and is a statement of missed opportunities. a reportjust this week shows that a major programme of insulating homes in britain and installing heat pumps could benefit the economy by £7 billion a year, create 140,000 jobs by 2030, get fuel bills down and climate emissions down too. some financial statements that come out of the treasury can feel inconsequential, easily forgotten. this is not one of them. this is a big move by a new chancellor and a new prime minister with not long to prove that it can work. chris mason, bbc news, at westminster. (tx) ....
For households at 31 billion or six months help for businesses costing 29 billion, the government has also cut taxes for the highest earners, corporations and individuals, costing 27 billion next year, rising to 45 billion three years from now. kwasi kwarteng s so called mini budget has implemented maxi tax cuts, bigger than any other chancellor has done in decades. this was a huge event. it s called a mini budget, this is possibly one of the biggest i have seen in 30 years of looking at budgets, and it is certainly the biggest tax cutting event since 1972, for exactly half a century, since we saw a chancellor stand up and announce quite such big tax cuts. the last time we saw tax cuts this big, there was another energy crisis and a conservative chancellor subsidising soaring energy prices and trying to go for growth. but two years after anthony barber s1972 budget, inflation got up to 24%. today, investors sold uk government bonds, ....