The chancellor has delivered his mini-budget – here are the main points, with political analysis
Kwasi Kwarteng says the government was never going to let households face soaring energy bills caused by Vladimir Putin’s war in Ukraine.
Reversing the tax rise will put £19bn a year back into the economy.
Kwarteng says companies will be able to use this to “reinvest, create jobs, raise wages, or pay dividends which support our pensions”
The chancellor will wind down the Office of Tax Simplification (OTS) and is asking every department to focus on this instead.
Kwarteng announces the higher rate 45% band of income tax will be scrapped entirely.
Basic rate of income tax will be cut from April 2023 from 20% to 19%.