Mini Budget 2022 Summary Report
Note: Changes to ‘The Growth Plan’ were outlined on Monday 17 October 2022, to ensure the UK’s economic stability and provide confidence in the UK Government’s commitment to fiscal discipline. Read more
CHANCELLOR KWASI KWARTENG HAS UNVEILED WHAT HE CLAIMS ARE THE BIGGEST TAX CUTS IN A GENERATION
The week leading up to Chancellor Kwasi Kwarteng’s ‘Mini Budget’ may have been a short one due to the Queen’s funeral but the new government managed to fill it with a stream of policy announcements.
Before Mr Kwarteng stood up to make his statement on ‘The Growth Plan’ much of what he had to say about energy support for businesses and households, bankers’ bonuses, investment zones and reversals to NICs had already been announced. The government also said that the Chancellor’s statement would not be subject to a forecast from the Office for Budget Responsibility. However, this did not stop the media from dubbing this event a ‘Mini Budget’.
The Growth Plan set out a new approach to the economy built around three central priorities:
- reforming the supply-side of the economy
- maintaining a responsible approach to public finances
- cutting taxes to boost growth.
Read our report: Summary report of key budget announcements from ‘The Growth Plan’
WE CAN HELP
We work closely with our clients to ensure they are maximising available reliefs, mitigating tax liabilities and making meaningful recommendations. We can guide you to further success and ensure your business is as profitable as it can be.
WE’VE INCLUDED COMPREHENSIVE INFORMATION ABOUT THE MINI BUDGET IN THIS REPORT. AS ALWAYS, IF YOU HAVE SPECIFIC QUERIES ABOUT HOW IT RELATES TO YOUR BUSINESS OR IF YOU ARE CONSIDERING ACTION IN RESPONSE TO THE ANNOUNCEMENT, PLEASE GET IN TOUCH WITH YOUR USUAL PARSONS CONTACT OR A MEMBER OF OUR FRIENDLY TEAM, AND THEY’LL BE HAPPY TO HELP.
