The chancellor is set to announce extra spending and tax cuts in a mini-budget that will outline the new government’s approach to the UK economy.
Kwasi Kwarteng, who was recently appointed to the role by Liz Truss, will reveal his plans – expected to be worth tens of billions of pounds – on Friday morning.
He will pledge to “turn the vicious cycle of stagnation into a virtuous cycle of growth” with the new package of support and cuts.
The mini-budget – officially known as a fiscal event – comes as the UK faces a cost of living crisis driven by soaring inflation, rising energy bills and wages that are failing to keep up with increasing prices.
The government is describing Mr Kwarteng’s mini-budget as a “growth plan”.
What time is his budget?
The chancellor is set to announce plans at around 9.30am on Friday.
Mr Kwarteng will make a statement in parliament on the “government’s plans for growth”, according to the House of Commons schedule.
What we can expect?
The statement is expected to include details of how the government will fund the energy price cap for households and businesses, and put into practice many of Ms Truss’ tax-slashing promises.
Kwasi Kwarteng is set to make a statement to parliament on Friday
The chancellor has already confirmed the national insurance hike introduced by Boris Johnson’s government to pay for social care and tackling the NHS backlog will be reversed.
He is also set to axe the planned increase in corporation tax from 19 per cent to 25 per cent and scrap the cap on bankers’ bonuses as part of wider City deregulation.
It has also been reported that he will cut stamp duty in a further attempt to drive growth.
Proposals to fast-track a scheduled 1p cut to income tax and to slash VAT to 15 per cent across the board are reportedly also being considered.
