Mini-budget: What it means for you and your finances

Chancellor Kwasi Kwarteng announced major tax cuts in the Budget statement. A cut in the basic rate of income tax will be brought forward by a year. A 40% higher rate, for earnings of over £50,270 will be the top rate of tax. National Insurance will be cancelled on 6 November after a 1.25% rise in National Insurance was designed to raise money for health and social care. The Treasury said the change would save nearly 28 million people an average of £330 per year.

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