FISCAL ANNOUNCEMENT SUMMARY

Chancellor Kwasi Kwarteng has outlined a series of measures he believes will boost growth. 

1. The basic rate of income tax has been cut to 19p in April 2023, and the threshold before stamp duty is paid has been raised to £250,000 

1. The cap on bankers' bonuses has been lifted, and a planned rise in corporation tax has been scrapped 

1. Liz Truss's new government had already confirmed it would reverse an increase in National Insurance 

1. The government argues its policies will help boost economic growth - yesterday the Bank of England said the UK may already be in recession 

1. But critics argue the measures are costly at a time when public debt is already high and the cost of borrowing is rising 

Chancellor cuts income tax and stamp duty in bid to boost growth - BBC News