September 2022 United Kingdom mini-budget



On 23 September 2022, two weeks into the tenure of Prime Minister of the United Kingdom Liz Truss, Chancellor of the Exchequer Kwasi Kwarteng announced a set of economic policies widely referred to in the media as a "mini-budget". Among the policies announced by Kwarteng were: bringing forward the planned cut in the basic rate of income tax from 20% to 19%; the abolition of the 45% higher rate of income tax in England, Wales and Northern Ireland; the reversal of the April 2022 increase in National Insurance; and the abolition of the proposed Health and Social Care Levy. Following widespread negative response to the programme, the planned abolition of the 45% tax rate was reversed 10 days later.

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