2022 'Mini Budget' guide

17 October 2022
Photo by Brooke Cagle on Unsplash

Following Chancellor Jeremy Hunt’s announcements today (17 October 2022) on the previous Chancellor Kwasi Kwarteng’s ‘Mini Budget’ announcements on 26 September 2022 and amended on 3 October 2022, please see our guide and commentary by clicking on the image below:

As the saying goes, a week is a long time in politics. However, recent events have been unprecedented.

At the Mini Budget on 26 September a new Prime Minister and Chancellor launched a new agenda, ‘The Growth Plan’.

Three weeks later on 17 October, after huge turmoil and a new Chancellor, a reversal of most of the elements of that plan. In summary, the following announcements have been retained with all other previous announcements scrapped or amended:

  • National Insurance – the temporary 1.25% increase in NICs will be reversed from 6 November 2022, and the 1.25% Health and Social Care Levy due to be implemented from April 2023 will no longer be introduced.
  • Stamp Duty – no Stamp Duty will be due on the first £250,000 of a property’s value, rising to £425,000 for first-time buyers.
  • Bankers bonuses – the rules on the limit of bankers bonuses will be scrapped.

A new statement, referred to as the Medium-Term Fiscal Plan, is planned for 31 October where the new Chancellor will publish the government’s fiscal rules alongside an Office for Budget Responsibility forecast, together with what are described as ‘further measures’.

Phone us on 01892 891902 or contact us to talk about your financial plans