– Mr Kwarteng started by saying that “help is coming” for people with their energy bills, and that the energy price guarantee will limit the bills for the average household to £2,500.
– The Chancellor outlined government support for businesses and told MPs that the energy bill alleviation scheme will cut wholesale energy costs for all UK businesses, charities and the public sector.
– He said the consensus among “independent forecasters” was that the government’s energy plan “will reduce peak inflation by about five percentage points”.
– Mr Kwarteng said that the Bank of England is taking further steps to control inflation and that the government considers the Bank’s independence “sacred”.
– The government wants a new approach to growsaid Mr. Kwarteng, aiming to achieve trend growth of 2.5% in the medium term.
– Mr. Kwarteng said that the government will set out its fiscal approach more fully in the future and that the Bureau of Fiscal Responsibility will publish an economic and fiscal forecast before the end of the year, with a second in the new year.
– He said the energy package will cost £60bn for the six months from October.
– Mr. Kwarteng said there will be announcements in the coming weeks that will cover “the planning system, operating regulations, childcare, immigration, agricultural productivity and digital infrastructure”.
– The government will legislate to impose new conditions on unions who want to strike, Mr Kwarteng said, requiring unions to vote on wage offers.
– Mr Kwarteng said he would “speed up” reforms to the pension ceiling so that it would no longer apply to “well-designed performance fees”.
– The chancellor announced the government’s plans for new low-tax “investment zones”, which could ease planning rules and cut business taxes to encourage investment.
– Mr Kwarteng confirmed plans to abolish the cap on bankers’ bonuses and, to reaffirm the UK’s status as the world’s center for financial services, the Chancellor said he would “come with an ambitious package later in the autumn will outline regulatory reforms”.
– Mr Kwarteng confirmed that the planned corporate tax increase would be dropped so that the UK would have “the lowest corporate tax rate in the G20”.
– The planned alcohol tax increases will be cancelled, Mr. Kwarteng said, and the government will introduce VAT-free shopping for tourists.
– The Chancellor outlined his desire to make the tax system “simplified” and said he would “phase out” the Office for Tax Simplification.
– The Chancellor confirmed to MPs that the health and social care tax introduced by the Boris Johnson government would be abolished.
– The chancellor said the health and social care levy, and other planned increases in national insurance premiums, would be canceled from “as early as possible” Nov. 6.
– Mr. Kwarteng confirmed a stamp duty cut from Friday, as he told the Commons: “Home ownership is the most common way for people to own a property, giving them a share in the success of our economy and society”.
– Mr. Kwarteng said he will lower the basic income tax rate to 19 pence in April 2023, a year earlier.