The Chancellor has been widely criticised for delivering a mini-budget that is "unashamedly for the rich" after he outlined measures to get Britain through the cost-of-living crisis.
Deploying the much-maligned theory of trickle-down economics, Kwasi Kwarteng abolished the top rate of income tax for the highest earners as he spent tens of billions of pounds in a “gamble” to promote growth.
From April, the 629,000 earners getting more than £150,000 a year will no longer pay the top income tax rate of 45 per cent and will instead pay the 40 per cent applicable to those on over £50,271.
He also axed the cap on bankers' bonuses and added restrictions to the welfare system, arguing that tax cuts are “central to solving the riddle of growth”.
A whopping 120,000 people on Universal Credit will now have to take active steps to seek more and better-paid work or face having their benefits reduced.
Responding to the announcement,
reporter Pippa Crerar described it as an "unashamed budget for the rich".
https://twitter.com/PippaCrerar/status/1573236429945458688?s=20&t=OWjVn2kkgT7LvdE9TeUB0g
Former Labour leader Jeremy Corbyn and former Shadow Chancellor John McDonnell also made their thoughts known.
https://twitter.com/johnmcdonnellMP/status/1573238097579749376?s=20&t=zuUSG87A3lmA5CQ93FGyxA
https://twitter.com/jeremycorbyn/status/1573251593230852096?s=20&t=7LlAzh1zyl12Viow9o1bNw
While Jo Maugham did some number crunching to find that those earning a million pounds a year will have £54,400 extra in their pockets, while for those earning £25,000, the equivalent figure is about £280.
https://twitter.com/JolyonMaugham/status/1573243112956301312?s=20&t=L_1YJTPF_6VX-QuxC9YmdQ
