Friday evening news briefing: Impact of mini-Budget on your money

·6 min read
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Evening Briefing logo

Good evening. Chancellor Kwasi Kwarteng has announced the biggest raft of tax cuts for half a century. Read on for the key points from today's mini-Budget – and a calculator for how they impact your finances. But, first – the headlines...

Evening briefing: Today's essential headlines

Wolf Hall author dies | Dame Hilary Mantel, the award-winning writer, has died "suddenly yet peacefully" aged 70. She was best known for her epic Wolf Hall Trilogy. Broadcaster James Naughtie, chairman of the 2009 Booker Prize judges, writes that the "brave, brilliant and brutal" author "made history sing". And read The Telegraph's obituary.

The big story: Chancellor's tax cuts in mini-Budget

In the end, he went further than many had expected. Kwasi Kwarteng today unveiled a package of tax cuts worth £45bn, as he set out his plan to boost economic growth.

The Chancellor brought forward a cut to the basic rate of income tax cut, slashed National Insurance contributions, axed a planned increase to corporation tax and announced a permanent cut to stamp duty. Mr Kwarteng also scrapped the 45 per cent additional rate of income tax and lifted a cap on bankers' bonuses.

View the key points from the biggest package of tax cuts in 50 years, which was unveiled in the Commons this morning and will be funded through government borrowing.

Richard Evans breaks down the impact it will have on your money. To easily work out how much the mini-Budget has saved you, simply enter your salary into our tax cut calculator.

The unveiling of the "Plan for Growth" prompted the pound and FTSE 100 to both fall sharply amid concerns the proposals will drive up debt and fuel inflation.

The Institute for Fiscal Studies accused Mr Kwarteng of taking a reckless gamble on the country's finances, warning that he is "betting the house" on the tax cuts.

If you did not catch Mr Kwarteng's statement in full, these are the 10 key quotes that reveal his "new era".

In a special episode of Chopper's Politics podcast, Christopher Hope unpacks the announcement with Gordon Rayner and Tony Diver.

Bonfire of red tape

Remaining EU laws are to be torn up by the end of next year as part of the Chancellor's bid to reduce unnecessary costs for British businesses and unleash growth.

Mr Kwarteng said the bonfire of red tape would lead to "a simpler system" that was easier for firms to navigate.

As Matt Oliver reports, he said government departments have been ordered to review all retained EU regulations by December 2023 – by which point they will be "automatically" axed unless they are amended or replaced.

'Breath of fresh air'

In a whirlwind of a statement, Mr Krwarteng effectively rode roughshod over the economic orthodoxy adopted by all Conservative governments since 2010 and tore up his predecessor Rishi Sunak's tax-grabbing legacy in just 30 minutes.

In her analysis, Janet Daley says it was "nothing less than a revolution in the way government used fiscal policy to reinforce a political philosophy".

And Jeremy Warner concludes that it was "a breath of fresh air" that put wealth-creating enterprise back at centre stage.

However, head of personal finance Ben Wilkinson thinks Mr Kwarteng missed one crucial thing… What do you think? Have your say.

Comment and analysis

Around the world: Biden sends secret nuclear warning

The US has been sending secret messages to Russia to warn that it will face grave consequences if it conducts a nuclear strike in Ukraine. Deliberately vague, the memos are designed to keep the Kremlin guessing over how Joe Biden, the US President, would respond. The revelation emerged after Vladimir Putin, the Russian president, issued a threat to retaliate with nuclear weapons. It came as sources exclusively told The Telegraph that Moscow-backed forces are going door-to-door armed with machine guns forcing Ukrainians to vote in "sham" referendums that will annex newly occupied areas to Russia.

Friday interview: Up close with culture's most fearless protesters

A decade of Kremlin repression – and Western disdain – has not quashed Pussy Riot's spirit. The Russian band tell Colin Freeman what drives them to not stop taunting Vladimir Putin. Read the interview

Sport briefing: Raducanu looks back to her best

While the tennis world's eyes are glued to Roger Federer's imminent farewell, Emma Raducanu has been enjoying herself 5,000 miles away in the South Korean capital, Seoul. Playing world No 51 Magda Linette in today's quarter-final, Raducanu dropped only four games. Tennis correspondent Simon Briggs says it was a telling moment, because it carries her to her first semi-final since last year's US Open breakthrough – and her first in any WTA event. In cricket, follow the latest updates as Pakistan host England in the third T20 international.

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Business briefing: Guardian director quits in protest

In news aside from today's mini-Budget, The Guardian is embroiled in a renewed governance row after a director quit in protest at the influence wielded by its editor to ensure her choice was installed as chief executive. Anders Jensen is understood to have resigned from the board of Guardian Media Group just two years into his tenure because he was alarmed by the standards of scrutiny during the recruitment of Anna Bateson as chief executive. Meanwhile, furniture retailer Made.com has announced plans to cut more than 200 jobs and put itself up for sale.

Tonight starts now

Nations League | England face Italy in Milan tonight – their penultimate game before the World Cup in Qatar. Manager Gareth Southgate said he is willing to put his reputation on the line to back Harry Maguire, but the defender's place in the squad will become complicated if he continues to sit out games at club level. Chief football writer Sam Wallace examines if he will be able to take the lifeline. Kick off is at 7.45pm. Follow live coverage. With just one more game (against Germany at Wembley next Monday) before the World Cup, our writers pick their 26-man squad.

Three things for you

And finally... for this evening's downtime

Flying high? | Across the Channel, there are whispers of a ban on emissions-spewing private jets by 2030. Should the UK follow suit? Amanda Hyde argues that the French have the right idea when it comes to private jets. Do you agree? Join the debate here.

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