Kwasi Kwarteng today pledged to “turn the vicious cycle of stagnation into a virtuous cycle of development” as he set out the vision of the new government. The UK Economy in the Mini Budget.
Planned alcohol duty increases are to be frozen for another year.
Reforms to modernize alcohol duty will also be pushed forward and the government has said it will publish a consultation on the plans.
The chancellor said: “Our drive to modernize also extends to alcohol duty. I have heard the industry’s concerns about ongoing reforms. That is why I will be introducing an 18-month transitional measure for wine duty.
“I will also extend draft relief to cover small kegs of 20 liters and over, to help small breweries. And, in these difficult times, we will increase alcohol duty rates in line with RPI. will not give
“I can therefore announce that the planned increase in duty rates for beer, cider, wine and spirits will all be cancelled.”
Economic growth is not an academic term with no connection to the real world – it means more jobs, higher wages and more money for the public services we all use.
— HM Treasury (@hmtreasury) 23 September 2022
The Chancellor also said that VAT free shopping will be introduced for foreign tourists.
Stamp duty cuts and Universal Credit changes announced.
The new chancellor said this morning while speaking in the House of Commons Change in stamp duty This means an extra 200,000 people will now avoid paying tax.
Mr Kwarteng said: Home ownership is the most common way people hold assets, contributing to the success of our economy and society.
“So, to support growth, boost confidence and help families wanting to own their own home, I can announce that we are reducing stamp duty. Under the current system, the first £ of property value is There is no stamp duty to pay on 125,000.We are doubling that – to £250,000.
Changes were also made in Universal Creditmeaning claimants must make a concerted effort to find work.
The change means more people receiving benefits will have to meet regularly with their work coach, take steps to increase their earnings and face benefit cuts if commitments are not met.
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