UK chancellor Kwasi Kwarteng today unveiled a tax-cutting mini-Budget, announcing more than 20 new policies as part of the government’s new "pro-growth agenda".
Kwarteng announced a "new approach for a new era", based on what he said were three pillars of supply-side reform, tax cuts and a responsible approach to public finances. The tax cuts announced are expected to cost £45bn by 2026-27, meaning today’s fiscal event represents the biggest round of cuts in 50 years.
Borrowing will be increased to pay for the cuts, with the government now anticipating that it will raise £234bn from gilt issuance and similar financing in the current financial year, up from a previous figure of £161bn.