Live highlights of announcements made in the Mini-Budget 2022, held on 23 September 2022 by Kwasi Kwarteng, Chancellor of the Exchequer.

The Chancellor repeated details of cuts to energy bills under:

These measures will cost an estimated £60billion.

New measures announced today:

  • The Office of Budget Responsibility (OBR) will report later on in the year (we expect by early November).
  • A new approach to enterprise reforming the supply side of the economy.
  • Planning reforms, including disposal of surplus government land.
  • Employment: cuts to benefits for those who are unemployed and not finding work.
  • Incentives to get over-50s back into work
  • Trade Unions: Legislate to put strike action to a members' vote.
  • Pensions: Accelerate pension fund investment reform.
  • Funding R&D: £500m for new innovative funds.
  • Bankers bonuses: cap lifted.
  • New investment zones: with accelerated tax reliefs for capital expenditure, stamp duty land tax and employers' National Insurance Contributions.


  • Reversal of Corporation Tax rise: to plough £60bn back into the economy.
  • Capital allowances: Annual Investment Allowance (AIA) will remain at £1 million.
  • Company Share Ownership Plan (CSOP): increase in limits.
  • Seed Enterprise Investment Scheme (SEIS): an increase in limits.
  • Wind down of the Office of Tax Simplification.
  • Off-Payroll Working: simplify IR35 and repeal the 2017 and 2021 reforms.
  • VAT: re-introduce VAT-free shopping for overseas visitors.
  • Reforms to alcohol duties: planned duty rate increases to be cancelled.

National Insurance

  • A reversal of the extra 1.25% in National Insurance to apply from 6 November 2022.


  • A reversal of the increase in dividend tax.

Stamp Duty Land Tax (from midnight)

  • The main SDLT threshold is increased to £250,000.   
  • The first-time buyers' relief threholds are increased to £425,000, with an upper limit for relief of £625,000.

Income tax: from next year April 2023

  • Cut the basic rate of income tax to 19%.
  • Higher rate Income Tax of 45% to be abolished.