Mini-budget? Fiscal event? Whatever you call it, Kwarteng statement likely to mean big change for UK economy

Chancellor Kwasi Kwarteng is now on his feet in the Chamber of the House of Commons delivering the new Government’s highly anticipated update on “Trussonomics” and their economic plans for tax cuts to stimulate economic growth in it’s mini-budget (not that there’s anything ‘mini’ about it of course!).

Whilst some of the news such as the reversal of NI insurance hikes has already been revealed, whatever you want to call it, Kwarteng’s announcement is likely to be of great significance with more than 30 different policy changes anticipated – many of which such as stamp duty changes – have been strongly rumoured.

Following the Bank of England’s 0.5% rate hike yesterday in the battle against inflation, it’ll certainly be interesting to see what Chancellor Kwarteng actually reveals today. The announcements are likely to be highly relevant to financial advisers and planners, working to help their clients steer a financial path through today’s tricky economic conditions. No doubt we can expect the usual surprise “rabbit out of the hat” announcements too.

IFA Magazine will be keeping you posted throughout the day on the announcements as well as sharing experts’ opinions on what the implications of the Kwarteng statement (whatever you call it) are likely to be.

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