A cost of living budget, for bankers

The Chancellor, Kwasi Kwarteng MP, has today delivered an inequality budget - with sops to big business and the wealthy at a time when ordinary people are struggling.

His decision to slash the top rate of income tax from 45% to 40% while cutting national insurance will disproportionately benefit people on higher incomes at a time when many families are being forced to choose between heating and eating.

His move to reverse a planned increase of corporation tax on the profits of the biggest companies comes as BP and Shell profit off the back of a cost of living crisis.

The cuts to  stamp duty will inflate an already over priced housing market, putting housing out of reach for increasing numbers of people.

Tax Justice UK Head of Advocacy, Tom Peters, said: “This banker’s budget is an insult to the millions of people facing bills that are too high to pay, having to cut back on essentials, or waiting months for a hospital appointment. 

“Instead of cutting taxes for big business and those on higher incomes, this government should be closing the loopholes open to the rich and powerful to fund the public services that we all rely on.

“They should also stick to raising tax on big companies and asking those with wealth who are protected from the cost of living crisis to pay their share.”