Jeremy Hunt, The Chancellor of the Exchequer, has today scrapped the majority of tax cut plans that were announced in the government’s ‘growth plan’ mini-budget by Kwasi Kwarteng on 22 September 2022.

As part of his ‘Growth Plan’, Kwarteng had set out a number of tax cuts designed to support the growth of the British Economy. However, following widespread criticism and instability in financial markets, Mr Kwarteng was replaced with Jeremy Hunt who has scrapped all of the growth plan changes bar the planned cut to stamp duty and National Insurance. As of today, 17^th October 2022, the only changes still going ahead are:

• NI (health and social care levy) increase of 1.25% has been repealed from 6th November 2022
• Stamp duty 0% threshold increased to £250,000