Kwasi Kwarteng COST UPS Provident NIC Kwasi Kwarteng

Mini-budget 2022: what does it mean for your money?

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The chancellor, Kwasi Kwarteng, has announced a sweeping package of measures in his mini-budget, includinga swathe of tax cuts that will have a huge impact on millions of people’s finances.

Here we look at what the main announcements mean for household finances.The basic rate of income tax is being cut by 1p in the pound from next April – a year earlier than planned – taking it down to 19%.The Treasury said the £5bn-plus move would “mean 31 million people will be better off by an average of £170 per year” in 2023-24.

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