Mini-budget reverses NI increase and scraps planned rise in Corporation Tax

The Chancellor, Kwasi Kwarteng, unveiled his mini-budget today to a mixed reception. Two highlights for business are that the recent 1.25% National increase will be reversed from November 2022 (good news for individuals too, of course) and the planned increase in Corporation Tax from 19% to 25% has been scrapped. There’s much more in there, including personal tax cuts, but as usual a budget does not please everyone. On the Budget measures announced, the pound fell to a fresh 37-year low against the dollar, dropping by nearly 2%, as markets reacted to the biggest tax cutting budget in 50 years. UK stocks also slid after Kwasi Kwarteng outlined his series of tax cuts and economic measures in what is a massive shake-up of the country’s finances. There is much more on-line, but you might want to start with the BBC News website   ……. and a more comprehensive business-focused analysis is provided at GOV.UK