Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Mini-budget 2022 highlights: a summary of the key points

by September 23, 2022
September 23, 2022
Mini-budget 2022 highlights: a summary of the key points

Here are the main points of Kwasi Kwarteng’s fiscal statement on the government’s economic plan to drive down inflation and cut taxes to bolster growth.

Energy bills

Energy bills for households have been capped at an average of £2,500 a year for two years, a £1,000 saving at current energy prices.

Bills have also been capped for six months for businesses, charities and public sector organisations such as schools and hospitals from October.

An energy markets financing scheme will allow banks to be funded to provide emergency liquidity to energy traders. The cost of the energy measures will be £60 billion for the six months from October.

Taxes

The planned rise in corporation tax from 19 per cent to 25 per cent from next April has been scrapped to support business investment. At 19 per cent it is the lowest in the G20. It is an attempt to help to stop Britain from appearing unattractive to businesses that might otherwise set up operations in the European Union or the United States.

Growth

The government is aiming to achieve a trend growth rate of 2.5 per cent for the UK economy.

Legislation is to be introduced to accelerate the delivery of around 100 major infrastructure projects, including transport, energy and digital schemes, to reduce unnecessary bureaucracy in the system and help drive growth.

The government is in talks with 38 local and mayoral combined authority areas in England to set up new investment zones. The zones will offer targeted and time-limited tax cuts for businesses in a bid to increase productivity and create jobs. Work will also begin with Scotland, Wales and Northern Ireland to agree zones in these locations.

The annual investment allowance for businesses will be permanently set at its highest level of £1 million from April 1 nest year. This will give 100 per cent tax relief to businesses on their plant and machinery investments up to the level of £1 million.

Read more:
Mini-budget 2022 highlights: a summary of the key points

0
FacebookTwitterGoogle +Pinterest
previous post
Chancellor scraps 45p top rate of income tax
next post
Racecourse takings jump post-Covid

You may also like

James Cleverly to make landmark China visit in...

August 29, 2023

Business Development: Dark Art or Business Essential?

August 20, 2024

Durham medical supplier clinches multi-million pound funding boost

February 7, 2025

An incoming MD replacing a founder/outgoing MD –...

February 29, 2024

HMRC calls on businesses to come clean about...

January 5, 2025

UK inflation eases to 9.9% but remains close...

September 14, 2022

Directors could face jail for preventing fraud within...

October 18, 2022

Embracing Sustainability Through Third Party Maintenance

April 18, 2024

Apple reveals Vision Pro AR headset at its...

June 7, 2023

How to Protect Marketing Spend with Ad Verification

November 26, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • DOJ launching grand jury investigation into Russiagate conspiracy allegations: sources

      August 4, 2025
    • Trump’s tariff power grab barrels toward Supreme Court

      August 4, 2025
    • Zenger at 290: The Jury’s Duty to Say No to Government Oppression

      August 4, 2025
    • What Is SameAgeDates? A Closer Look at Presence‑Driven Dating

      August 4, 2025
    • Cryptocurrency Trading: Five Strategies to Strengthen Your Position as a Reputable Broker

      August 4, 2025
    • UAE’s World’s Safest Country Ranking Creates ‘Safety Premium’ in Real Estate Market

      August 4, 2025

    Categories

    • Business (8,661)
    • Investing (2,171)
    • Politics (16,298)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved