Kwasi Kwarteng pledged to “turn the vicious cycle of stagnation into a virtuous cycle of development” as he set out the vision of the new government. UK economy.

Universal Credit changes in today’s Money Budget

The change means more people receiving benefits will have to meet regularly with their work coach, take steps to increase their earnings and face benefit cuts if commitments are not met.

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People on Universal Credit will now be expected to meet regularly with a work coach to take further steps to find work and increase pay.

This is expected to force 120,000 Universal Credit claimants to take proactive steps to find work.

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The chancellor confirmed ahead of his mini-budget that increases in national insurance introduced by Boris Johnson’s government to pay for social care and tackle the NHS backlog would be withdrawn.

The cap on banker’s bonus was lifted.

The Chancellor is Kwasi Kwarteng The cap on bankers’ bonuses was removed.

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Announcing his mini-budget in the House of Commons, the chancellor said the UK economy depended on a “strong financial services sector”.

He confirmed that the UK government would scrap laws that limit bankers’ bonuses.

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This cap was introduced in the European Union in 2014 after the global financial crisis.

It capped the amount a banker could be paid in bonuses, capped at twice their annual salary unless shareholders agreed.

Chancellor Kwasi Kwarteng, concluded: “For too long in this country, we have been engaged in a fight over redistribution. Now, we need to focus on development, not how we tax and spend.

“We will not apologize for managing the economy in a way that increases prosperity and quality of life. Our focus is on making the UK more competitive globally – not losing out to our rivals overseas.

The Prime Minister promised that we will be a tax-cutting government. Today, we have cut stamp duty, we have allowed businesses to keep more of their money for investment, innovation and growth, we have cut income tax and national insurance for millions of workers, We are strictly securing our space. A competitive global economy with low corporation tax rates and low personal tax rates.

“We promised to make development a priority. We promised a new approach for a new era. We promised to unleash the immense potential of this country. Our development plan delivers on all these promises. What is it.

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