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The Tories’ plan to make the rich richer

The mini-Budget slashes taxes for top earners in a bid to boost economic growth.

Kwasi Kwarteng, the Chancellor, presented a mini-Budget today (23 September) whose centrepiece was the biggest tax cuts in decades in an attempt to stimulate the economy. Anoosh Chakelian, Rachel Wearmouth, Rachel Cunliffe and Emma Haslett take us through the announcements that shocked the House of Commons. 

They discuss how these ideological policies will disproportionately benefit the rich; the UK’s precarious financial position as borrowing costs jump; and whether this is a departure from the last twelve years of Tory rule, as was suggested by Rachel Reeves, the shadow chancellor.

In You Ask Us, the team answer Rachel Cunliffe’s question: does this now mean that a post-2009 graduate on £50,000 a year will pay a higher marginal tax rate (including student loan repayments) than someone on £200,000 who went to university for free before tuition fees were introduced?

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Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via saturdayread.substack.com The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via morningcall.substack.com Our Thursday ideas newsletter, delving into philosophy, criticism, and intellectual history. The best way to sign up for The Salvo is via thesalvo.substack.com Stay up to date with NS events, subscription offers & updates. Weekly analysis of the shift to a new economy from the New Statesman's Spotlight on Policy team.
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