Kwarteng scraps top 45% rate of income tax and cuts stamp duty

Chancellor abolishes cap on banker bonuses, cuts basic income tax and national insurance in mini-budget that favours top earners

• Kwasi Kwarteng's mini-budget: key points at a glance
• History would suggest hefty tax giveaway is huge gamble
• What does stamp duty cut mean for homebuyers?
• Mini-budget 2022: what does it mean for your money?

Kwasi Kwarteng has bet the government's re-election in 2024 on the biggest tax cuts in 50 years after the UK chancellor announced reductions in the top 45% rate of income tax, national insurance and stamp duty worth 45bn.

Facing accusations of a class war" mini-budget that rewarded the rich more than those on lower incomes, Kwarteng said his efforts to boost growth and energise the economy included helping all households after he brought forward a planned 1p cut in the basic rate of income tax from 2024 to next year.