Kwasi Kwarteng’s mini-budget: key points at a glance

The chancellor has delivered his mini-budget - here are the main points, with political analysis

• Kwarteng scraps top 45% rate of income tax and cuts stamp duty
• Live updates: reaction to Kwasi Kwarteng's mini-budget

Kwasi Kwarteng says his statement will provide the biggest package in generations" of tax cuts to send a clear signal that economic growth is the government's priority.

Kwarteng announces the 45% additional rate income tax band for those earning more than 150,000 will be scrapped entirely.

The 40% higher rate, charged on incomes above 50,271, will remain.

The chancellor will bring forward a cut in the basic rate of income tax from 20% to 19% to April 2023.

Kwarteng confirms the 1.25 percentage point national insurance rise introduced earlier this year will be cancelled from 6 November.

Reversing the tax rise will put 19bn a year back into the economy.

Kwarteng says companies will be able to use this to reinvest, create jobs, raise wages, or pay dividends which support our pensions".

In the current system, there is no stamp duty to pay on the first 125,000 of a property's value. It will be doubled to 250,000.

The threshold for first-time buyers will rise from 300,000 to 425,000.

The maximum property value for first-time buyers' relief will rise from 500,000 to 625,000.

IR35 rules - which apply to contractors - will be simplified to remove unnecessary complexity and cost" for businesses.

Planned increases in duty rates for beer, wine and cider will be cancelled.