‘A budget for the 1%’: government accused of huge tax cut for super-wealthy

Kwasi Kwarteng's measures benefit the rich at expense of struggling families, say critics

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The government stands accused of introducing a simply staggering, huge tax cut for richer households" that will leave the super-wealthy laughing all the way to the actual bank", while allowing hundreds of thousands of already-struggling families to fall deeper into poverty.

On Friday, Kwasi Kwarteng, the chancellor, announced a string of tax giveaways and other measures that economists and campaigners claim will hugely benefit the super-rich at the expense of hardworking people.

Scrapping the 45p additional tax rate on earnings above 150,000.

Axing the cap on bankers' bonuses.

Scrapping the planned rise in corporation tax to 25%.

Doubling the stamp duty holiday" on property purchases to 250,000.

Allowing the overseas wealthy to shop duty free anywhere in the UK - not just at airports.

Reversing the 1.25 percentage point rise in national insurance contributions.

Tightening the benefits rules to make it harder for part time workers on universal credit.