Mini Budget 22: Treasury warned that spending support could 'dent long-term financial resilience'

What to expect on Friday

The government’s Mini Budget plans to help households and businesses with the rising cost-of-living will be welcome in the short-term, but increased government borrowing could dent the UK’s long-term financial resilience, the industry has warned.

New chancellor Kwasi Kwarteng is set to address MPs about how the government plans to grow the economy by 2.5% a year in a fiscal statement, or Mini Budget, on Friday (23 September). In his speech to the House of Commons, he is expected to unveil a package of tax cuts, as well as how it will pay for an energy price guarantee for households and businesses, in an effort to limit the impact of the spiralling cost of living. Tax cuts The government's ‘growth plan' is likely to give away around £30bn of tax cuts, equal to over 1% of GDP, with the scrapping of the 1.25% National Insurance...