'Nothing mini about this Budget': Industry reacts to the largest package of tax cuts in five decades

'No magic money tree'

The government’s £45bn worth of tax cuts will be welcomed by households and businesses struggling with the cost-of-living crisis, but the plans also risk keeping underlying inflation pressure uncomfortably strong, industry experts told Investment Week.

Chancellor Kwasi Kwarteng delivered his Mini Budget this morning, where he outlined sweeping tax cuts to households and businesses, stamp duty changes and several other fiscal policies to target economic growth of 2.5% a year. The Institute for Fiscal Studies said the tax cuts were the largest since the budget of 1972 - which is widely remembered as ending in disaster because of its inflationary effect. "There was nothing mini about this Budget, with the new chancellor announcing more changes to the nation's finances than many previous full-blown Budgets," said Laura Suter, head of pe...