Thirteen key takeaways from Mini Budget 2022

2.5% growth, tax cuts and Solvency II

Investment Week summarises 13 of the key points from Chancellor Kwasi Kwarteng’s address to parliament earlier today.

1. Growth target set at 2.5% The government has set a target of reaching a 2.5% growth rate for the UK economy, with a legislative programme of "supply side reforms", which Kwarteng said would allow the UK to transition from a "vicious cycle of stagnation into a virtuous cycle of growth". Average UK real wage growth has been broadly stagnant since the 2008 financial crisis, while GDP growth sat at just 2% until the pandemic began. The UK currently has the lowest rate of business investment in the G7, at just 10% in 2019, compared to the OECD average of 14%. "Weak investment is es...