Mini Budget 22: Chancellor to unveil plans to lower taxes and set out environmental regulation reforms

In a bid to ‘break the cycle of stagnation’

Chancellor Kwasi Kwarteng is set to unveil the ‘Growth Plan’, a package of over 30 measures to tackle high energy bills, drive down inflation and cut taxes 'to promote economic growth', in its Mini Budget statement at 9.30am today.

Some of the measures announced will include lowering taxes for businesses in new investment zones and cutting environmental regulation "to encourage business investment, drive growth, create jobs, improve living standards and promote confidence in the UK economy", the Treasury said. "Growth is not as high as it needs to be, which has made it harder to pay for public services, requiring taxes to rise. This cycle of stagnation has led to the tax burden being forecast to reach the highest levels since the late 1940s," Kwarteng will say in his speech. "We are determined to break that cycl...