UK Mini Budget: What did the UK Mini Budget include and what has changed?

British Prime Minister Liz Truss has unexpectedly reversed her stance on the government’s mini-budget after sacking Chancellor of the Exchequer Kwasi Kwarteng. The UK government is under intense pressure to make changes after several days of turmoil in the markets.

Newly appointed UK Finance Minister Jeremy Hunt announced on Saturday that some taxes would rise and tough spending decisions were needed, according to a Reuters report.

Mini-budget corporate tax


Stop the April 2023 rise from 19% to 25% in the UK tax rate.


Liz Truss said she will no longer be implementing the change. In April 2023, the UK corporate tax rate will increase.

Liz Truss: Meet the new British Prime Minister

​Liz Truss: Meet the new UK Prime Minister

Income tax


  • Effective April 2023, w will reduce the federal income tax rate.
  • Official statistics reveal that 31 million people enjoy an additional disposable income of £170 each year.
  • The new tax rates in England and Northern Ireland range from 20% to 50% of annual earnings between £12,571 and £50,270.
  • The higher tax rate of 45% has been repealed for citizens of England, Wales and Northern Ireland.


Kwasi Kwarteng reversed the larger rate hike before being sacked. He claimed the elimination of the 45% rate would not happen since it had become a “major distraction” for the rest of the mini-budget.


  • Payment restrictions for Universal Credit have been increased, reducing benefits for people who fail to meet their job search commitments.
  • An additional 120,000 Universal Credit claimants will be forced to seek more jobs or risk having their benefits cut.
  • Additional time with work coaches will be offered to job seekers over 50 to help them integrate into the job market.


What was in the budget?
The mini-budget included revisions to rules for reporting taxes and other benefits.

How can mini-budget tax adjustments affect you?
How Kwasi Kwarteng returns may affect you, including how income tax, stamp duty and national insurance may be affected.

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