Kwasi Kwarteng launched the government’s Growth Plan in his first speech to Parliament as the new Chancellor of the Exchequer.
This was heralded as a mini-Budget but there was nothing very “mini” about the fiscal impact of the measures announced. The formal government costings are limited in information with the announcement of an update on the state of the public finances promised by the end of this year.
However, with energy measures set to cost in excess of £60 billion and the tax cuts announced reportedly costing upwards of £45 billion by 2026-27 it seems that the Growth Plan is a major departure from the fiscal policy pursued by previous Chancellors over the past 20 years.
Click on our icons below for a summary of the main measures announced in the Growth Plan 2022.