Martin Lewis Kwasi Kwarteng Liz Truss Britain cycling Martin Lewis Kwasi Kwarteng Liz Truss Britain

LIVE Mini Budget announcement updates as Kwasi Kwarteng to unveil tax cuts amid cost of living crisis

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Chancellor Kwasi Kwarteng will deliver a mini-budget statement today at 9.30am in the House of Commons. It is understood that the government will announce a variety of tax cuts to help drive up economic growth and tackle the cost of living crisis plaguing the UK.

Prime Minister Liz Truss is expected to fill her pledge of immediately cutting corporation tax and Stamp Duty. Today's announcement will be different from the regular Autumn Budget and Spring Statement which usually brings major economic measures.

Instead, today's mini-Budget is an emergency response to the rising cost of living crisis. Mr Kwarteng is expected to tell the House of Commons: “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. Read more: Martin Lewis issues important warning about new energy guarantee in emergency live show “We are determined to break that cycle.

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