The Chancellor of the Exchequer, Kwasi Kwarteng, has delivered his 2022 mini-budget in an attempt to address concerns surrounding the ongoing cost of living crisis.
While significant tax cuts were already predicted ahead of the crucial economic update, many people across the country may have been surprised by the sheer extent of measures announced by the chancellor across the board.
Energy
Addressing the subjects on everyone’s mind early on, Kwarteng stated that the annual price of energy for UK households will now be limited to £2,500, resulting in savings of around £1,000 against the projected figures following the most recent energy cap.
He also confirmed that the £400 energy discount is still in place, with the most vulnerable homes receiving even more in government support. Some are less than convinced that any real ‘savings’ will be made.
Earlier this week, the government announced that they would be halving energy bills for businesses over the next six months. Today he confirmed that a relief scheme will be put in place, as well as an “energy market finance scheme” which will offer liquidity to traders.
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Similar relief will be afforded to schools and charities.
Lending and inflation
The hope is that this overall energy plan will reduce inflation, which currently sits at 9.9% based on August’s figures, to 5% and see the trending rate of annual financial growth to 2.5%.
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Not only does the government believes this will lower the wider cost of living pressures but also free up finances to help better fund public services.
The overall energy relief package is said to be costing approximately £60 billion, meaning a significant amount will have to be borrowed from the Bank of England.
Bankers’ bonuses cap and corporation tax hike scrapped
On the subject of banks, one of the most controversial parts of the Kwasi Kwarteng’s update was the announcement that the cap on bankers’ bonuses will be scrapped entirely, arguing that previous measures only led to higher wages and people paying tax in other countries outside of the UK.
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Next year’s scheduled corporation tax increase from 19% to 25% is also going to be scrapped, the rationale being that “low tax encourages investment” both domestically and from overseas.
Once again, people are less than impressed that the nation’s highest-earners appear to be the ones benefiting the most from government policy.
This is a Bankers’ Budget:
– Scrapping the cap on bonuses – Slashing tax for the top 1% of earners – Cutting tax on big businesses' profits
When millions urgently need help with the cost-of-living crisis, the Tories are helping out their super-rich mates.#EnoughIsEnough
The chancellor also said that the government are committed to removing further enterprise barriers caused by EU regulation, hoping to streamline “planning restrictions” across childcare, immigration, agricultural productivity, and digital infrastructure.
He sighted energy, telecoms and travel as key problem areas hamstrung by red tape.
However, he conversely criticised the ongoing strike action across the country and said that they plan to imitate other countries by introducing legislation to ensure minimum level service resumes.
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Tax cuts
Elsewhere, businesses in nearly 40 different ‘designated zones’ have been promised tax cuts for the next 10 years and no stamp duty on new premises. Speaking of which, as of today, no payment will be required on the first £250,000 of a property’s value, with first-time buyers paying zero on the first £425,000.
In fact, it looks as though the overall tax system is set to be reviewed once again. Not only are previous corporation tax and stamp duty plans being scrapped but income tax, alcohol duty and more are all being reexamined as part of the not-so mini-budget.
Alcohol duty is set to be frozen in February, meaning that Brits can expect to save around 7p per pint, 38p per bottle of wine and £1.35 on spirits. VAT-free shopping is also due to be introduced for overseas visitors, with aim of increasing revenue from tourism.
Kwarteng also confirmed that the basic rate of income tax will be cut by 1p to 19p from April 2023, with the 45p tax rate for those earning over £150,000 will be abolished from the same time next year.
This is said to be the biggest series of tax cuts in 50 years.
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£45 billion of tax cuts. This is biggest tax cutting event since 1972. Barber's "dash for growth" then ended in disaster. That Budget is now known as the worst of modern times. Genuinely, I hope this one works very much better.
Despite the ‘real’ living wage being increased by 10% in an attempt to try and curb rising costs in almost every other walk of life, it goes without saying that the UK faces an extremely difficult period ahead as energy costs continue to rise, post-Brexit prices keep rising and we approach the ever expensive winter months.
The shadow chancellor Rachel Reeves told the Financial Times that regardless of the measures announced today, both the mini-budget and Liz Truss’ appointment as Prime Minister represents “another zigzag on a path of policy failure” rather than any real sign of change.
Casemiro is leaving Manchester United at the end of the season
Danny Jones
Manchester United player Casemiro has confirmed that he will be leaving the club when his contract expires at the end of the season.
The veteran CDM and European footballing legend joined Man United back in 2022 for around £70 million from his former team, Real Madrid, where he won everything over the best part of a decade.
Now, Old Trafford fan favourite ‘Cas’ (full name, Carlos Henrique José Francisco Venâncio Casimiro) is set to leave United following the expiration of his current and highly lucrative deal this summer.
Announcing his pending departure in an emotional video, the seasoned Brazilian midfielder admitted that he feels the time is right to leave the club – but not before giving his “everything” in the remainder of the current campaign.
Writing in the caption of the social media post, Casemiro said: “Knowing when stages come to an end. Knowing when to say goodbye when you feel that you will be remembered and respected forever.
“Four months to give my all for this badge and for our goal. Eternal respect and affection for Manchester United and its wonderful fans. Forever Red Devil.”
Responding underneath the partnered post, the club simply wrote: “Once a Red, always a Red.”
Now 33 years old and already being accused of being ‘over the hill’ even when he first landed in Manchester, Casemiro had an impressive first season under Erik ten Hag and quickly became a crucial cog in the squad; arguably, overly relied upon, some would say.
On the other hand, given his age and the fast pace of English football, it’s fair to say he’s done well to keep up with the most competitive league on the planet.
He is also one of the well-paid talents in the Premier League, so while the majority of supporters will be gutted to see him go, the board will still be relieved to see his estimated £350,000-a-week wages taken off the books.
Nevertheless, he is now regularly subbed off around the hour mark for Man United, and it’s not exactly a surprise that he is now preparing to move on. INEOS and their recruitment already look to be searching for reinforcements in the middle of the park.
They are looking to bolster their options as they chase down Champions League qualification
Bringing a wealth of experience and leadership to ten Hag, Ruben Amorim, and now Michael Carrick‘s setup for what’s left of the 2025/26 term, he’s a big presence that will no doubt be missed in the dressing room and on the pitch.
Having scored 21 times in 146 games so far, he will finish the season with more than a century of appearances, and we wouldn’t be surprised if you see him chip in with a few more goals before hanging up his red shirt.
Besides being a serial throughout pretty much the rest of his career, the midfield remains a key point of contention at United, and his departure will no doubt mean more talent will need to be brought in at least by the summer.
You can see more of his farewell announcement video down below.
💬 “I will always carry this club with me. I will always be a Manchester United fan.”
Manchester City are reimbursing fans who travelled to watch their defeat against Bodo/Glimt
Danny Jones
A bunch of Manchester City players are preparing to refund fans who travelled to watch the shock defeat against Bodo/Glimt earlier this week.
In case you missed the surprising score, Man City were on the end of a very unexpected result against the Eliteserien side, losing 3-1 in what was the club’s first-ever win in the Champions League.
More than that, it was also the first time a Norwegian team had won in the competition in nearly two decades, making it a historic night for the nation, albeit one to forget for the Blues.
Following the European upset, as a gesture of goodwill towards supporters, select members of the squad from Pep Guardiola’s so-called leadership group have now pledged to cover the trip made by the dedicated away fans, from the match ticket itself to travel costs.
JUST IN: Manchester City's players are reimbursing fans who watched their Champions League defeat against Bodo/Glimt.
They are covering the cost of match tickets for game which Pep Guardiola's side lost 3-1 🚨
The message from City stars is as follows: “Our supporters mean everything to us. We know the sacrifice that our fans make when they travel across the world to support us home and away, and we will never take it for granted.
“We also recognise that it was a lot of travelling for the fans who supported us in the freezing cold throughout a difficult evening for us on the pitch. Covering the cost of these tickets for the fans who travelled to Bodo is the least we can do.”
Bernardo Silva, Ruben Dias, Rodri and Scandinavian native Erling Haaland, who had a less-than-ideal return to his home country on Tuesday night, are said to be the individuals covering the fees
As per multiple reports, the figure is said to be just under £10k – approximately £9,357 spread across a total of 374 matchgoers, to be specific.
While the club and the players, specifically, have been praised by plenty for what many have labelled as a ‘classy move’, some are suggesting that the statement actually signals the opposite regarding their opponents, who shone on the night.
Scoring twice in quick succession midway through the first half before bagging the third and ultimately decisive goal in the 58th minute, it could have been four or five.
Bodo/Glimt had moments ruled offside and hit the woodwork in both halves.
Despite City pulling one back and showing promise of getting back in the game through Rayan Cherki, that momentum was quickly crushed when the aforementioned and only recently returning, Rodri, was sent off after a second yellow around the hour mark.
Following the arguably equally unexpected blow in the Manchester derby last weekend, it’s been a tough few days for the players and fans alike, but they still stand a chance of beating Arsenal to the Premier League title this season.
You can see the highlights from the Bodo/Glimt vs Man City game here.
Danny Jones -
23rd September 2022 
