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.
Kwarteng says a typical energy bill of 2,500 this year is a SAVING of £1,000.
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.
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%.
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.
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.
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.
£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.
New ‘postboxes of the future’ are being rolled out across the UK
Danny Jones
The Royal Mail is starting to roll out its line of so-called “postboxes of the future” across the UK this year, including right here in Greater Manchester.
It has been dubbed the most important and noticeable transformation to the classic British postbox in its entire 175-year history.
The national postal service teased the modern-day upgrade earlier this year, but the revolutionary new upgrade was officially announced this week, with Royal Mail ushering in a new era of digitally-driven units that should make many lives a lot easier – at least in theory.
Although they might look pretty identical to the iconic red boxes since before the turn of the 19th century have used up and down the country, there are marked differences between the new and the old ones.
Credit: Royal Mail
The biggest change made to the Royal Mail’s soon-to-be standard design is a digitally activated drop-down drawer, which will be able to fit parcels as big as a shoebox, hopefully saving us Brits on a fair few trips to the post office.
You will be able to scan a barcode via the updated Royal Mail app to activate the drawer for larger items; meanwhile, there will be a separate slot for letters and smaller packages.
Additionally, the new range of high-tech postboxes will also be solar-powered, helping the public limited company chase its ‘green’ targets.
Now owned by parent firm International Distribution Services (IDS) – who also oversee Parcelforce Worldwide – following the UK government’s approval of its historic sale to Czech billionaire Daniel Křetínský at the end of 2024, the group as a whole is undergoing a significant overhaul.
Britain’s new solar postboxes were first trialled back in April in four towns located throughout the Hertfordshire region: Letchworth Garden City, Ware and Hertford. A fifth was later installed in Fowlmere, Cambridgeshire, too.
Despite being quickly considered a success on the whole, the initial design featured an entirely black top, with polls of civilians and Royal Mail themselves agreeing that keeping them red all over was more in keeping with the brand.
It’s like the old school phone box, isn’t it? We can’t picture it any other way.
📮Attention Postbox Lovers 📮
Royal Mail is upgrading postboxes to accept parcels. They'll gaining a new slot and a solar panel on top
Speaking in a statement, the Royal Mail‘s managing director of ‘out-of-home and commercial excellence’, Jack Clarkson, said: “We are all sending and returning more parcels than ever before.
“This trend will only continue as online shopping shows no signs of slowing, particularly with the boom of second-hand marketplaces. There are 115,000 postboxes in the UK located within half a mile of 98% of addresses, making them by far the most convenient network of parcel drop-off points in the UK.
“Our message is clear – if you have a Royal Mail label on your parcel, and it fits, put it in a postbox and we’ll do the rest.”
The new generation postboxes are now being made permanent in the same locations, with Edinburgh, Nottingham, Sheffield and Manchester next.
Keep your eyes peeled on the streets as they’ll soon be making a debut in your area.
Manchester Christmas Markets 2025 opening date announced – including Albert Square return
Emily Sergeant
Manchester Christmas Markets are merely months away, and the opening date and important details for 2025’s return have been announced.
It’s official… holidays are coming, and the countdown is on.
Just as we do every year, the Greater Manchester public has been eagerly awaiting news of when the city’s iconic Christmas Markets would be making a comeback for the 2025 festive season.
But now, Manchester City Council has announced that the famous wooden huts will be lining Manchester‘s streets once again from the first week in November, and for the first time in six years, Markets will also be returning to Albert Square.
The Manchester Christmas Markets 2025 return date has officially been confirmed / Credit: The Manc Group | Flickr
Now in their 27th year, Manchester Christmas Markets are known and loved for bring thousands of people into the city centre each year to fill up on the fantastic festive treats and to soak up all the Christmas atmosphere.
While restoration work has been carried out on the city’s Grade I-listed Town Hall building, markets have been spread all across the city centre in recent years, instead of the central hub being in Albert Square – but this year, some of the festivities will return to where they belong.
More than 200 stalls will also be spread across nine other sites throughout the city centre.
Markets will take over 10 major locations across the city centre / Credit: Manchester City Council
Promising to be plenty on offer for seasonal shoppers of all ages, 2025 will see the iconic wooden ski chalet market stalls take over King Street, St Ann’s Square, Exchange Street, New Cathedral Street, Exchange Square, Corn Exchange, and Cathedral Gardens, as well as Market Street and Piccadilly Gardens as usual.
Dominating a twinkling seasonal skyline on Albert Square will be an enormous 50-metre-high ferris wheel, as well as an enchanting vintage carousel for children, and other Christmas fairground-style attractions.
The new ‘A Taste of Christmas’ event will be open on Albert Square until Sunday 4 January 2026, bringing the space back into the heart of the city’s countdown to Christmas festivities and staying open throughout the festive season for families to enjoy into the new year.
Councillors are going all out to make Manchester the world’s number one Christmas city / Credit: Manchester City Council
“We’re going all out this year to make sure that Manchester is the number one city for Christmas – not just in the UK, but in the world,” commented Councillor Pat Karney, who is the Christmas spokesperson for Manchester City Council.
Cllr Karney also teased that there are a few other ‘Santa surprises’ to come that we can expect to be announced in the coming weeks.
He concluded: “In the meantime, dust off your baubles, un-twirl your tinsel, and get ready – Albert’s back.”
Manchester Christmas Markets 2025 will officially open across the city on Friday 7 November and close on Monday 22 December.
That is except for A Taste of Christmas on Albert Square, and the stalls at Cathedral Gardens – which will remain open throughout the Christmas period until 4 January 2026.
Danny Jones -
23rd September 2022 
