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.
Smoke billows across Manchester city centre as historic mill goes up in flames
Daisy Jackson
Smoke is billowing across the Manchester skyline this evening after a huge fire has struck the historic Hotspur Press building.
The former mill just off Whitworth Street West has gone up in flames, with smoke seen for miles.
People have been sharing pictures and videos of the blaze from all over the city centre.
The Hotspur Press stands just below the train lines between Manchester Oxford Road and Deansgate train station, meaning that the fire has caused significant travel disruption.
BREAKING 🚨 Huge fire in Manchester city centre right now – historic Hotspur Press is ablaze with major disruption to trains out of Oxford Road #manchester#mcrpic.twitter.com/SnA52oiqxm
Trains out of Manchester Oxford Road are currently all showing as delayed.
The building was set to be redeveloped into a student accommodation tower block, with a recent planning application requesting to change the original consented brick cladding to an aluminium façade. A large emergency services response is on the scene.
A spokesperson for Greater Manchester Fire and Rescue Service (GMFRS) told The Manc: “Firefighters are currently tackling a large fire at the derelict Hotspur Press building on Cambridge Street in Manchester. An evacuation of the neighbouring apartment buildings is taking place.
“The public are advised to stay away from the area while crews continue to tackle the fire.”
A further update from the Greater Manchester Fire and Rescue Service at around 7pm said: “Crews are working hard to tackle the fire at the Hotspur Press building. 20 fire engines from stations across Greater Manchester are at the scene, where three floors of the building are alight. Multiple jets and the air unit are in use to prevent the spread of the fire.
“All floors of the two apartment blocks at 1 Cambridge Street have been evacuated.”
National Rail has said: “There is a fire next to the track at Manchester Oxford Road, closing all lines at this station. As a result, trains may be cancelled, severely delayed by up to 100 minutes or revised.
“If you are travelling this evening, your train may not run its full route and may terminate / start from a different station.
“Please check before you travel as major disruption is expected to continue until the end of the day.”
As the police cordon has expanded, local businesses have been impacted – Bunny Jackson’s on First Street has been evacuated and is closed.
They shared: “We have had to evacuate due to a fire near by! We’re unsure of when we will be able to reopen. Safety first, folks!”
Plumes can be seen for miles, with residents in Salford, Hyde, Bolton, and further afield reporting sightings, including some even in Cheshire – fair to say it’s one of, if not the largest, fire in Manchester city centre for some time.
Witnesses have said that crowds are now being cleared from the area due to a risk of asbestos.
A witness at the scene told The Manc that a police officer wearing a mask was urging bystanders to exit the vicinity immediately, stating that “smoke is asbestos-contaminated because of the roof.”
If nearby, please keep away and urge others to stay safe.
Nearby apartments and buildings are being evacuated, and trains have been hit with heavy disruption due to Oxford Road station being in such close proximity.#GreaterManchesterpic.twitter.com/0mkxEJAj98
Government launches ‘urgent’ review into NHS maternity and neonatal care services
Emily Sergeant
A rapid national investigation into NHS maternity and neonatal services has been ordered by the Government.
Health and Social Care Secretary Wes Streeting says this Government inherited a situation from the previous government where issues in maternity and neonatal care had been ‘ongoing for some time’, and now he wants to ‘provide truth and accountability’ to address systemic problems that date back more than 15 years.
Although a series of independent reviews into local trusts in the past had found some similar ‘failings’, including the failure to listen to women, concerns over safety, and issues with leadership and culture, this new national investigation will be going further than ever before.
The investigation will urgently look at the worst-performing maternity and neonatal services in the country, and bring together the findings of past reviews into one clear national set of actions.
The aim is to ensure every woman and baby receives high-quality and compassionate care, with the investigation consisting of two parts.
📢 National maternity and neonatal investigation to be launched
Too many families have suffered preventable harm.
The investigation will urgently look at services with specific issues and the entire maternity system, making sure each family receives safe and compassionate care. pic.twitter.com/J8XkwGM9dN
— Department of Health and Social Care (@DHSCgovuk) June 23, 2025
The first part will urgently investigate up to 10 of the ‘most concerning’ maternity and neonatal units across the country to give affected families the answers they deserve as quickly as possible.
The second will then undertake a system-wide look at maternity and neonatal care to bring together lessons from past inquiries to create one clear national set of actions to improve care across every NHS maternity service.
Alongside the launch of the national investigation today, the Government has also announced that it will be establishing a ‘National Maternity and Neonatal Taskforce’ that’s set to be chaired by the Secretary of State for Health and Social Care, and made up of a panel of esteemed experts and bereaved families.
The taskforce will mainly address several issues facing maternity care in England.
One area of focus will be addressing the devastating inequalities that women from Black, Asian and deprived backgrounds face, while another area will be a look at a lack of compassionate care and concerns over safety.
The Government has launched an ‘urgent’ review into NHS maternity and neonatal care services / Credit: Jimmy Conover (via Unsplash)
“I know nobody wants better for women and babies than the thousands of NHS midwives, obstetricians, maternity and neonatal staff,” commented Health Secretary Wes Streeting, as the urgent review was launched today. “And that the vast majority of births are safe and without incident, but it’s clear something is going wrong.
“That’s why I’ve ordered a rapid national investigation to make sure families get the truth and the accountability they deserve, and ensure no parent or baby is ever let down again.
“I want staff to come with us on this, to improve things for everyone.
“We‘re also taking immediate steps to hold failing services to account and give staff the tools they need to deliver the kind, safe, respectful care every family deserves.
“Maternity care should be the litmus test by which this Government is judged on patient safety, and I will do everything in my power to ensure no family has to suffer like this again.”
Danny Jones -
23rd September 2022 
