‘Putting bankers first, families last’: Honiton’s MP responds to today’s mini-budget

Richard Foord MP has issued a response to today's mini-budget after Chancellor Kwasi Kwarteng outlined a series of tax cuts and economic measures in a massive shake-up of the UK's finances. 

Richard Foord is the MP for Tiverton and Honiton. He said: "With this mini budget the Conservatives have shown just how out of touch they truly are. 

"We are facing the worst inflation in decades, rising interest rates, and an economy heading into a recession. Yet they are putting handouts for bankers first and support for local families and pensioners last.

"Huge unfunded tax cuts for corporations and the wealthy are a slap in the face to the millions of families and local businesses unsure how they will be able to cope this winter.

 "I will continue to fight for a fair deal for people and businesses across Devon who are being left high and dry by this government.

"The Liberal Democrats would scrap these unfair tax handouts for banks and other multinational companies that are raking in huge profits, and use that money to help struggling families with their bills instead."

 Main features of the mini-budget

• The basic rate of income tax will be cut to 19 per cent from April 2023
• The 45 per cent tax rate for top earners over £150,000 will be abolished, also from April next year
• The level at which house-buyers begin to pay stamp duty is doubled to £250,000. First-time buyers will pay no stamp duty on homes worth up to £425,000
• Planned rise on corporation tax from 19 per cent to 25 per cent is scrapped
• A 1.25 per cent rise in National Insurance to be reversed from 6 November
• Cap on bankers' bonuses, which limited rewards to twice the salary level, is axed
• Cost of subsidising both domestic and business energy bills will cost £60bn for the next six months
• UK to introduce sales tax-free shopping for overseas visitors

In the hours that followed this morning's announcement, the BBC reported that the pound fell 3% against the dollar.