What time will Kwasi Kwarteng announce mini-budget with £30bn in tax cuts on Friday?
Now that the national period of mourning for Her Majesty the Queen is winding down, the week ahead is slowly returning to politics in Downing Street.
As a result, Liz Truss’s government is expected to reveal an emergency mini-budget, outlining key economic strategies that the new Prime Minister was grilled on during her campaigning.
Here’s what the new Mini Budget is and what we can expect to see when it is announced.
What is the mini-Budget?
The mini-budget is an unofficial term but is essentially a plan for how Ms Truss’s new government will approach the economy.
The budget is expected to include measures to help individuals and businesses cope with the cost of living crisis.
The Chancellor of the Exchequer, Kwasi Kwarteng, is expected to confirm big announcements, such as a reversal of the national insurance increase, scrapping the planned rise in corporation tax and removing green levies. This is estimated to amount to £30 billion in tax cuts.
These tax cuts could, however, breach the fiscal rule that requires national debt to fall as a share of national income between 2024 and 2025.
While it will not be as detailed as the Spring Budget laid out by former chancellor Rishi Sunak, it will give an idea of how Truss and Kwarteng plan to approach the economy and is expected to outline a big shift in strategy.
When is the mini-Budget?
The mini-budget will be announced by Kwarteng on Friday September 23.
Although there is no confirmed time, such announcements usually take place between mid-morning and early afternoon.
On the same day as the mini-budget, business secretary Jacob Rees-Mogg is expected to set out further details of the government’s plans to help businesses during the energy crisis.
In addition, health secretary and deputy PM Thérèse Coffey will outline her winter vision for the NHS on Thursday September 22.
What time is the mini-Budget?
Parliament will sit at around 9.30am to listen to details of the fiscal event.