Aylesbury MP says mini budget allows families 'to keep their hard-earned money'

The Chancellor unveiled his growth plan for the UK, notably announcing an income tax reduction.

Mr Kwarteng abolished the 45% rate of tax for the top earners in the country, which is now capped at 40%.

Also, the Chancellor removed the cap on bankers’ bonuses, reversed plans to increase corporation tax from 19% to 25%.

Stamp duty has been cut, with the threshold being raised for when homebuyers are taxed.

He also reversed 1.25 percentage point rise in national insurance announced by the previous Chancellor in April.

And revealed plans to tighten the benefits rules further scrutinising people who are claiming universal credit as part time workers.

Aylesbury MP Rob Butler has welcomed the plans stating it will benefit people in his constituency.

The Aylesbury MP has highlighted the fact that home prices in Buckinghamshire are above the national average and therefore people will benefit from stamp duty and National Insurance changes.

Since Friday’s announcement the value of the pound has plummeted.

Its value has never been lower when compared to the US dollar, calculations reported today (26 September), shows the pound has reached its lowest value since 1971.

When the markets opened in Asia this morning the value of the pound fell further mirroring a similar trend seen on Friday.

Elsewhere, Mr Kwarteng’s changes were criticised as being only beneficial to the richest people in the UK.

This is especially prevalent at a time when many people in the country are navigating a cost of living crisis.

Inflation has risen to record levels in the past 12 months in the UK, while soaring energy bill costs have many people worried about how they will heat their homes this winter and pay for other essentials.

First minister of Scotland Nicola Sturgeon tweeted: “The super wealthy laughing all the way to the actual bank (tho I suspect many of them will also be appalled by the moral bankruptcy of the Tories) while increasing numbers of the rest relying on food banks - all thanks to the incompetence and recklessness of this failed UK gov.”

Speaking before the dramatic fall in the pound’s value, Aylesbury’s MP said: “In the face of rising energy prices and cost of living pressures it is absolutely right that this Conservative Government under new PM Liz Truss has come forward with a major support package and a plan for growth.

“I warmly welcome the plans set out today, including cuts to National Insurance contributions, Income Tax and Stamp Duty, which will be of particular benefit in Buckinghamshire where house prices are much higher than the national average.

“These changes will all help families to keep more of their hard-earned money.

“Only the Conservatives can be trusted to make the reforms we need to grow our economy – delivering higher wages, lower taxes and more money for our public services.”

At the time of writing the Government hasn’t commented on the movement in the international market.