Kwasi Kwarteng promised today to “transform the vicious circle of stagnation into a virtuoso cycle of growth” when he presented the new government’s approach to the UK economy on a mini budget.
The planned alcohol tax increase is to be frozen for another year.
Reforms to modernize alcohol taxes are also moving ahead, and the government has said it will publish a consultation on these plans.
The Chancellor said: “Our urge to modernize also extends to the alcohol tax. I have listened to industry concerns about ongoing reforms. I will therefore introduce an 18-month transitional arrangement for the wine tax.
“I will also be expanding the strain relief to cover smaller kegs of 20 liters and up to help smaller breweries. And during this difficult time, we will not increase alcohol tax rates in line with the RPI.
“As such, I can announce that the planned increases in tariffs on beer, cider, wine and spirits will all be scrapped.”
Economic growth isn’t an academic term with no relation to the real world—it means more jobs, higher wages, and more money for the public services we all use.
— HM Treasury (@hmtreasury) September 23, 2022
The Chancellor also said VAT-free shopping would be introduced for overseas visitors.
Stamp Duty Cut and Universal Credit changes announced
That’s what the new Chancellor said this morning in the House of Commons Stamp duty changes would mean that 200,000 extra people would now avoid paying the tax.
Mr. Kwarteng said: Home ownership is the most common way for people to own an asset, thereby participating in the success of our economy and society.
“To support growth, boost confidence and help families who want to own their own home, I can announce that we are reducing stamp duty. Under the current system, no stamp duty is payable on the first £125,000 of the value of a property. We’re doubling that – to £250,000.”
Changes were also made universal creditwhich means that applicants have to put in more effort to find work.
The change means more people who receive the benefit will need to meet regularly with their work coach, take steps to increase their income, and face benefit cuts if commitments are not met.
https://www.theargus.co.uk/news/22569077.planned-rise-alcohol-prices-frozen-duty-rise-scrapped/?ref=rss Planned alcohol price hike frozen after tariff increase scrapped