Thread by @GuyOpperman

The PM & Chancellors Budget Bazooka - and the new ESG.
A thread 🧵 1/

To paraphrase M and S that was no “ordinary”mini budget. It was the Full Monty.
We have a new ESG

Energy support ✅
Scrapping tax rises ++✅
Growth ✅
2/

Energy:
The biggest thing in the budget.
The key to everything this winter is #energysupport. Without it, lots of businesses go under, we have a big recession, huge personal debt.

On top of @RishiSunak £37 Billion spring package, the PM/Chancellor have stepped in to help👍⬇️ 3/

We are cutting ✂️ Energy bills by around around half.
How? By fixing gas and electricity prices for firms for six months from 1 October, shielding businesses from crippling costs.
Hospitals, schools and charities etc will also get help 4/

This is on top of the multi-billion pound plan to help households with bills for two years. And who is paying for that? The one tax rise in the mini budget is clear - a windfall tax on energy firms as @rcolvile explains ⬇️5/

As @KwasiKwarteng explains the govt have decided to cut your taxes. A lot of them. Starting by scrapping planned tax rises for people and businesses 6/ ⬇️

Scrapping tax rises: ⬇️

From 6th November the government is cutting National Insurance by 1.25 percentage points and cancelling the Health & Social Care Levy.

This will:

✅ Reduce the tax on jobs
✅ Let families keep more of what they earn
✅ Support economic growth 7/

In addition there are a lot of tax cuts. A lot.
The main one is everyone working getting reduced income tax, down from 20% to 19% = a massive saving for the working man and woman 8/

At the same time the planned Corporation Tax increase to 25% has been cancelled.

The rate will stay at 19%, the lowest in the G20. This will definitely promote business investment ➡️ jobs; makes the UK 🇬🇧 more competitive as place for others to set up businesses / invest 9/

The full list of tax cuts is massive - and everyone will benefit ⬇️
It is worth a read to get a full grasp of the help to home buyers, small businesses, investors, and all working people 10/

So we have a massive energy intervention to help households and businesses. More detail here ⬇️ 11/

The energy intervention is by far the most important, but it is clearly part of a package leading to growth and prosperity - notwithstanding Putin- as commentators have noted 12/

The key mantra of @trussliz and @KwasiKwarteng is Growth: and the full growth paper focuses on this in detail, with lots of new plans on investment, employment, home ownership, infrastructure and enterprise. 13/

The full 42 page Growth Plan is here and well worth a read: it makes an overwhelming case for action 14/
assets.publishing.service.gov.uk/government/upl…

There are risks, but two key points apply:
Firstly, our debt to GDP, at present, is below France, Canada, USA, Italy, Japan. 15/

Secondly, doing nothing with the freight train of energy insolvency coming down the track is not an option.
We have to take action, support businesses and households and ensure we grow our way out of trouble. None of this will be easy, but we can do this 🇬🇧👍16/

https://twitter.com/hmtreasury/status/1573245896690647040