Watch again: Chancellor Kwasi Kwarteng delivers mini-budget following Liz Truss’s appointment as PM

Watch again: chancellor kwasi kwarteng delivers mini-budget following liz truss's appointment as pm

The Independent published this video item, entitled “Watch again: Chancellor Kwasi Kwarteng delivers mini-budget following Liz Truss’s appointment as PM” – below is their description.

Kwasi Kwarteng has set out the government’s new approach to the economy in a mini budget – officially known as a “fiscal event” – today, 23 September.

The chancellor announced tens of billions of pounds in both increased spending and tax cuts this morning.

Ahead of the mini budget, Mr Kwarteng had already confirmed that the national insurance hike introduced by Boris Johnson’s government will be reversed.

He is also set to remove the cap on bankers’ bonuses and axe a planned increase in corporation tax from 19% to 25%.

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About This Source - The Independent

The Independent is a British online newspaper. It was established in 1986 as a national morning printed paper. Nicknamed the Indy, it began as a broadsheet and changed to tabloid format in 2003. The last printed edition was published on Saturday 26 March 2016, leaving only the online edition.

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Mary Elizabeth Truss is a British politician serving as Secretary of State for Foreign, Commonwealth and Development Affairs since 2021 and Minister for Women and Equalities since 2019. A member of the Conservative Party, she has been Member of Parliament for South West Norfolk since 2010.

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In This Story: National Insurance

National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families.

Introduced by the National Insurance Act 1911 and expanded by in 1948, the system has been subjected to numerous amendments in succeeding years. Initially, it was a contributory form of insurance against illness and unemployment, as well as eventually provided retirement pensions and other benefits.

Weekly income and some lump-sum benefits are provided for participants upon death, retirement, unemployment, maternity and disability. In order to obtain the benefits which are related to the contributions, a National Insurance number is necessary.

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