2022 Mini Budget - the economic picture

23 Sep 2022

Within his Mini Budget speech, Chancellor Kwasi Kwarteng outlined his vision for a 'new era for Britain' which will focus on driving economic growth.

The Mini Budget is unique in that it was not accompanied by the publication of an economic forecast by the Office for Budget Responsibility (OBR). According to reports, the Treasury received a draft forecast from the OBR but refused to publish the document.

The Chancellor used the speech to announce a new Growth Plan with the 'biggest package of tax cuts in generations'.

The Growth Plan tackles soaring energy costs to help bring down inflation and sets an 'ambitious' target for a 2.5% trend rate of growth. It also introduces new Investment Zones which aim to 'bring business investment and release land for new homes in communities across the country'. Each Zone will offer targeted and time-limited tax cuts for businesses.

Commenting on the Growth Plan, the Chancellor said: 'The tax cuts and reforms I've announced...  – the biggest package in generations – send a clear signal that growth is our priority.

'We want businesses to invest in the UK, we want the brightest and the best to work here and we want better living standards for everyone.'