Delighted Brits back Kwasi Kwarteng’s key income tax and stamp duty cuts

ONE EDITORIAL USE ONLY. NO SALES. NO ARCHIVING. NO ALTERING OR MANIPULATING. NO USE ON SOCIAL MEDIA UNLESS AGREED BY HOC PHOTOGRAPHY SERVICE. MANDATORY CREDIT: UK Parliament/Jessica Taylor Handout photo issued by UK Parliament of Chancellor of the Exchequer Kwasi Kwarteng delivering his mini-budget in the House of Commons, London. Issue date: Wednesday September 23, 2022. See PA story POLITICS Budget. Photo credit should read: UK Parliament/Jessica Taylor/PA Wire NOTE TO EDITORS: This handout photo may only be used in for editorial reporting purposes for the contemporaneous illustration of events, things or the people in the image or facts mentioned in the caption. Reuse of the picture may require further permission from the copyright holder.

DELIGHTED Brits overwhelmingly back Kwasi Kwarteng’s key income tax and stamp duty cuts, a poll found.

The big thumbs-up came as the bullish new Chancellor vowed to “prove the naysayers wrong” with his tax-slashing mini Budget.

Delighted Brits overwhelmingly back Kwasi Kwarteng’s key income tax and stamp duty cuts, a poll found

Shrugging off his critics — and some Tory MPs who consider his plan to be a dangerous bet — Mr Kwarteng said his blueprint will help everyone “not just the wealthy”.

Writing in HOAR on Sunday, he vowed to finally break “the poisonous cycle of high taxes and sluggish growth”.

The defiant Cabinet minister, who delivered the mini Budget on only his 18th day in the job, added: “I’m on a mission to encourage investment and drive growth, even where that means making hard decisions.”

And PM Liz Truss says their radical plan will usher in a “decade of dynamism”.

In a further boost to small businesses, No10 has widened its start-up loans scheme.

Firms up to three years old — not two — can now apply for up to £25,000 funding.

And new growth loans will be available for companies operating up to five years.

Ms Truss told the Mail on Sunday: “We are now delivering by taking tough choices and doing things differently.

“We will usher in a decade of dynamism by focusing relentlessly on economic growth.”

On Friday, Mr Kwarteng doled out £45billion of tax cuts in the biggest giveaway budget in 50 years.

In a high-stakes gamble — which saw the pound sink to a 37-year-low against the dollar — he bankrolled the plan with a huge borrowing binge.

A Deltapoll survey for HOAR on Sunday found many of his central policies have gone down a storm.

His pledge to slash the basic rate of income tax from 20p in the £1 to 19p from next April, benefitting 31million workers, got the backing of 63 per cent of respondents.

A majority of Labour and Tory supporters like the plan.

Meanwhile, the decision to ditch stamp duty for first-time buyers on homes worth up to £425,000 was approved by 61 per cent of respondents.

And PM Liz Truss says their radical plan will usher in a ‘decade of dynamism’

The move to reverse the 1.25 percentage point hike in National Insurance Contributions was liked by 59 per cent of the 1,553 people surveyed.

Some parts of the mini Budget, however, were far less popular. Just 30 per cent of voters backed the decision to scrap the bankers’ bonus cap.

And even fewer — 28 per cent — approved of the move to do away with the 45p top rate of income tax, which will put more cash in the pockets of society’s top earners.

The Resolution Foundation think-tank said those on a salary of £200,000 a year will have £5,220 more to spend.

People on £20,000, however, will get only another £157.

Those living in the South East are the biggest winners and will, on average, pocket £1,670 by next year.

Households in the North East will gain least, at £470.

Writing in this newspaper, Mr Kwarteng denied his mini Budget was a giant giveaway for the wealthy.

Instead, he promised struggling families his plan for growth will put cash back in their pockets.

He added: “I know it’s a tough economic time for many Sun on Sunday readers, but I want to reassure you that with our growth plan everyone wins.

“This is a plan that cuts taxes for all, not just the wealthy. We have got your backs.

“And with this intervention, we will turbocharge the economy, creating more businesses, jobs and raised living standards which will directly benefit every single person.”

Some delighted Tory MPs punched the air in delight after Mr Kwarteng detailed his mini Budget to the Commons.

One senior Tory said they were delighted to have a ‘proper Thatcherite budget’

One senior Tory said: “I am delighted. Finally, we have a proper Thatcherite budget.”

But others warned it was a punt that may cost the Tories the next election.

One minister crossed his fingers as he said: “It is a huge gamble. If we see growth then it will have worked. It’s a roll of the dice.”

One former minister said: “We are basically saying people getting rich is good for the country.

“That is not a platform anyone elected in the past 20 years has stood on.”

Other critics warned the borrowing spree will mean big spending cuts are ahead.

But Mr Kwarteng’s deputy Chris Philip yesterday hit out at the “politics of envy” he said was behind some criticisms.