Advertising helps fund Big Issue’s mission to end poverty
Special offer: Receive 12 issues for just £12!
Subscribe today
Politics

The internet's best reactions as Kwasi Kwarteng cuts taxes and lifts the cap on bankers' bonuses

The mini-budget is a radical change in economic direction with little for society's most vulnerable, but at least the memes are good

mini-budget

Kwasi Kwarteng's mini-budget abolished the top rate of income tax. Image: Parliament TV

New chancellor Kwasi Kwarteng has just announced the government’s plans to fix the economy, with what has been dubbed a “mini-budget”.

Alongside widely-trailed plans to lift the cap on bankers’ bonuses and cut stamp duty, the government will also abolish the top rate of tax entirely – meaning somebody on £50,000 will pay the same marginal rate of tax as somebody earning £200,000. Meanwhile, Kwarteng also threatened to cut benefits in a bid to “make work pay”.

It’s been branded as trickle-down economics, with tax cuts being used to try and spur growth. After 12 years of Conservative governments, Kwarteng declared: “We are at the beginning of a new era.”

Naturally, the decision to cut taxes for the highest earners has sparked some choice reactions from the internet. Here are the best.

Your support changes lives. Find out how you can help us help more people by signing up for a subscription

They’ve really blown the doors off

Half 9 really is too early for this

Kwarteng took…a while to get to the meat of the budget

Presumably it was only parliamentary etiquette that kept Rachel Reeves from responding like this

The mini-budget was, for many Conservatives, an economic dream

As a child, top of my Christmas list was always: ‘Now That’s What I Call Conservative Think Tank Pamphlets 1975-2022’

It makes you wonder: why bother?

At least the mini-budget has some unexpected winners

But equally likely a lot of losers

Amen

Get the latest news and insight into how the Big Issue magazine is made by signing up for the Inside Big Issue newsletter

Advertising helps fund Big Issue’s mission to end poverty
Advertising helps fund Big Issue’s mission to end poverty
Advertising helps fund Big Issue’s mission to end poverty

READER-SUPPORTED SINCE 1991

Reader-supported journalism that doesn’t just report problems, it helps solve them.

Recommended for you

View all
He’ll ‘never be prime minister’, but how will Zack Polanski’s Green Party victory change UK politics?
Zack Polanski
Politics

He’ll ‘never be prime minister’, but how will Zack Polanski’s Green Party victory change UK politics?

Asylum seekers can stay at Epping hotel after government overturns court ruling
Epping asylum hotel protesters
Asylum hotels

Asylum seekers can stay at Epping hotel after government overturns court ruling

Nigel Farage's mass deportation plan would make life worse for every single Brit
Nigel Farage

Nigel Farage's mass deportation plan would make life worse for every single Brit

What the Epping asylum seeker hotel ruling means for Britain
Asylum hotels

What the Epping asylum seeker hotel ruling means for Britain

Most Popular

Read All
Renters pay their landlords' buy-to-let mortgages, so they should get a share of the profits
Renters: A mortgage lender's window advertising buy-to-let products
1.

Renters pay their landlords' buy-to-let mortgages, so they should get a share of the profits

Exclusive: Disabled people are 'set up to fail' by the DWP in target-driven disability benefits system, whistleblowers reveal
Pound coins on a piece of paper with disability living allowancve
2.

Exclusive: Disabled people are 'set up to fail' by the DWP in target-driven disability benefits system, whistleblowers reveal

Cost of living payments: Where to get help in 2025 now the scheme is over
next dwp cost of living payment 2023
3.

Cost of living payments: Where to get help in 2025 now the scheme is over

Citroën Ami: the tiny electric vehicle driving change with The Big Issue
4.

Citroën Ami: the tiny electric vehicle driving change with The Big Issue