DEMAND AN END TO POVERTY THIS GENERAL ELECTION
TAKE ACTION
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

Support the Big Issue

For over 30 years, the Big Issue has been committed to ending poverty in the UK. In 2024, our work is needed more than ever. Find out how you can support the Big Issue today.
Vendor martin Hawes

Recommended for you

View all
'We're in a planetary code red – we need hope': How Labour's manifesto has gone down with young voters
Keir Starmer in front of Labour's campaign bus with the 'change' slogan written on the side
General election 2024

'We're in a planetary code red – we need hope': How Labour's manifesto has gone down with young voters

Even Nigel Farage wants to scrap the two-child benefit cap. When will Labour see sense?
General election 2024

Even Nigel Farage wants to scrap the two-child benefit cap. When will Labour see sense?

Why is nobody talking about Brexit in the general election?
Keir Starmer hands out ice cream
General election 2024

Why is nobody talking about Brexit in the general election?

'They need to decide which side they're on': Labour's manifesto pledges on immigration, explained
Bibby Stockholm protest
General election 2024

'They need to decide which side they're on': Labour's manifesto pledges on immigration, explained

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 payment 2024: Where to get help now the scheme is over
next dwp cost of living payment 2023
3.

Cost of living payment 2024: Where to get help now the scheme is over

Strike dates 2023: From train drivers to NHS doctors, here are the dates to know
4.

Strike dates 2023: From train drivers to NHS doctors, here are the dates to know