Mini-budget LIVE: Britons brace for tax bonfire as Truss prepares biggest cuts in 30 years

Ahead of the announcement, the Chancellor confirmed that the 1.25 National Insurance Hike will be reversed from November 6. The rise was introduced to help fund health and social care services in the wake of the coronavirus pandemic. Paul Johnson, the director of the Institute for Fiscal Studies think tank, said the mini budget will be the “biggest tax-cutting fiscal event” in 30 years, referencing Nigel Lawson’s Budget of 1988.

Speaking on Thursday, Mr Kwarteng said: “Taxing our way to prosperity has never worked. To raise living standards for all, we need to be unapologetic about growing our economy.

“Cutting tax is crucial to this – and whether businesses reinvest freed-up cash into new machinery, lower prices on shop floors or increased staff wages, the reversal of the Levy will help them grow, whilst also allowing the British public to keep more of what they earn.”