The political reporter for the British Broadcasting Corporation.
There is a stamp duty to income tax.
The biggest package of tax cuts in 50 years has been announced by the Chancellor.
The income tax and the stamp duty on home purchases will be reduced.
A change of direction is needed to kick start the economy.
The cost-of-living crisis will not be solved by Labour's plan to reward the already wealthy.
The pound fell to a new 37 year low as the chancellor spoke.
With the aim of boosting economic growth, Mr Kwarteng has scrapped plans to push up taxes to pay for public services.
He said high tax rates damage Britain's competitiveness and reduce the incentive to work.
The top rate of income tax in the UK will be lowered from 45% to 40% from April.
A planned tax increase for corporations would be scrapped.
The chancellor said that the tax cuts would turn the vicious cycle of stagnant growth into a cycle of growth.
He said that a new approach was needed for a new era.
The Treasury says that the announcements will increase government borrowing.
In Scotland, the changes to income tax are not applicable.
The statement amounted to the biggest tax cuts since the 1972 Budget, with the cuts 50% bigger than had been expected, according to the Institute for Fiscal Studies.
The UK could borrow up to 120 billion dollars in three years to pay for the measures.
The plans were a big gamble with money being pumped into the economy when inflation is high. He said they were manageable if the economy picks up.
This isn't a small budget. This is a drastic tax-cutting economic intervention.
Boris Johnson had tax plans. Some of the biggest tax cuts will be for those with the highest incomes.
A lot of money will be spent on this.
The chancellor believes that it is worth it. Slashing tax will encourage growth. If you grow the economy there will be more tax raised and that will help pay the debt in the long run.
Many people are not sure it will work.
The strategy will saddle future generations with debt and has been warned for months.
The Treasury doesn't say when it expects to grow its economy. This strategy is not the right one according to opposition parties.
A radical change of direction is being pushed by the chancellor. Is it going to work?
His statement was described as an admission of failure.
The Conservatives can't solve the cost-of-living crisis, the Conservatives are the cost-of-living crisis, and our country can't afford them anymore, according to the Shadow Chancellor.
The chancellor knows who his priorities are. A plan for growth isn't one. There is a plan to reward the rich. A return to the way things used to be. It's back to the future, not a new era.
The Labour Party says the Conservatives created a vicious circle of stagnantness.
Details of the government's plan to cap energy bills were included in the statement.
The total cost of the package for the six months from October was expected to be around $60 billion, according to Mr. Kwarteng.
As we negotiate new, long-term energy contracts, we expect the cost to come down.
The government normally releases an independent forecast of how major tax changes will affect the economy, but Mr Kwarteng has decided not to do this, as his statement is not technically a Budget.
A full economic forecast will be published by the Office for Budget Responsibility before the end of the year.
At a time when inflation is at a 40-year high, there is an increase in borrowing.
The Bank of England raised interest rates on Thursday in an attempt to cool prices.
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