UK Mini-Budget: Highlights of Kwarteng's Announcements

The transcript outlines the government's measures to address energy costs, support businesses, and stabilize the energy market. It discusses changes in financial services and tax policies, including the removal of the bonus cap and cancellation of the planned corporation tax increase. The government also announces cuts in stamp duty and income tax to stimulate economic growth and competitiveness. The focus is on making Britain more globally competitive and supporting families and businesses during the global energy crisis.

What is the expected annual saving for a typical household due to the energy price guarantee?

• £2000

• £1500

• £1000

• £500

What is the purpose of the Energy Bill Relief scheme?

• To provide financial aid to energy firms

• To eliminate energy bills for households

• To reduce wholesale gas and electricity prices for UK businesses

• To increase energy prices for businesses

What is the role of the Energy Markets Financing Scheme?

• To provide grants to energy companies

• To offer emergency liquidity to energy traders

• To increase energy tariffs

• To subsidize household energy bills

Why is the bonus cap being removed according to the Chancellor?

• It was a popular measure among banks

• It capped total remuneration effectively

• It reduced the number of jobs in London

• It increased basic salaries of bankers

What will be the new corporation tax rate as announced by the Chancellor?

• 20%

• 25%

• 19%

• 22%

What change is being made to the stamp duty threshold for first-time buyers?

• Keeping it unchanged

• Increasing to £425,000

• Decreasing to £200,000

• Eliminating stamp duty entirely

What is the new basic rate of income tax starting April 2023?

• 18 pence

• 19 pence

• 20 pence

• 21 pence