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TAX SHOCK

Martin Lewis gives verdict on Mini Budget including stamp duty cut and tax changes

Martin Lewis issues his verdict on the Mini Budget including stamp duty cut and tax changes.

The MoneySavingExpert said he really hopes that the plans will work.

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The consumer champion shared his view on the financial plan with his Twitter followersCredit: Rex

Following the Chancellor's Mini Budget, Martin Tweeted: "That really was quite a staggering statement from a Conservative Party government.

"Huge new borrowing at the same time as cutting taxes.

"It's all aimed at growing the economy. I really hope it works. I really worry what happens if it doesn't."

His verdict comes after the Chancellor announced a whole host of tax cuts, stamp duty and corporation tax.

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Martin later released a video explainer on the Mini Budget.

In this he said: "Overall, the government is reducing the tax burden significantly with all these changes put into place.

"It is also spending a lot of money on the energy reduction and all of this will put money in people's pockets, which taken in isolation, is of course a good thing.

"If the gamble is right, low taxes will grow the economy and everybody will get their money back in return and this is a good thing.

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"And if the gamble is wrong, we won't see the growth that is needed to pay for all this and that is a worry going forward."

Thousands of homebuyers are set to benefit from a cut to stamp duty from today.

In today's mini-budget, Chancellor Kwasi Kwarteng announced an immediate cut to stamp duty in a bid to boost economic growth.

Under the previous system, no stamp duty was paid on the first £125,000 of any property purchase.

The government has now doubled that – to £250,000 - for all home purchases.

The threshold at which the duty was paid for first-time buyers was £300,000.

But this too has increased, to £425,000.

The maximum value of a property on which first-time buyers’ relief can be claimed will also increase from £500,000 to £625,000.

Martin Lewis said that most buyers who haven't completed are set to benefit.

The chancellor also announced that millions of households will also save hundreds every year after the Government confirmed a cut to National Insurance contributions.

The move will save workers an average of £135 a year in 2022, rising to £330 in 2023-24.

We've listed the exact amount your pay will rise to in November when the rise is scrapped.

How much you save will depend on your earnings.

Households will save even more after the government confirmed a 1p cut to the basic rate of income tax from next April.

The income tax cut will save 31million people £170 on average next year, according to government estimates.

It comes as the Chancellor announced:

If you're confused about who pays stamp duty - we've listed who has pay up.

We've explained what tax cuts mean for your wages.

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