Chancellor Kwasi Kwarteng has announced a range of tax cuts in his mini-budget including scrapping the national insurance rise and cutting stamp duty.

Other measures revealed a cut to the basic rate of income tax to 19p in the pound - which will enable workers to keep more of their wages.

Mr Kwarteng also announced a planned removal of the 45pc higher rate of income tax, which he said would simplify the taxation system.

Under the measures set out in Parliament today, home buyers will pay less in stamp duty with home buyers no longer having to pay the tax on properties costing £250,000 or less.

For businesses the chancellor said that corporation tax will no longer be raised and will instead remain at 19pc.

The cap on bankers bonuses will also be removed.

During his announcement, Mr Kwarteng also said that the government will legislate to require trade unions to put pay offers to a member vote so strikes can only be called once negotiations have fully broken down.

These measures are on top of the cap on energy bills for consumers and businesses that was announced earlier this month.

The chancellor’s mini-budget amounts to an “admission of 12 years of economic failure”, shadow chancellor Rachel Reeves has said.