An independent financial adviser with offices in Sandbach and Crewe has urged residents to air on the side of caution following the Chancellor's mini-Budget today (Friday).

Mat White from Mat White Financial Services, says some of the tax cuts are not due until April but some people are already struggling and he fears more mortgage rate rises could be on the way.

However, Mat has welcomed the stamp duty change, which he hopes will bring a boost to the housing market. 

Chancellor Kwasi Kwarteng has outlined a series of tax cuts and economic measures in a massive shake-up of the UK's finances.

The basic rate of income tax has been cut to 19p and an increase in National Insurance has been reversed. 

The threshold before stamp duty is paid in England and Northern Ireland has been raised to £250,000 - for first time buyers it's £425,000 

In what is seen a nod towards increasing business confidence the cap on bankers' bonuses has been lifted, and a planned rise in corporation tax has been scrapped.

The 45% top rate of tax for higher earners abolished - although this doesn't apply in Scotland. 

In total there will be £45bn in tax cuts by 2027 but much of that - national insurance cuts, the abolition of the cap on bonuses and the highest rate of income tax - is channelled towards higher earners and has already brought some sweeping condemnation. 

The BBC's Global trade correspondent Dharshini David commented, for example:

"The richest 10 per cent of society will gain 60 times as much from the National Insurance cuts as the poorest 10 per cent. 

"It's a marked difference from the policy of recent years in which the government focussed more on redistributing income". 

The Chancellor hailed his changes to national insurance, stamp duty and income tax  as a "new era" - but Labour's Rachel Reeves called his mini-budget "a plan to reward the already wealthy". 

In summary: 

- The basic rate of income tax will be cut by 1p to 19p from April 2023 

- The 45p tax rate for top earners over £150,000 will be abolished, also from April next year 

- The level at which house-buyers begin to pay stamp duty is doubled from £125,000 to £250,000 

- First-time buyers will pay no stamp duty on homes worth £450,000, up from £300,000 

- Planned rise on corporation tax from 19% to 25% is scrapped 

- A 1.25% rise in National Insurance to be reversed from 6 November 

- Cap on bankers' bonuses, which limited rewards to twice the salary level, is axed 

- Cost of subsidising both domestic and business energy bills will cost £60bn for the next six months 

- UK to introduce sales tax-free shopping for overseas visitors 

 "Some of the tax cuts are due in April, however some people are financially suffering and need real help now," says Mat, whose business is in Middlewich Road, Sandbach.

"We welcome the change in stamp duty. This may stimulate the housing market and particularly help first-time buyers.

"Our thoughts on mortgage rate rises is that they may rise more, and people should look to reviewing their mortgages if they are worried about rising costs."

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