What does the budget mean for me? Five key takeaways from Chancellor Kwasi Kwarteng

Stamp duty

As previously teased by Liz Truss and her Cabinet, Mr Kwarteng announced Government plans to cut stamp duty.

Britons have had to pay stamp duty on homes worth more than £125,000 until today, making property purchases more expensive.

Mr Kwarteng has made a “permanent cut” effective today that doubles the stamp duty threshold to £250,000.

First-time buyers get an additional leg up, with their threshold rising from £300,000 to £425,000, while the maximum property value qualification requirement increases from 500,000 to £625,000.