Kwarteng announces tax cut worth thousands to rich and nothing to poorest

Expected reversal of Rishi Sunak’s National Insurance hike brought forward to November

The 1.25 percentage point rise in National Insurance will be reversed from 6 November, chancellor Kwasi Kwarteng has announced.

The move brings forward the tax cut – promised by prime minister Liz Truss during her campaign for the Conservative leadership – from the expected date of April next year.

A day ahead of his emergency budget on Friday, Mr Kwarteng tabled legislation to abolish Rishi Sunak’s health and social care levy, which had been intended to raise £13bn a year to cut NHS waiting lists and relieve the financial crisis crippling the care system.