The leader of City of York Council has hit out at the proposals set out by new Chancellor Kwasi Kwarteng.

Cllr Keith Aspden, a Liberal-Democrat, branded it a budget "for billionaires, big business and bankers" during a devastating cost of living crisis. The council leader's attack followed similar criticism from York Central Labour MP Rachaell Maskell, who called it a 'Banker's Budget'.

The leader of City of York Council has hit out at the proposals set out by new Chancellor Kwasi Kwarteng earlier today.

Cllr Keith Aspden, a Liberal-Democrat, branded it a budget "for billionaires, big business and bankers" during a devastating cost of living crisis.

The council leader's attack followed similar criticism from York Central Labour MP Rachaell Maskell, who called it a 'Banker's Budget'.

Cllr Aspden said: "From £50bn of unfunded tax cuts and deregulation of the planning system to increased bonuses for bank executives - this is a budget for big business and bankers. The Chancellor’s focus on deregulation at a time when so many people are struggling financially is simply the wrong priority at the wrong time.

“It’s extraordinary to see the same party in government repudiating its own policies – particularly in abandoning levelling up, which only received a passing mention in the Chancellor’s statement once, and seemingly forgot about the new PM’s promises to fund social care.

“Facilitating economic growth is clearly important, but today the Chancellor wasted an opportunity to provide reassurance and support to those who need it the most.

He added: "A real growth policy would have levelling up at its core, with a focus on investment in education and skills, net zero and sustainable funding of public services. Today’s announcement is an expensive gift to bankers and developers, with the bill to be picked up by working people and generations to come.”

Earlier today, Kwasi Kwartengrevealed a package of tax cuts worth £45 billion as he set out his plan to boost economic growth. 

The Chancellor stunned MPs when he axed the 45 per cent additional rate of income tax - but that was just one of many major changes.

Putting the government in a new direction, aiming to boost economic growth, he also:

Axed a planned increase to corporation tax

Cut National Insurance from November 6

Announced a permanent cut to stamp duty

Mr Kwarteng also lifted a cap on bankers' bonuses, bringing forward a 1p cut to the basic rate of income tax by one year to 2023.

He also confirmed energy bills would be frozen at £2,500.