A cut in the basic rate of income tax will be brought forward by a year.

Now Mr Kwarteng says this will now happen in April 2023, which the government says will benefit 31 million people with an average £170 a year reduction in tax.

What is eye-catching is that the chancellor has pledged to abolish the 45% additional rate of tax, which is paid by people who earn more than £150,000 a year, in April 2023.

That is a tax saving of nearly £3,000 a year for somebody earning £200,000 annually.

The chancellor said that, instead of a stamp duty holiday, there would be a permanent cut in stamp duty.

In detail, it means, the threshold of how much a property has to cost before stamp duty is paid has been changed from £125,000 to £250,000.

It will see the 1.25% rise in National Insurance cancelled on 6 November.

The Treasury said the change would save nearly 28 million people an average of £330 per year.

However, the impact varies considerably depending on what you earn, as there are weekly thresholds for National Insurance.

That means, in general, people who earn more than £12,570 a year pay National Insurance, and the more they earn, the more they will benefit from this change.

For example, somebody earning £20,000 will save about £93 a year, and somebody earning £100,000 will save £1,093, compared to now.

The increase in National Insurance was designed to raise money for health and social care, which the government says will now be funded through general taxation.

By taking income tax and National Insurance cuts together, someone earning £20,000 a year will save £167 a year, those earning £40,000 will save £617, someone getting £60,000 will save £969, and person on £100,000 a year will get an extra £1,469, according to accountancy firm EY.

Despite that help, median earners were expecting to see a 3% (£600) fall in real income this year, according to the Institute for Fiscal Studies?