NORTHWICH'S MP Mike Amesbury has hit out at the mini-budget, claiming it will 'benefit the wealthy and punish working people'.

New Chancellor Kwasi Kwarteng today announced swingeing cuts of £12bn in corporation tax, £17bn in National Insurance, £5bn basic rate income tax cut and a £2bn cut to the 45p rate.

Taken together, it marks the biggest cut in taxes by a government in half a century.

A raft of other measures also included scrapping planned increases in the tax paid on beer, wine, spirits and cider.

Prime Minister Liz Truss said the budget will help propel economic growth and had pledged to cut taxes in her recent leadership campaign, a promise that put her at loggerheads with then fellow contender and former Chancellor Rishi Sunak.

Labour's Mike Amesbury, who represents Weaver Vale, blasted today's fiscal statement and said there was 'no more pretence of levelling up'.

He said: "A Truss administration will benefit the wealthy and punish working people and the poor. During the cost-of-living crisis on their watch, the 45 per cent higher tax rate for the rich is abolished and the cap on bankers’ bonuses is lifted.

"While those on benefits will face more sanctions and trade union members fighting for a fair pay rise will be hit with greater obstacles."

The Chancellor also announced the Government’s plans for new low-tax 'investment zones', that will relax planning rules and reduce business taxes to encourage investment. He also confirmed plans to get rid of the cap on bankers’ bonuses.

Mr Amesbury added: "This so-called fiscal statement, which is not backed up by economic forecasts, is not only unfair.

"We know the Tories’ tired ‘trickle down’ playbook doesn’t work because you can’t stimulate growth by helping rich people to get even richer. It’s the inability of working people to afford to live that is pushing the economy into recession."