Mini budget 2022: Millions to have taxes cut next Friday in boost for hard-working Brits facing cost of living crisis

LIZ Truss will announce tax cuts in a boost for millions of hard-up Brits next Friday.

The new PM will reveal her hotly anticipated "mini budget", which aims to keep more money in the pockets of hard-working Brits.

The 1.25 percentage point rise in National Insurance is set to be scrapped, along with a planned rise in corporation tax next year.

Both were flagship promises of the PM's Tory leadership campaign to let Brits keep more of their cash.

The PM will also give more details about the £150 billion energy bill bailout, with businesses waiting on tenterhooks for more information about how to access the much-needed support.

She is capping energy prices so the typical family will pay no more than £2,500 for their bills over the next two years.

But insiders say that there is no need for emergency laws to implement the mammoth package, and energy firms will sign contracts with the Government instead.

The PM is also said to be looking at other measures to ease the cost of living crisis and turbocharge the economy.

Last week, the government announced multi-billion package to save typical Brits £1,000 by protecting them from crippling global gas costs. 

Bills were set to rise to £3,500 in October and more than £6,000 next April in a terrifying prospect for most households. 

However in a mammoth intervention - which could cost more than the furlough scheme - Ms Truss is now going to cap costs from October 1, with the typical family paying no more than £2,500.

Under the plan to cap wholesale costs, ministers estimate a family in a detached house will spend no more than £3,300, a semi-detached £2,650, a bungalow £2,450 and a flat £1,750.

Before Friday's mini-budget Ms Truss will travel to America to join world leaders for the United Nations General Assembly summit in her first major overseas trip in Downing Street.

RED TAPE BONFIRE

Banker bonuses are set to skyrocket under Kwasi Kwarteng's radical plan to make Britain the world's financial powerhouse after Brexit.

The new Chancellor is preparing to shred masses of EU red tape strangling City firms - but could ask them to invest in social care in return.

He is set to unveil his "Big Bang 2.0" deregulation blitz at next Friday's mini-Budget and in a speech to bosses.

As part of the red tape bonfire he is expected to allow fat cats to trouser millions by scrapping the cap on bonuses they can receive on top of their salaries.

He is also set to ditch Brussels' Solvency II rules that limit insurance firms' investments in exchange for them pouring money into the cash-starved social care system.

Mr Kwarteng is eyeing a trade-off whereby companies plug the £13billion black hole in the creaking care budget after Liz Truss reverses the National Insurance rise.