CHANCELLOR Kwasi Kwarteng’s mini-budget is all about supporting those on the highest incomes, according to Ceredigion MP Ben Lake.

“Households and businesses across Wales are facing a grim winter of unaffordable bills and soaring inflation and the Government’s response is to engage in fantasy, trickle-down economics to please the super-rich,” he said.

Mr Lake, Plaid Cymru’s Treasury spokesperson, was giving his response after the Chancellor outlined a series of tax cuts and economic measures in a massive shake-up of the UK's finances.

The basic rate of income tax has been slashed to 19p in April 2023 and the 45 per cent top rate of tax for higher earners abolished.

The threshold before stamp duty is paid has been raised to £250,000 - for first-time buyers it is raised to £425,000.

In a blistering statement Mr Lake described the measures as 'not just morally questionable, (but also) economically irresponsible'.

“As rural households are offered the paltry sum of £100 to cover their energy bills, the top rate of income tax is being abolished and the limit on bankers’ bonuses is being scrapped,” he said.

“The cap on bankers’ bonuses was introduced across the EU in the aftermath of the global financial crisis.

“Scrapping the cap on bonuses risks a return to the excessive risk-taking that led to the 2008 financial crisis in first place, and a repeat of policies that led to misery for millions of people.

“Tax cuts for the super-rich will do absolutely nothing to drive growth in the Welsh economy.

“Given their refusal to invest in our infrastructure – I urge the UK Government to recognise that our government in Wales must be given the fiscal tools to unlock our economic potential ourselves.

“That is the only way to improve the lives of people across Wales.”

Meanwhile, The Royal College of Nursing union are urging their members to vote for strike action next month.

“Nursing will be dismayed by the decision to prioritise well-off bankers over NHS and social care staff, some of whom are using food banks and live on a financial knife-edge,” said RCN general secretary and chief executive Pat Cullen.

“Ministers have taken advantage of the goodwill of nursing staff for far too long and we’re urging our members to vote in favour of strike action when our ballot opens on October 6."

And Martin Lewis, founder of Money Saving Expert, described Mr Kwarteng's statement as ‘staggering’.

"Huge new borrowing at the same time as cutting,” he tweeted.

"It's all aimed at growing the economy. I really hope it works - I really worry what happens if it doesn't."