Budget: Energy price cap and plans to keep bills down revealed by Kwasi Kwarteng.

FAMILIES have today been given a lifeline as Kwasi Kwarteng swung an axe at income tax to face down the cost of living crisis.

The Chancellor this morning revealed the basic rate of income tax would be slashed to 19p from April next year - saving 31 MILLION families an average £170 a year.

Thirty massive money policies were introduced in today's mini budget bonanza, that sees £45bn worth of tax cuts to encourage economic growth.

The Treasury insists the huge cuts will be paid for over time by the economic growth they unleash.

Mr Kwarteng said: "We will deliver higher wages, greater opportunities, and fund public services, now and into the future.

"That is how we will compete successfully with dynamic economies around the world. That is how we will turn the vicious cycle of stagnation into a virtuous cycle of growth."

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