Bury MP’s have shared differing reactions following the announcement of the “mini budget” by the Chancellor of the Exchequer.

On Friday, Kwasi Kwarteng revealed a number of measures intended to ease the effects of the cost-of-living crisis in the UK and to kick start economic growth.

Mr Kwarteng told the House of Commons that “we are at the beginning of a new era” as he announced significant tax cuts for workers and businesses.

From April, the basic rate of income tax will be cut to 19 per cent and top earners with salaries over £150,000 a year will no longer pay the top income tax rate of 45 percent.

Instead, they pay a lower rate of 40 per cent – the same as those on more than £50,271.

The cap on bankers’ bonuses will be scrapped while rules around claiming Universal Credit will be tightened.

Treasury estimates put the measures, including Prime Minister Liz Truss’s promises to reverse the National Insurance rise and axe the hike to corporation tax, as costing nearly £45bn a year by 2026.

Mr Kwarteng also revealed his estimate that the two-year energy bills bailout will cost around £60bn over the first six months from October.

Commenting on the announcement Conservative MP for Bury North, James Daly, welcomed “the support set out for people across our town".

He said: “In the face of rising energy prices and cost of living pressures, it is right that this Conservative government has come forward with a serious support package and a plan for growth.

“I welcome support set out for people across our town today, including cuts to National Insurance contributions, income tax and stamp duty – all helping families to keep more of their hard-earned money.

“Only the Conservatives can be trusted to make the reforms we need to grow our economy – delivering higher wages, lower taxes and more money for our public services.”

Speaking in the House of Commons on Friday though, Labour MP for Bury South, Christian Wakeford, decried the budget as “tax breaks for the rich".

He said: “We were expecting a big bang by the chancellor, today we’ve barely got snap crackle and pop, madam deputy speaker, we’ve got tax breaks for the rich while he tells the next generation to pay of a debt that he is piling up.

“The Resolution Foundation said that the poorest 10 percent of households will gain all of 11 pounds from this budget, that isn’t a budget of course, it is also raising the cap on bankers’ bonuses while threatening to cut benefits for 120,000 people on Universal Credit.

“Why is he not looking out for those who are struggling the most and instead acting as the chancellor for fracking donors and bankers?”