The UK "mini" budget

Bloody hell! There was nothing "mini" about this budget.

It was billed as a "growth" budget, and it's clear that what Chancellor Kwasi Kwarteng means by this is growth of the City. He's trying to make it more attractive than New York City.

Bankers in NYC pay New York City taxes of between 3.078% to 3.876% plus New York State taxes of between 4% to 8.82% plus Federal taxes on top of that.

Here's the table of US Federal taxes:

source

Now consider that the 45% tax that has just been abolished kicked in at £150,000 ($166,000) and you can see immediately that bankers in London were being taxed more than bankers in NYC.

Now they'll be paying a bit less.

As to whether this will stimulate growth - we'll find out in the next two years.