Kwasi Kwarteng made some big announcements in the House of Commons.

The headline moves are the removal of the cap on bankers’ bonuses and a ditching of the planned rise to corporation tax.

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Scottish secretary Alister Jack said that the plan will support households and businesses across Scotland.

“The chancellor has set out an ambitious package of measures which will cut taxes and drive growth right across the UK," he said.

“Our Plan for Growth will support households and businesses in Scotland, while driving economic growth to deliver jobs, investment and prosperity. 

“The UK Government is delivering for the people of Scotland when it really matters.”

SNP Treasury spokeswoman Alison Thewliss warned that millions of families across the UK will be pushed into further hardship.

"The Tory chancellor is a reverse Robin Hood - taking billions of pounds from ordinary families, small businesses and our NHS, and handing it over to the richest people and biggest businesses in the UK," she said.

"After a decade of Tory cuts and Brexit damage, the UK already had the worst poverty and inequality in north west Europe, before energy bills began to rise.

"Now, millions of families will be pushed further into hardship and saddled with billions in public debt." 

Reeves insisted that trickle-down economics is "discredited" and inadequate. 

She said: “It is all based on an outdated ideology that says if we simply reward those who are already wealthy, the whole of society will benefit.

“They have decided to replace levelling up with trickle down.

“As President Biden said this week, he is is sick and tired of trickle-down economics. And he is right to be. It is discredited, it is inadequate and it will not unleash the wave of investment that we need.”

Labour shadow chancellor Rachel Reeves described the statement as a "menu without prices", as she criticised the Government's plans. 

“The chancellor has confirmed that the costs of the energy price cap will be funded by borrowing, leaving the eye-watering windfall profits of the energy giants untaxed," she said.

“The oil and gas producers will be toasting the chancellor in the boardrooms as we speak while working people are left to pick up the bill.

“Borrowing higher than it needs to be, just as interest rates rise. And yet the chancellor refuses to allow independent economic forecasts to be published, which would show the impact of this borrowing on our public finances and growth, and on inflation.

“It is a budget without figures, a menu without prices. What has the chancellor got to hide?”

Kwarteng insisted the Government's focus is on "making Britain more globally competitive". 

“For too long in this country, we have indulged in a fight over redistribution," he said.

"Now, we need to focus on growth, not just how we tax and spend.

“We won’t apologise for managing the economy in a way that increases prosperity and living standards. 

"Our entire focus is on making Britain more globally competitive – not losing out to our competitors abroad."

Kwasi Kwarteng said he is cutting the basic rate of income tax to 19p in the pound.

He is also cutting stamp duty, taking 200,000 people out of paying it altogether.

But these changes don't affect people in Scotland where income tax is devolved and set by the Scottish Government and we have the Land and Buildings Transaction Tax - what used to be called stamp duty.

The Scottish Liberal Democrats criticised the UK Government for refusing to impose a windfall tax on oil and gas firms.

They described Liz Truss and Kwasi Kwarteng as being "hopelessly out of touch".

Alex Cole-Hamilton, the party's leader, said: "Liz Truss' phony energy freeze will still leave struggling families and pensioners facing impossible choices this winter as energy bills almost double." 

Planned increases in duty rates for beer, cider, wine and spirits will be cancelled.

Although alcohol will remain more expensive in Scotland due to minimum unit pricing legislation.

Kwarteng says the government will introduce VAT-free shopping for tourists.