Regional MPs and councillors were divided in their reactions to the mini-budget, some saying it had to "go for growth", others claiming it simply "made the rich richer".

Chancellor Kwasi Kwarteng's announcement was branded "the bankers' budget" by Labour, while Conservatives defended the budget with one MP saying: "There's nothing immoral about cutting taxes."

Paul Howell, Conservative MP for Sedgefield, tweeted that tax-cutting investment zones “will drive growth, increase competitiveness, and level up”.

He said: “Many constituents have contacted me about Alcohol Duty in the last several months. Today, the Chancellor had announced that Alcohol duty will be frozen from February 2023.

“This is a tax cut worth £600 million & will save the consumer 7p on a pint of beer, 4p on a pint of cider, 38p on a bottle of wine, & £1.35 on a bottle of spirits. No doubt this is welcome action and will help the hospitality industry bounce back.”

Read more: Mini-budget 2023 LIVE - Kwasi Kwarteng set to unveil big TAX changes

Labour MP for Durham Mary Kelly Foy tweeted a picture of champagne bottles with the post “And we go live to the boardrooms of bankers and oil execs... #MiniBudget”.

She later said: "This is the most right wing-ideological budget for a generation - totally divorced from the reality of the cost of living crisis that the vast majority of my constituents are experiencing.

“The Tories have found billions for bankers, yet nothing for nurses. They are slashing the taxes of the already rich and refusing to tax the unearned super profits of energy companies.

“Liz Truss and Kwasi Kwarteng have shown they have no interest in levelling up in places like Brandon, Sherburn or Esh Winning with major investment - but would rather splash borrowed billions on their millionaire mates."

Sunderland City Council and Labour group leader, Cllr Graeme Miller, said: “The chancellor today made it clear where government priorities lie – tax cuts to help the rich, funded by inevitable cuts to public services.

“Sunderland has suffered more than most during this government’s chaotic running of the country with tens of millions stripped from our budgets.

"Now we see an announcement from a Tory Chancellor that means those earning £150,000 a year will save £10,000 in tax, while families in our city plummet into debt as they decide whether to heat their homes or put food on the table for their children.

“Like the PM, who last week decided we should foot the bill for addressing the cost of energy crisis instead of introducing a windfall tax on companies securing record profits, the Chancellor has failed to grasp the scale of the crises impacting on people the length and breadth of the UK.

“His government has again failed to help families suffering at the sharp end of an energy crisis, a food poverty crisis, a healthcare crisis and social care crisis. 

“Enough is enough. This government has no solutions to the crises they helped cause. It’s time for change.”

Read more: Mini budget and income tax - 5 things Chancellor Kwasi Kwarteng announced

Grahame Morris, Labour MP for Easington, said: “This was the bankers' budget.

“The question you must ask is who gains and who pays.

“If you earn over £150,000, work in the banking sector, you have gained. The banking bonus cap is abolished, the top rate of tax is abolished, and you will gain more from the national insurance cut.

“If you are part of the 99%, your energy bills will be doubled compared to a year ago, and you will have to pay back a national energy debt in excess of £100 billion for the next two decades to protect the profits of energy generators.

“The Prime Minister has maxed out the nation’s credit card to gamble on the outdated and failed trickle-down economic theory.

“The Conservative’s economic irresponsibility is a threat to the nation and your family’s finances. Decades after Liz Truss leaves office, we will still be paying for the disastrous decisions made today.”

Read more: Stamp duty - what is it and is it being cut?

Alex Cunningham, Labour MP for Stockton North, said: “Today the Chancellor showed which side he and his Conservative colleagues are really on: that of the oil and gas barons whose excess profits are off the hook, and the bankers who will be cheering the news that their bonuses will be uncapped.

"Meanwhile it will be the British people who will foot the bill, trade unions who will be attacked for defending workers’ rights, and the most vulnerable in our society who will be penalised as a result of over a decade of Tory economic failure.

“Whilst bankers and the wealthiest head off for an extended champagne lunch to toast a Tory Chancellor who is going to make them even richer, my thoughts are with folk who work hard every day, often on minimum wage, but who now face poverty and hardship.

"Our country and its people desperately need a new approach, not the same old tired Tory belief that if they make the rich richer, the benefits will trickle-down to everyone else.

"They won’t and history proves it.”

Read more: Universal Credit - Changes to benefit announced at mini-budget

But Dehenna Davison, Conservative MP for Bishop Auckland, tweeted: “There is nothing immoral about cutting taxes.

“The immoral thing would be allowing the country to slide into recession, putting jobs and livelihoods for the most vulnerable at risk. We have to go for growth. The plan announced by Kwasi Kwarteng today will do just that.”

Cllr Richard Bell, leader of the Durham Conservative group, deputy leader of the Durham County Council's Conservative Lib Dem Independent joint administration and its cabinet member for finance, said: “I welcome the new focus on growing the economy  because it is only by increasing the size of the cake that we can get more resources for our public services.”

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