BBC News Reality Check

The chancellor told Laura Kuenssberg that he found it "unacceptable and unsustainable" that the UK was heading for a "70-year tax high and that we could continue simply raising taxes".

Kwarteng is right that we were heading for taxes to take more of the economy than they had for over 70 years.

The government's plans in March were forecast to bring the tax burden to over 36% of the size of the economy by 2027, according the official independent government spending watchdog, the OBR.

That would have been the highest tax burden since the 1940s.

The government has not made available any independent assessment of their new spending plans. But the Institute for Fiscal Studies has tried to calculate their effect.

The IFS says that the new plans will bring the tax take back down to where it was last year but that still leaves it at its "highest sustained level since the 1950s".

While the UK's tax take is forecast to remain high by historical standards, that's still not the highest among leading industrial economies: higher than the US but lower than western European countries like France or Germany.

Speaking to Laura Kuenssberg, Keir Starmer said "oil and gas companies in the North Sea have made excess profits - all together, everything included – of £170bn. This is profits they didn’t expect to make".

The £170bn figure was mentioned in a Bloomberg article last month which claimed that this was the amount of money that Treasury officials estimated oil and gas companies would make in excess profits over the next two years.

Labour have been quoting this and say their plans for a bigger windfall tax on these companies would target these profits.

But the Treasury says it "does not recognise" the Bloomberg analysis.

It says the existing windfall tax – introduced by former chancellor Rishi Sunak – is expected to raise £5bn in its first year. It applies to oil and gas extracted from the UK, including from the North Sea.

If the £170bn refers to excess profits made worldwide, then it’s not clear how the UK government would be able to tax these.

Read more here

The government estimates that 629,000 people in the UK currently pay the top rate of income tax of 45%, for which you have to be earning more than £150,000 a year.

Abolishing that and having just the higher tax rate of 40% instead will cost an average of about £1.3bn a year for the next two years, rising above £2bn after that. But the change will not apply to top-rate taxpayers in Scotland.

The cuts to income tax from 20% to 19% should benefit just over 30 million income taxpayers in England, Wales and Northern Ireland.

The reversal of the 1.25p in the pound increase in National Insurance will impact more people because it applies in Scotland and also applies to employers.

To get an idea of those benefiting from the reduction in stamp duty in England and Northern Ireland, there were about 1.1 million residential property transactions on which stamp duty was paid in the last year.

The government has published estimates for how much these new measures will cost.

Overall, it estimates that the changes will cost about an extra £12bn this year, £37bn next year and £38bn the year after that.

What are the biggest contributors to that figure next year?

• About £14bn comes from reversing the increase in National Insurance
• £12bn comes from cancelling the planned increase in corporation tax
• Cutting 1p off the basic rate of income tax costs £5bn in lost tax revenue

Liz Truss defended her plan to cancel the rise in corporation tax – due to go up from 19% to 25% next April.

“The last time we cut corporation tax we attracted more revenue into the Exchequer,” she told MPs.

Her idea is that reducing the tax on company profits increases economic growth and more revenue comes into the government, even though the tax rate is lower.

But the economic think-tank the Institute for Fiscal Studies (IFS) has questioned this assumption.

Tax revenues did indeed rise following a corporation tax rate cut in 2017. But the IFS says there were other factors involved, including the UK's continuing recovery from the financial crisis.

You can read more about it here.