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Hello and welcome to Coffee House Shots, a spectator's daily policy cop guest.

I'm Katie Balls, and I'm joined by Kate Andrews, Jane Tassife and Fraser Nelson.

We've just heard from Quasi Quattang presenting what had been dubbed in some quarters as a mini budget.

However, with 45 billion pounds worth of tax cuts estimated, it isn't at all small.

Fraser, I think everyone's just trying to take in what exactly has just happened.

When it comes to the headline figures or the headline policy announcements that we've just heard from the new chancellor,

there is that stamp duty cut.

There's also income tax cut as being brought forward.

And there's news about the 45p rate. Can you give us that?

Well, politically the big surprise is that Quasi Quattang has just done.

What George Osborne wanted to do, try to do, what Richie Sinek thought he might do if everything went well.

He's abolished the additional rate for people earning over a hundred and fifty grand.

Now this means that the effective tax paid by those lucky enough to earn that high figure goes down from 47p to 42p in the pound.

A massive tax cut in bigger than from any other income group.

So the big winners from Quasi Quattang's budget aren't really first time buyers.

Or your average workers, they're getting a 1p income tax cut. I mean, that's welcome.

But the big winners will be the highest paid.

And it's funny when Rachel Reeves stood up to give her response.

She had a chance to know she attacked him for not implementing a windfall tax.

She hadn't quite internalized the magnitude of the political gift that Quasi Quattang has just given them.

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