Liz Truss refutes claims that tax cuts ‘unfairly’ benefit the rich
The prime minister is set to announce tens of billions of pounds worth of additional spending and tax cuts today in a mini-budget, officially known as the ‘fiscal event’.
Kwasi Kwarteng promises to “transform a vicious cycle of stagnation into a virtuous cycle of growth” in laying out the new government’s approach to the economy.
His statement is expected to set out many details of how the government will fund energy price caps for homes and businesses, as well as Liz Truss’ tax cut promises.
The government is calling it a ‘growth plan’ as the UK faces a cost of living crisis, recession, skyrocketing inflation and rising interest rates.
Kwartengu announced yesterday that he would cancel the 1.25 percentage point rise in Rishi Sunak’s national insurance from Nov. 6, but Treasury Department figures show the change will be much more for high-income earners than for the poorest. proved to be profitable.
The prime minister will also scrap a planned corporate tax hike and remove caps on bankers’ bonuses.
It is reported that he will reduce stamp duty, and proposals to speed up the planned one-pence cut in income tax and VAT cuts are also reportedly under consideration.
welcome to independent The UK Politics Blog on Friday 23 September 2022 will provide an update from Westminster on Prime Minister Kwasi Kwarten’s mini-budget.
Namita ShinSep 23, 2022 04:15