UK Announces Biggest Tax Cuts in 50 Years to Boost Economic Growth Amid Crisis

UK Prime Minister Liz Truss’s new government has unveiled the biggest package of tax cuts in half a century aimed at spurring growth in the UK economy, which could already be in recession.
Announcing his mini-budget in the House of Commons on Sept. 23, Chancellor Kwasi Kwarteng confirmed that the rise in corporation tax and national insurance contributions, planned under former Prime Minister Boris Johnson’s administration, have been cancelled.
Using more than £70 billion ($77 billion) of increased borrowing, he also abolished the top rate of income tax for the highest earners, brought forward a planned cut to the basic rate of income tax to 19 pence in the pound a year early to April, and reduced stamp duty for homebuyers….

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