Greatest tax cut since the 1980s for Great Britain. The mini-budget prepared by the new government contains tax cuts with the highest rate of income tax that will be abolished, while the base rate will be reduced to 19% from next April. The maximum income tax rate was 45% for earnings over £ 150,000. “This means that we will have one of the most competitive and progressive income tax systems in the world,” explained the new Chancellor of the Exchequer, Kwasi Kwarteng.
Kwarteng said Britain will spend around 60 billion pounds ($ 67 billion) to subsidize gas and electricity bills for the next six months for households and businesses.
Union leaders have condemned the mini-budget as “a budget for the rich”. Unite Secretary General Sharon Graham said it’s a budget for the rich, big business and the City. Unison Secretary General Christina McAnea said it was “an all-out offensive to make the rich even richer,” adding: In the midst of a huge cost-of-living crisis, this is not the time. for economic experiments destined to fail. There are masses of essential jobs that need to be filled. The best way to manage 300,000 vacancies in the healthcare sector is to offer staff a salary increase that exceeds inflation. ”