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British Prime Minister Liz Truss canceled the promise to cancel the corporate tax hike that had been made by her predecessor Boris Johnson. Today’s announcement comes in addition to last week’s announcement in which there was a turnaround on the abolition of the higher tax rate on income.
Failure to reverse the corporate tax hike should save around £ 18 billion by 2026.
Also today, Finance Minister Kwasi Kwarteng was fired after less than six weeks of work. In his place comes Jeremy Hunt.
“I want an economy of low taxes, high wages and high growth. That mission remains, ”Liz Truss assured during the afternoon press conference in Downing Street.