Home Business UK pushes most aggressive tax cuts in 50 years, Chancellor Kwarten calls ‘new era’ – BBC News

UK pushes most aggressive tax cuts in 50 years, Chancellor Kwarten calls ‘new era’ – BBC News

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UK pushes most aggressive tax cuts in 50 years, Chancellor Kwarten calls ‘new era’ – BBC News

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image caption,

Kwarten and Prime Minister Truss

British Chancellor of the Exchequer Kwasi Kwarteng (Kwasi Kwarteng, Guan Haoting) announced the country’s most aggressive tax cuts in nearly 50 years, calling it a “new era” for the British economy.

Plans include scrapping the top income tax rate, which applies only to high-income earners, and lowering income tax and stamp duty on home ownership, while previous plans to raise corporate income tax will also be put on hold.

Kwarten said the UK needs a major policy shift to stimulate economic growth.

But the opposition Labour Party said the biggest tax cut since the 1970s would not solve Britain’s current cost of living crisis and was a “plan to reward the rich”.

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