One expert even said an emergency Bank of England rate hike could be needed next week to try to stop the rout. Kwarteng is gambling that big tax cuts and a bonfire of regulations will incentivise investment, turbo-charge growth and benefit the whole economy. That led to a much-criticised national insurance raid on workers and employers, and the highest tax burden in 70 years. Kwarteng has not only reversed that decision but also scrapped plans to increase the corporation tax rate, lifted the stamp duty threshold and slashed income tax. The cuts will represent an annual £44.8billion hit to public finances by 2026-27, the biggest tax giveaway in half a century.

Source: Daily Mail September 24, 2022 08:04 UTC