Liz Truss and Kwasi Kwarteng, the chancellor, have announced £45 billion of tax cuts as part of a “new era” for BritainLiz Truss has unveiled the biggest package of tax cuts in 50 years as she gambles her premiership on boosting growth at all costs. The prime minister and Kwasi Kwarteng, the chancellor, announced £45 billion of tax cuts as part of a “new era” for Britain. They include scrapping the 45p rate of income tax, bringing forward a 1p cut in the basic rate to next year and reducing stamp duty. Corporation tax will be frozen and the rise in national insurance contributions reversed. SponsoredThe tax cuts, combined with the energy support package, will fuel a £72 billion rise in government borrowing this year.

Source: The Times September 24, 2022 00:39 UTC