Home » Business » UK pushes most aggressive tax cuts in 50 years, Chancellor Kwarten says “new era” is coming – BBC News

UK pushes most aggressive tax cuts in 50 years, Chancellor Kwarten says “new era” is coming – BBC News

September 24, 2022

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Kwarten and Prime Minister Truss

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

The plan includes the abolition of the maximum rate of income tax, which applies only to high-income workers, and the lowering of income tax and stamp duty on home ownership, while the previous plans to raise corporate income tax will be suspended.

Kwarten said the UK needs a major political shift to spur economic growth.

But the opposition Labor 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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