Britain cuts taxes in search of stimulus

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The British economy minister, Quasi Quarteng, announced this Friday that the government would reduce income tax and cut taxes on home purchases in England and Northern Ireland from April 2023, As part of a development plan to stimulate the economy.

(These are the richest monarchies in the world.)

In a statement to the (lower) House of Commons, Quarteng disclosed that “the base rate of income tax will be reduced from a year earlier (hopefully) to 19% in April 2023”, meaning a “Tax cuts for over 31 million people in a matter of months” and “the highest rate of 45% will be abolished” Why that tax?

“It will simplify the tax system and make the UK more competitive,” said Quarteng, who explained that the measure will “stimulate growth and benefit the entire economy and the country as a whole.”,

In addition, the new Chancellor of the Exchequer revealed that the expected increase in corporate tax would be abolished and the current limit on bonuses received by bankers would be abolished.

(The UK will test a four-day work week.)

So far, in accordance with the existing rules agreed after the financial crisis within the framework of the European Union, The bonus received by a banker cannot exceed twice his annual salary, unless there is an agreement between the shareholders.

“A strong British economy has always been dependent on a strong financial services sector. We need global banks to create jobs, invest here and pay taxes here, not in Paris, not Frankfurt, not New York. “he pointed.

He also reiterated that the recent increase in contributions to social security set by Rishi Sunak, the previous economy minister and former prime ministerial candidate, will be reversed on 6 November.

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