British government announces biggest tax cut in last 50 years


The New British Government of the Ultra-Orthodox liz truss A is announced Dramatic changes in the UK economywith Biggest tax cut in 50 years, This is a gradual plan over the next five years and is expected to reach 45,000 million (51,000 million euros) In the 2026-2027 fiscal year. Economists warn that this bet too big, too risky and with no guarantee of won’t work and you can not sustainable indebtedness by country.

With tax reforms there will also be reductions in regulation. “It’s a new approach to a new era focused on Growth“The Finance Minister said, quasi quartengoBy introducing measures that disproportionately favor the richest, leaving aside wealth redistribution,

The budget presented by Quarteng this Friday in the House of Commons has projected a reduction Income taxwith highest income. “A year ago (hopefully) in April 2023 the basic rate of income tax will be reduced by 19%”, which means “tax cut for over 31 million people in a matter of months” and “the highest rate of 45% in that tax will be abolished”. According to Quarteng “it will simplify the tax system and make the United Kingdom more competitive“, so that “it stimulates growth and benefits the entire economy and the country as a whole.”

Minister announces reduction in tax rates with immediate effect home purchase In England and Northern Ireland (‘stamp duty’) raising the price at which tribute must be paid to 286,000 euros. In the case of those who buy a home for the first time, this limit will increase from €340,000 to €485,000 as of now.

dangerous debt

The new budget reflects stratospheric growth in UK borrowing. According to the Treasury review, that debt increased from £161,000 million in April to £234,000 million in September. bank of england A day earlier, interest rates were increased to 2.25%, the highest level in the last 14 years, and warned that the UK has already entered recession,

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Quarteng also confirmed omitted increase in Corporation tax You limited bonus for bankers, which is currently 200% of the annual salary, thus eliminating a rule inherited from the European Union. “We need international banks to create jobs here,” he said, “and pay taxes here in London, not Paris, Frankfurt or New York.” The hike in corporate tax has also been cancelled.

Government’s intention modify strike right from workers. The new law would require unions to vote among their members for wage proposals offered by bosses, so that they could only go on strike if negotiations broke down. other new standards social benefits will be reduced Those who are not looking for a new job.

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