UK unveils 'new era' of tax cuts with mini-budget

Updated: Sep 23 2022 8:08PM

London, Sep 23 (PTI) In line with much of the tax focus for Liz Truss during her leadership battle with British Indian ex-minister Rishi Sunak to be elected British Prime Minister, her new Chancellor tabled a mini-budget in Parliament on Friday packed with some of the biggest tax cuts in the country for 50 years.

The much-anticipated fiscal event, which had been delayed over the course of the state mourning period for the late Queen Elizabeth II, was dubbed by Chancellor Kwasi Kwarteng as a “new growth plan for a new era” with the ambitious target for hitting 2.5 per cent economic growth in a couple of years’ time. It sees income tax and stamp duty land tax on home purchases cut and planned rises in business taxes scrapped.

“Economic growth isn’t some academic term with no connection to the real world,” said Kwarteng.