Tax cuts for millions set to be announced today in ‘new era for Britain’

Kwasi Kwarteng will vow to slash taxes as the Government seeks to address the living cost crisis (Picture: Getty)

Kwasi Kwarteng will vow to slash taxes as the Government seeks to address the living cost crisis (Picture: Getty)

Urgent plans to ‘break the cycle’ of the country’s spiralling economy will be announced today.

Kwasi Kwarteng will address the House of Commons at 9.30am.

The Chancellor is due to announce tens of billions of pounds both of increased spending and of tax cuts in his mini-budget, officially known as a ‘fiscal event’.

Mr Kwarteng will pledge to ‘turn the vicious cycle of stagnation into a virtuous cycle of growth’ as he sets out the new Government’s approach to the UK economy.

The statement is expected to include details of how the Government will fund the energy price cap for households and businesses, and put into practice many of Prime Minister Liz Truss’s tax-slashing promises.

The Government is dubbing it a ‘growth plan’ at a time when the UK faces a cost-of-living crisis, recession, soaring inflation and climbing interest rates.

Just yesterday, the Bank of England warned of a recession as interest hikes hiked to 2.25 from 1.75.

Mr Kwarteng is expected to tell the House of Commons: ‘Growth is not as high as it needs to be, which has made it harder to pay for public services, requiring taxes to rise.

As the cost of energy bills skyrocket – the nation faces a difficult winter (Picture: North News)

‘This cycle of stagnation has led to the tax burden being forecast to reach the highest levels since the late 1940s.

‘We are determined to break that cycle. We need a new approach for a new era focused on growth.’

He will speak of ‘difficult decisions’ needed to bring the economy back under control.

In his address, Mr Kwarteng will likely unveil the creation of low-tax, low-regulation investment zones in …read more

Source:: Metro News

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