9/23/2022, 11:02 AM (Source: TeleTrader)
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UK chancellor announces tax cut package

British Chancellor of the Exchequer Kwasi Kwarteng announced on Friday that the government's energy plan will cost £60 billion in the six months from October and will reduce peak inflation by 5%. The plan includes an average household energy bill cap of £2,500, a £400 rebate, as well as additional help for vulnerable citizens and price caps for businesses. The chancellor said the United Kingdom is targeting growth of 2.5% over the medium term.

Among other measures, Kwarteng revealed tax cuts for businesses in designated tax sites for 10 years, as well as tax relief for investments in facilities and equipment. The planned corporate tax hike has been canceled and will remain at 19%, he added. Meanwhile, the basic rate of income tax will be cut to 19p from April 2023, while the 45% higher rate will be replaced with a single higher rate of 40%.

Baha Breaking News (BBN) / DJ