The financial shock desired by the new Liz Truss government is driving the pound sterling down historically. Chancellor of the Exchequer Kwasi Karteng “unveiled the largest series of tax cuts in fifty years, welcoming ‘new era’ for the British economy”informs BBC.
The cocktail of measures presented on Friday 21 September in Parliament by Conservative Finance Minister Liz Trouss is called “minibudget”. He however, it provides for a massive tax cut (on income and real estate transactions), a reduction in the maximum income tax rate from 45% to 40%, as well as the abandonment of the planned increase in taxes on companies, the media of the British public channel specifies.
“Major Change of Course”
Faced with ever-increasing inflation and sluggish growth, we need to “major change of course”, defended Kwasi Kwarteng before Parliament. For the Labor opposition, this plan, which “aimed only at rewarding the rich” No “Cost of Living Crisis Won’t Solve”.
British recession recovery program CNN, in addition to tax cuts, also provides for the removal of restrictions on bank bonuses, as well as“sharp increase
Source: Courrier International