Tax Cuts Underway In Britain

  • last year
The British government announced a sweeping plan for tax cuts, the largest in five decades, to slow down inflation. U.K. Chancellor of the Exchequer Kwasi Kwarteng announced that the government would cut payroll taxes, freeze corporation tax, and remove a cap on bonuses for bankers, in addition to subsidizing energy bills over the next two years. The value of the British pound dropped to $1.10, hitting a 37-year-low.

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