Latest News

UK’s Kwarteng to scrap top rate of income tax, cut basic rate from April


UK’s Kwarteng to scrap top rate of income tax, cut basic rate from April By Reuters

Breaking News


Economic Indicators 1 hour ago (Sep 23, 2022 11:07)

© Reuters. FILE PHOTO: New British Chancellor of the Exchequer Kwasi Kwarteng steps outside Number 10 Downing Street, in London, Britain September 6, 2022. REUTERS/Toby Melville/File Photo

LONDON (Reuters) – Britain’s new finance minister Kwasi Kwarteng said on Friday he would scrap the country’s top rate of income tax and cut the basic rate next April – a year earlier than expected – to spur economic growth.

Kwarteng said from April 2023 Britain would have a single higher rate of income tax of 40 per cent, scrapping an additional rate of 45% on income over 150,000 pounds ($168,000).

He also said he would cut the basic rate of income tax to 19 pence in April 2023, one year earlier than expected.

“That means a tax cut for over 31 million people in just a few months’ time,” he told parliament. “That means we will have one of the most competitive and pro-growth income tax systems in the world.”

($1 = 0.8925 pounds)

UK’s Kwarteng to scrap top rate of income tax, cut basic rate from April

Grim PMIs knock euro, sterling also pressured by UK mini-budgetBy Reuters – Sep 23, 2022

By Joice Alves LONDON (Reuters) – The euro and sterling slumped against the dollar on Friday after surveys showed the downturn in business activity across the euro zone and…

Britain’s Kwarteng: We need to focus on growth, not redistributionBy Reuters – Sep 23, 2022

LONDON (Reuters) – British finance minister Kwasi Kwarteng said on Friday it was time now to focus on economic growth instead of redistribution, as he laid out tax cuts and other…

Britain bets all on historic tax cuts and borrowing, investors take frightBy Reuters – Sep 23, 2022

By David Milliken and Andy Bruce LONDON (Reuters) -Britain’s new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an…

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Russia to spend $6.8 billion from wealth fund on infrastructure projects in 2022

Previous article

UK’s Kwarteng says debt will fall as proportion of GDP in medium term

Next article

You may also like


Leave a reply

Your email address will not be published.

More in Latest News