UK scraps corporate tax hike, lifts cap on banker bonuses

Summary by Ground News

The U.K. government on Friday scrapped planned corporate and individual tax hikes and removed a cap on bankers’ bonuses in contentious bid to boost the faltering economy. Kwarteng’s predecessor, Rishi Sunak, imposed the increase to pay for social care and a backlog in the public health service.

2 months ago·London, United Kingdom

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Times of India

UK slashes personal, corporate taxes in bid to spur growth

The government's two-pronged approach offers short-term help for homes and businesses struggling with soaring energy costs while betting that lower taxes and reduced red tape will spur economic growth and increase tax revenues in coming years.

2 months ago·Mumbai, India

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BBC News

Chancellor Kwasi Kwarteng hails 'new era' as he unveils tax cuts

The chancellor announces the biggest tax cuts since 1972 in a significant change of policy.

2 months ago·United Kingdom

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Reuters

Britain sends investors fleeing with historic tax cuts and borrowing

Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, sending sterling and British government bonds into freefall.

2 months ago·United Kingdom

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The Guardian

Mini-budget 2022: pound crashes as chancellor cuts stamp duty and top rate of income tax – live

Tax cuts to cost Treasury around £37bn in 2023-24, official figures reveal

2 months ago·London, United Kingdom

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CTV News

U.K. slashes personal, corporate taxes in bid to spur growth

Britain's new government on Friday announced a sweeping plan of tax cuts it said would be funded by borrowing and revenues generated by anticipated growth, as part of contentious moves to combat the cost-of-living crisis and bolster a faltering economy.

2 months ago·Toronto, Canada

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The Hindu

U.K. slashes personal, corporate taxes in bid to spur economic growth

The government’s two-pronged approach offers short-term help for homes and businesses struggling with soaring energy costs while betting that lower taxes will spur economic growth

2 months ago·India

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