Key points from Kwasi Kwarteng’s mini-budget announcement

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The UK government will remove the cap on bankers’ bonuses, Kwasi Kwarteng told the House of Commons.

The Chancellor announces a series of measures in the House of Commons aimed at boosting the ailing British economy.

He confirmed that the controversial policy will continue despite widespread concerns The plans will fill the pockets of “friends and donors”. rather than helping those struggling the hardest during the cost-of-living crisis.

During his statement, he also confirmed that the Tory government will pass legislation that will oblige unions to submit salary offers to a member for a vote, meaning that strikes cannot be called until negotiations have collapsed completely.

In addition, the planned increase in corporate tax has been canceled and will remain at 19 percent, announced the Chancellor.

Kwarteng added that he is introducing VAT-free shopping for overseas visitors.

And he took the opportunity to cut taxes on top earners, telling MPs that the 45% higher personal income tax rate would be “eliminated”.

Kwarteng insisted that the Tories’ economic vision would “turn the vicious cycle of stagnation into a virtuoso cycle of growth”.

SNP Westminster leader Ian Blackford slammed the mini-budget in a statement following the announcement.

“The sheer recklessness of the Chancellor’s testimony is awe-inspiring and plays fire with the Treasury Department’s competence,” the MP said. “This is economic illiteracy, which will not halt sterling’s decline, nor support the desire to curb inflation.

“The priority today was to protect consumers and businesses from higher energy prices. You failed. Consumer energy costs have doubled, pushing more families into poverty. The government’s flawed priority is tax cuts for the rich. These are the wrong political decisions.”

https://www.theargus.co.uk/news/22568804.key-points-kwasi-kwartengs-mini-budget-announcement/?ref=rss Key points from Kwasi Kwarteng’s mini-budget announcement

Fry Electronics Team

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