Today: Sunday, 25 September 2022 year

UK announces tax cuts

UK announces tax cuts

The government of Liz Truss, who took office as Prime Minister of Great Britain on September 6, is lowering taxes in the kingdom in order to stimulate economic growth. This was announced on Friday morning, speaking in the House of Commons of the British Parliament, the head of the Ministry of Finance of the country Quasi Kwarteng.

“Today, we are releasing our economic development plan, which sets out a new approach for a new era, based on three key priorities: reforming the supply-side economy, responsible public finances, and tax cuts to stimulate economic growth,” the minister said.

According to him, the announced measures will reduce annual inflation by 5 percentage points. On Thursday, the Bank of England lowered its inflation forecast for the year from 13% to 10%, predicting a peak in October. The Central Bank of the country also stated that the economy of the kingdom is in recession. In the second quarter, the country’s GDP fell by 0.1%, which is also expected in the third quarter.

Our goal is to achieve economic growth of 2.5% in the medium term,” Kwarteng said, promising that the government will actively revise legislation to make it easier for businesses. He also assured that the independence of the Bank of England will “remain sacred” to the Conservative government.