The Chancellor will hail ‘a new approach for a new era’ of growth today as he unveils the biggest tax giveaway in three decades.
Vowing to break a ‘cycle of stagnation’ that has lumbered Britain with a massive tax burden, Kwasi Kwarteng will outline action to support families and boost business.
His ‘growth plan’ has 30 measures to drive down taxation, tackle high energy bills and curb inflation.
It includes cutting stamp duty, reversing the national insurance rise and scrapping a planned increase in corporation tax.
Government sources suggested there might be a further ‘rabbit out of the hat’ announcement – possibly a 1p cut in the basic rate of income tax next year.
Kwasi Kwarteng will outline action to support families and boost business. Mr Kwarteng is expected to tell MPs today that a ‘cycle of stagnation has led to the tax burden being forecast to reach the highest levels since the late 1940s,’ adding: ‘We are determined to break that cycle’