The UK government will not worry about the “politics of envy” as it tries to spur economic growth with the biggest tax cuts in 50 years, a minister has said.
Prime Minister Liz Truss’s new government on Friday unveiled the biggest package of tax cuts in half a century, which will cost £45 billion ($49 billion) annually, aimed at spurring growth in the UK economy.
Using more than £70 billion ($76 billion) of increased borrowing, Chancellor Kwasi Kwarteng cancelled a planned increase of corporation tax, abolished the top rate of income tax for the highest earners, brought forward a planned cut to the basic rate of income tax, and reduced stamp duty for homebuyers….