Chancellor Kwasi Kwarteng has put an end to the top rate of income tax for the highest earners as he spent tens of billions of pounds in a “gamble” to increase growth during the cost-of-living crisis.
is being scrapped and restrictions to the welfare system are being added, he argued tax cuts are “central to solving the riddle of growth”.
From April those getting more than £150,000 a year will stop paying the top income tax rate of 45% and instead switch to paying the 40% applicable to those on over £50,271.The planned cut to the basic rate of income tax to 19p in the pound a year has been brought forward to April. Confirmation of plans to make around 120,000 more people on Universal Credit take active steps to seek more and better paid work, or face having their benefits reduced.
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