UK lifts corporate tax hike and cap on bank bonuses


These are measures that are part of the growth plan of the new Minister of Economic Affairs, Kwasi Kwarteng.

Euskaraz irakurri: Erresuma Batuak sozietate zergaren igoera eta bankuetako hobarietarako muga baliogabetu ditu

The new British Chancellor of the Exchequer Kwasi Kwartengconfirmed this Friday that will eliminate the corporate tax increase Y will abolish the current cap on bonuses received by bankers. These are measures that are part of the growth plan you have submitted, intended for stimulate the economy.

In a statement to the House of Commons, he elaborated an “emergency budget” to tackle the rise in the cost of living, with a “new approach” based on “three priorities: reforming the supply side of the economy, a responsible maintain public finance approach and cut taxes to boost growth.

In his speech, Kwarteng said the British government will take “difficult measures” to boost the country’s growth.

Huge tax cut

In short, the British government has announced that huge tax cut, to stimulate the economy. For example, it will lower income tax from April 2023 and lower the tax on home purchases in England and Northern Ireland.

“A strong UK economy has always depended on a strong financial services sector. We need global banks to create jobs here, invest here and pay taxes here in London, not in Paris, not in Frankfurt, not in New York.” he said. before reiterating that the recent increase in social security contributions set by the previous Minister of Economy, Rishi Sunak, will be reversed with effect from 6 November.

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Source: EITB


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