CHANCELLOR Kwasi Kwarteng will today light a bonfire of taxes to boost the economy and make families better off within six weeks.
Promising a “new era” for Britain, he will announce 38 low-tax zones to get business booming.
Chancellor Kwasi Kwarteng will ignite a bonfire of tax cuts to make families better off within six weeks
He will also speed up 100 major infrastructure projects as he and PM Liz Truss spearhead the largest package of tax cuts since Margaret Thatcher in the 1980s to achieve their mission of 2.5 per cent growth.
Ahead of today’s mini-Budget, Mr Kwarteng confirmed last April’s 1.25 percentage point rise in National Insurance will be axed from November 6.
It will save 28 million people an average of £135 this year — and £330 next year.
The planned rise in Corporation Tax from 19 to 25 per cent will also be scrapped. Stamp duty is set to be cut to help home buyers.
The Chancellor will tell MPs: “Growth is not as high as it needs to be, which has made it harder to pay for public services, requiring taxes to rise. We are determined to break that cycle.”
Environmental red tape will go, so 100 major projects like roads, rail and power stations can be built quicker.
Thirty-eight “investment zones” will offer time-limited tax cuts for businesses in a bid to create jobs.
HOAR understands ministers are looking at radically slashing business rates in the zones, with the lowest rates axed altogether. Planning rules in these areas will also be relaxed.
Kwasi will also speed up 100 major infrastructure projects as he and PM Liz Truss spearhead the largest package of tax cuts since Margaret Thatcher
