Kwasi Kwarteng insisted it was a ‘good day for the UK’ today despite markets giving a cold reception to his extraordinary bet that £45billion of tax cuts can end the economy’s ‘cycle of stagnation’.
The Pound slid and 우리카지노계열 borrowing costs surged after the dramatic ‘Emergency Budget’ launched the biggest assault on the tax burden since 1972.
The Chancellor abolished the 45p top rate for around 660,000 people earning over £150,000 – saving them an average of £10,000 a year each.
Millions of ordinary Britons will also keep hundred of pounds more after a 1p cut in the basic rate was brought forward to next April.
Mr Kwarteng reversed the national insurance hike, as well as scrapping a huge planned increase in corporation tax from 19p to 25p and limits on City bonuses.
Stamp duty is being ditched for values up to £250,000, 우리카지노 with first time buyers exempt up to £425,000 – taking 200,000 people out of the system altogether.
Beer, 우리카지노 wine and cider duty rises are being cancelled – and in an effort to bolster tourism overseas visitors will be able to shop VAT-free.