UK chancellor Kwasi Kwarteng has just launched the biggest package of tax cuts in half a century. This will involve around £45bn of reductions for people and businesses by 2027 – 50% more than anticipated before the mini-budget announcement.
Amid the worst cost of living crisis in a generation, Liz Truss’s government wants to boost growth and usher in “a new era” for Britain. It is targeting a 2.5% annual growth rate via a three-pronged approach of reforming the supply side of the economy, taking a “responsible approach” to public finances and cutting taxes.
The tax cut element was trailed heavily during the recent Tory leadership contest, but now that we have some firm details, our expert panel offers their views on Kwarteng’s plan.
