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Al Jazeera
Al Jazeera
Politics

UK mini-budget shakes the stock market, benefits the wealthy

Chancellor of the Exchequer Kwasi Kwarteng unveiled his mini-budget plans [PRU handout via AFP]

The British government has unveiled a new mini-budget in the parliament, intending to cut household taxes and energy bills while driving economic growth.

In what represents the most significant tax cut budget since 1972, the new finance minister Kwasi Kwarteng’s sweeping new budget will see cuts to national insurance, stamp duty and the top tax rate.

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