The U.K. government is expected to publish an emergency budget statement Friday outlining how it plans to slash taxes, tame soaring inflation and boost economic growth as a recession looms on the horizon.
Treasury chief Kwasi Kwarteng’s “mini-budget,” to be presented to lawmakers, is expected to scrap a planned increase in corporation tax.
Prime Minister Liz Truss, who became the U.K.’s leader less than three weeks ago, has repeatedly stressed that her Conservative government’s core mission is lowering taxes to drive economic growth. She declared this week that she is ready to make “unpopular decisions” such as boosting bankers’ bonuses to attract jobs and investment.
