The UK government on Friday unveiled a sweeping package of tax cuts and reforms aimed at boosting investment in the country.
After just over two weeks in the role, Chancellor Kwasi Kwarteng has announced plans to scrap the top income tax rate, reverse a corporation tax increase and scrap the cap on income tax. bankers’ bonuses – in a move he says will make the UK a more attractive investment prospect.
“We will make no apologies for managing the economy in a way that increases prosperity and living standards,” Kwarteng told the House of Commons on Friday morning.
“Our aim is to make Britain more globally competitive, not to lose to our competitors overseas.”
The announcement saw the pound fall further against the dollar to its lowest point since 1985.
It comes just a day after the Bank of England voted to raise interest rates again as the country tries to tackle rising inflation.