Money Budget Live: Brits brace for tax bonfire as Truss prepares biggest cuts in 30 years | Politics News | Pro IQRA News

Pro IQRA News Updates.

Ahead of the announcement, the Chancellor confirmed that the 1.25 National Insurance hike would be withdrawn from 6 November. The increase was introduced to help fund health and social care services in the wake of the coronavirus pandemic. Paul Johnson, director of the Institute for Fiscal Studies think tank, said the mini-budget would be “the biggest fiscal event of tax cuts” in 30 years, referring to Nigel Lawson’s 1988 budget.

Speaking on Thursday, Mr Kwarteng said: “Taxing our way to prosperity has never worked. To raise living standards for all, we need to be unapologetic about growing our economy.” Is.

“Tax cuts are vital to this – and whether businesses reinvest the freed-up cash in new machinery, lower prices on the shop floor or increased staff wages, changing the levy will boost their growth. help, while allowing the British public to keep more of what they earn.”

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