Chancellor unveils biggest ‘tax cutting event since 1972’ as top income tax rate scrapped | ITV News

Chancellor unveils biggest 'tax cutting event since 1972' as top income tax rate scrapped | itv news

ITV News published this video item, entitled “Chancellor unveils biggest ‘tax cutting event since 1972’ as top income tax rate scrapped | ITV News” – below is their description.

Chancellor Kwasi Kwarteng has announced he will slash the top rate of income tax for the wealthiest in the country, as his mini-budget was described as the “biggest tax cutting event” in half a century.

Describing his economic plans as “one of the most significant interventions the British state has ever made”, the chancellor introduced wide-ranging measures to fulfill Liz Truss’s promises of tax cuts and economy growth through spending tens of billions of pounds.

During his so-called mini-budget – that also removed the cap on bankers’ bonuses and added further restrictions to the welfare system – Mr Kwarteng argued his plan will “turn the vicious cycle of stagnation into a virtuous cycle of growth”.

Critics have hit out describing it as a “budget for the wealthy”, while experts called it a “gamble” and raised concerns over the extra £45 billion the government will have to borrow to pay for the cuts.

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