British PM Liz Truss fulfills election promise amid inflation, cuts in personal and corporate tax for economic growth

Britain's new Prime Minister Liz Truss lashed out at Putin in the United Nations, accused of making aggressive threats

Photo:PTI Liz Truss

Britain’s new Prime Minister Liz Truss has promised tax cuts several times in her election speeches. After winning the election, the Truss has fulfilled its promise. The new government in Britain on Friday announced a detailed plan to cut taxes. Let us tell you that Britain is battling with the highest inflation and recession fears ever. The government says that this step has been taken to maintain the pace of economic growth of Britain. With the latest decision of the government, the common people as well as the industries will get immediate relief.

From where will the reduced tax be compensated

Britain’s new government on Friday announced a detailed plan to cut taxes and said the increased spending would be offset by increased borrowing and revenue. Under this, the increased rates of corporate tax were withdrawn and a cut in personal income tax was announced from next year. This step has been taken to give relief to the people from the increased cost of living and to stop the decline in the economy.

The government has not opened the cards yet

Finance Minister Quasi Quarteng, however, gave brief details about the funding of the new scheme. It is not yet clear how much impact this will have on the government’s deficit and borrowing programme. Britain’s newly-appointed Prime Minister Liz Truss has said her Conservative government will push for lower taxes along with economic growth. He announced this week that he was open to “unpopular decisions” such as increasing bonuses for bank executives to attract jobs and investment.

The opposition alleges

We need a new approach for a new era – a focus on growth, Quarteng said. Friday’s statement was named Financial Planning instead of Budget, because its cost analysis was not carried out by the Independent Office for Budgetary Responsibility. The opposition Labor Party alleged that the scheme has taken more care of the business class than the employed people.

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