Chancellor unveils biggest 'tax cutting event since 1972' as top income tax rate scrapped | ITV News
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. • Subscribe to ITV News on YouTube: http://bit.ly/2lOHmNj • Get breaking news and more stories at http://www.itv.com/news Follow ITV News on Facebook: https://www.facebook.com/itvnews/ Follow ITV News on Twitter: https://twitter.com/itvnews Follow ITV News on Instagram: https://www.instagram.com/itvnews/
