Breaking News
Investing Pro 0
Black Friday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

UK's Kwarteng to scrap top rate of income tax, cut basic rate from April

Economic Indicators Sep 23, 2022 11:07
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: New British Chancellor of the Exchequer Kwasi Kwarteng steps outside Number 10 Downing Street, in London, Britain September 6, 2022. REUTERS/Toby Melville/File Photo

LONDON (Reuters) - Britain's new finance minister Kwasi Kwarteng said on Friday he would scrap the country's top rate of income tax and cut the basic rate next April - a year earlier than expected - to spur economic growth.

Kwarteng said from April 2023 Britain would have a single higher rate of income tax of 40 per cent, scrapping an additional rate of 45% on income over 150,000 pounds ($168,000).

He also said he would cut the basic rate of income tax to 19 pence in April 2023, one year earlier than expected.

"That means a tax cut for over 31 million people in just a few months' time," he told parliament. "That means we will have one of the most competitive and pro-growth income tax systems in the world."

($1 = 0.8925 pounds)

UK's Kwarteng to scrap top rate of income tax, cut basic rate from April
 

Related Articles

Take Five: Everything to play for
Take Five: Everything to play for By Reuters - Nov 25, 2022 2

LONDON (Reuters) - The final month of the year is almost here but there's no time yet to slow down, with latest U.S. jobs numbers and euro zone inflation data coming up. And don't...

Dollar edges up in range-bound holiday markets
Dollar edges up in range-bound holiday markets By Reuters - Nov 25, 2022 3

By Saqib Iqbal Ahmed NEW YORK (Reuters) - The dollar edged higher across the board on Friday in a quiet session following the U.S. Thanksgiving holiday but remained near...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Anthony McClellan
Anthony McClellan Sep 23, 2022 11:43
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Embarrassing. incompetent. clearly...2 plus 2 equals...fish!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email