Chancellor Kwasi Kwarteng hints MORE tax cuts to come with mini-budget ‘just the start’
BRITS are in line for even MORE tax cuts as Kwasi Kwarteng today hinted that last week’s mini budget was “just the start”.
The Chancellor trumpeted the £45billion tax slashing spree as a lifeline for workers battling the cost of living hell – and added: “We’ve only been here 19 days.”
He said: “I want to see, over the next year, people retain more of their income because I believe that it’s the British people that are going to drive this economy.”
Slicing fuel Duty, VAT and unfreezing income tax thresholds are all on the cards for another budget in the next few months.
Last week Mr Kwarteng announced that the basic rate of income tax would be cut to 19p from April next year – saving 31 MILLION families an average £170 a year.
And to help keep more money in hard working people’s pockets, April’s 1.25 percentage point rise in National Insurance will be binned from November 6 this year.
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In a big win for rich Brits, the Chancellor also revealed that the top basic income tax rate of 45p will be binned.
This morning Sir Keir Starmer vowed that if Labour wins the next general election, it will reverse the 45p cut.
Speaking from Liverpool, where Labour is holding its annual party conference, the opposition leader said: “I do not think that the choice to have tax cuts for those that are earning hundreds of thousands of pounds is the right choice when our economy is struggling the way it is, working people are struggling in the way they are… that is the wrong choice.
“I would reverse the decision that they made on Friday.”
But Sir Keir pledged he would keep the basic rate cut.