DESNÉ MASIE: UK chancellor Kwarteng starts with a bang by boosting rich
The tax relief for the wealthiest comes during a cost-of-living crisis for most average earners
25 September 2022 - 16:36
Have you heard the joke about trickle-down economics? Ninety-nine percent of you won’t get it. This gag has been doing the rounds on social media in the UK since the new chancellor of the exchequer, Kwasi Kwarteng, revealed his “mini budget” last week.
In support of an overarching economic growth strategy Kwarteng slashed the income tax rate from 45% to 40% for the highest earners, those making more than £150,000 (R3m) a year. Those in this earnings bracket are estimated to number about 600,000 Brits, the literal “1%”. Kwarteng also scrapped the cap on bankers’ bonuses and slashed stamp duty. ..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.