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UK government announces stimulus measures including massive tax cuts According to CCTV news, at present, the UK's economic growth is sluggish, coupled with the energy crisis and severe inflation, people's living costs have risen sharply. Inflation in the UK has remained high since last winter, hitting a 40-year high from April to July this year. On the 23rd, the British government announced a series of economic stimulus measures, including large-scale tax cuts and abolition of the bank bonus cap, hoping to boost the British economy that is about to fall into recession. British Chancellor of the Exchequer Kwarten explained in the House of Commons of the British Parliament on the 23rd that the British government plans to "expand the supply side of the economy through tax incentives and reforms." According to the content announced by Kwarten, the tax cuts introduced this time involve personal income tax, property tax, overseas tourist shopping excise tax and corporate tax. The UK government estimates that the tax cuts will result in a reduction in fiscal revenue, with an estimated £45bn in tax collections to be missed by the 2026-27 financial year. |