The 'biggest set of tax cuts since Thatcher' will be announced on Friday
The chancellor will set out his mini-budget later and announce tens of billions in increased spending and tax reductions - while critics warn more spending and lower taxes will lead to heavy amounts of borrowing.
And new investment zones will also be set up, creating low-tax and low-regulation areas he believes will boost growth across the UK.Mr Kwarteng's tax cuts are set to be the biggest since the Thatcher era.He is due to tell the House of Commons: "Growth is not as high as it needs to be, which has made it harder to pay for public services, requiring taxes to rise.
After Ms Truss said she was willing to be an unpopular Prime Minister if it meant implementing what she believes are the right policies, Mr Kwarteng is to say her Government will be "bold and unashamed in pursuing growth – even where that means taking difficult decisions". Reports also suggest stamp duty could be cut and that some 120,000 people on Universal Credit may need to actively look for work or lose their benefits.Picture: AlamyThe Institute for Fiscal Studies said the growth strategy was "a gamble at best", and its director, Paul Johnson, said: "This will actually, we think, be the biggest tax-cutting fiscal event since Nigel Lawson's budget of 1988.
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