UK finance minister says will scrap planned increase on corporation tax

• Corporation tax will remain at 19%
• The planned increase to 25% next year has been scrapped
• Basic rate of income tax cut from 20% to 19%
• Income tax for higher rate cut from 45% to 40%

It's a good time to be rich. This supposed "mini budget" is essentially working off the idea that what is beneficial for the rich is also beneficial for the UK as a whole. That's a big tax cut for the nation's wealthiest. The headline is also a welcome development as it is very much a relief so that businesses can invest more, albeit amid a time of worsening economic conditions. *tiny violin music*

If you throw in the energy package in which Kwarteng says will cost £60 billion over the next six months, there's certainly nothing "mini" about this budget at all.

At the end of the day, sure the budget benefits those who are already wealthy. But it is all about trying to bolster growth and that's what the government is trying to do I guess with this.

/GBP GBP The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term