The rich are the biggest winners of Britain’s tax-cutting gamble.
On Friday, UK finance minister Kwasi Kwarteng announced a bumper set of tax cuts, including scrapping the top rate paid by the highest earners, and reductions in duties paid on house purchases. The UK Treasury estimates that the cuts will wipe £45 billion off annual government revenues over the next five years. That's the biggest tax cut in half a century, according to the Institute for Fiscal Studies.
The anti-poverty research group estimated that nearly half of the gains Kwarteng's personal tax cuts will go to the richest 5% of households, while only 12% of the benefit will go to the poorest half. 'More to come'Kwarteng told the BBC on Sunday that his tax cuts"favor people right across the income scale.""We've actually put more money into people's pockets," he told the broadcaster.
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