UK’s Truss Tells Businesses She Wants Lower, Simpler Taxes

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The Prime Minister said her government will lower and simplify taxes in the UK.

According to a statement from her office, she told a meeting of senior business figures in New York on Wednesday that she wanted lower, simpler taxes in the UK to encourage investment.

A series of tax-cutting measures will be announced later this week by the Chancellor of the Exchequer, according to Truss. She promised to reverse this year's 1.25 percentage-point increase in National Insurance, a payroll tax, and to scrap next year's planned rise in corporation tax.

After just two weeks on the job, the government is setting an agenda that was interrupted by the death of Queen Elizabeth II.

The government unveiled a package on Wednesday to help businesses with high energy bills. The plan to reform the health care system is expected to be published on Thursday.

The economists think that by the end of the week the new government will have set out a number of new spending commitments and tax cuts that will force the government to borrow more at a time when interest rates are rising. The public finances are on shaky ground because of that.

There will be an extra day for parliament to hear from Kwarteng.

The corporation tax will not be raised as planned. The National Insurance rises will be reversed. The chancellor will be announcing measures to simplify things.

There will be a reduction in stamp duty on home purchases according to a report. The Foreign Office Minister said that they would have to wait and see what the chancellor said. Those policies that have been used in the past will help the economy move.

The Conservatives have used this measure in the past to help the housing market.

The round table in New York was attended by several people.

A series of supply side reforms will be laid out by Kwarteng to make our economy more productive over the long term.

She promised to get roads, broadband infrastructure and mobile phone masts built, as well as dealing with the Solvency II and MiFID regulations governing insurance and trading that are legacies of EU membership.

She said that the long-term plan was to make Britain a better place to invest and be pro-business.

You can read more.

• UK Budget Deficit Swells Ahead of Truss Tax Cut Program