Kwasi Kwarteng: I want to keep cutting taxes

The Chancellor wants to keep cutting taxes in order to boost the UK economy.

Mr Kwarteng said there was more to come after he announced a massive shake-up of taxation.

There are concerns that the UK may already be in a recession.

Some sectors will be allowed to hire more migrant workers in order to address labour shortages.

The government is planning to change migration rules by the end of the year, according to a government source.

The top rate of income tax was scrapped as part of the biggest package of tax cuts in 50 years.

Labour said the tax cuts would benefit the rich.

The pound was falling against the dollar and UK-listed stocks were falling.

Mr Kwarteng said on Sunday that the measures did not help the rich more.

He said that they put more money into people's pockets. The basic rate of income tax is going to be cut.

"I want to see over the next year, people retain more of their income, because I believe it's the British people that are going to drive this economy," he stated.

The tax system will be reviewed to make it simpler in the government's growth plan.

The plan risked driving up inflation without helping the economy to grow.

"If you make tax cuts for the wealthiest 5%, and it makes them work so much harder, and rush to invest, and it pays for itself or even attracts investment into the country, then I don't think you should do it," he said.

"That's the type of thing that's usually tried in Latin American countries without success," he said. We would have gotten rid of taxes a long time ago if it was so easy.

The risk of further stimulating inflation is what the increased spending power that you give to the better-offs is going to do. We are going into a serious inflationary recession.

Number 10 believed that skilled migration would support its plan for growth.

The source said that we need to put measures in place so that we have the right skills for the economy to grow.

Increasing and decreasing numbers will be involved in that.

The prime minister wants to see people who are economically inactive get back into work.

There are gaps in the UK workforce and businesses want more visas for skilled workers to fill them.

Firms are expected to use the shortage occupation list to find workers.

Lifting the cap on seasonal workers is being considered by the government.

During her Conservative leadership campaign, Prime Minister Liz Truss promised to expand the seasonal workers scheme in order to address farming labour shortages caused by post-Brexit freedom of movement restrictions.