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UK’s new finance minister scraps almost all planned tax cuts in bid to appease markets
U.K. Finance Minister Jeremy Hunt used his first Monday on the job to announce that almost all of the controversial tax measures announced by his predecessor would be reversed. The major U-turn includes scrapping the cut in the lowest rate of income tax from 20% to 19%, as well as cuts to dividend tax rates, the reversal of off-payroll working reforms, VAT claim-backs for tourists and the freeze on alcohol duty rates. Hunt said the reversed tax cuts totalled £32 billion a year. The only fiscal policies of previous Finance Minister Kwasi Kwarteng to remain are the cancellation of the planned rise in National ... (full story)