Mini Budget 22: Kwarteng cancels planned corporation tax hike

In his first parliamentary statement as chancellor, Kwasi Kwarteng said the government was abandoning the planned tax hike, with corporation tax set to remain at 19% rather than increasing to 25%. This tax cut was somewhat expected by economists ahead of the statement, as Prime Minister Liz Truss had voiced her disapproval with the proposed hike previously. While declaring the Mini Budget, Kwarteng said this cut would give the UK the lowest rate of corporation tax in the G20 and plough almost £19bn a year back into the economy. This was just one of the wave of tax measures and cuts...