top of page
  • Mitch William

The Economy

Everyone is getting their knickers in a twist over Liz and Kwasi's tax cuts. We all need to chill and try to understand what they've set out to achieve. It is a bold move, it is a risky move. However, if they dig their heels in, stand firm and if it works, we'll all be better off in the end.

The plan set the ambitious target for 2.5% trend of growth, securing sustainable funding for public services and improving living standards for everyone.

The top rate of income tax is to be reduced to 40% from 45%. I agree with that. It would seem that the successful are punished for success. But, success drives the economy.

Alongside cutting the basic rate of income tax, the Chancellor also abolished the additional rate of tax, taking effect from April 2023. In its place will be a single higher rate of income tax of 40%. The policy removes the UK’s previous top rate tax, which was higher than countries like Norway, USA and Italy, and is designed to attract the best and the brightest to the UK workforce, helping businesses innovate and grow.

Corporation tax is to remain at 19%.

Attracting Billion Dollar Business's to the UK is the key for growth. Businesses such as Amazon are the reason so many of us are employed with salaries that were but a dream 30 years ago.

Let's not villainise big business, welcome it, and make it worth their while being here. It's a win win for all. When we gain entry to the Trans Pacific Partnership, we want to be as attractive as possible to the $11 trillion block, investment is coming our way.


Recent Posts

See All
bottom of page