Mini budget 2022: Brits in certain areas of UK to have taxes SLASHED under proposals considered by Liz Truss
LIZ Truss has drawn up plans to slash taxes for Brits who work in deprived parts of Britain where she is creating new ‘investment zones’.
The Sun on Sunday can reveal the radical proposal is being discussed at the top of government as they finalise their ‘mini Budget’ – announced this Friday.
Ms Truss wants to turbocharge the economy by slashing taxes – including scrapping the NICs and corporation tax hikes.
She will also announce new ‘investment zones’ – ultra low tax and low regulation areas of the country.
Businesses that move to and invest in these areas will have their levies slashed and be freed from red tape – like overzealous eco rules that can block new development.
The Sun on Sunday can exclusively reveal that No10 is also considering slashing personal taxes for workers who live and work in these areas.
Personal taxes are things like income tax and workers’ NICs contributions.
If No10 goes ahead with the plan, it would be a hugely radical shake-up of the tax system and is likely to spark massive controversy.
Senior Cabinet ministers backing the personal tax cuts believe it will kick start growth in poor areas, create jobs and help level up Britain.
But Ms Truss and her Chancellor Kwasi Kwarteng are still thrashing out the details.
The national mourning period finishes after the Queen’s funeral tomorrow on Monday – starting the firing gun on a four day policy blitz.
She will jet to the UN General Assembly on Tuesday, where she will argue that economic growth is key in the struggle between democracies and tyrants.
Here at home, businesses will get an energy bailout package worth tens of billions of pounds to help them with spiralling gas bills.
The fracking ban is expected to be torn up and strict fiscal rules shelved so Britain can borrow tens of billions more.
While the cap on bankers bonuses will be torn up as No10 declares Britain open for business.
Ms Truss and her Chancellor have ordered mandarins to stop with their petty “economic managerialism” and to adopt a new, bullish “always growth” strategy.
Hammering home the point, Mr Kwarteng sacked top Treasury mandarin Sir Tom Scholar on his first day in the job.
Antonia Romeo – the head civil servant at the Ministry of Justice – is the favourite to replace him.
The full weight of the Treasury will be hurled at getting growth back up to 2.5 per cent.