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hello and welcome if you re watching in the uk or around the world. an independent think tank in britain says the uk government s mini budget is likely to leave the vast majority of taxpayers worse off. the chancellor kwasi kwarteng s package of measures include scrapping the top rate of income tax for the highest earners and reducing the basic rate by a penny. the institute for fiscal studies says that only those with incomes of more than 155,000 will be net beneficiaries over the current parliament. ben king reports. here in reading and around the uk, people feel like they could do with a boost. bills are going up and interest rates are rising. across the country as a whole, the economy has been growing too slowly. and the chancellor has come up with a very bold solution tax cuts worth billions of pounds. he plans to cut the basic rate of income tax to 19p and the pound in england, wales and northern ireland next april and abolish the 45p top rate of tack for people ear
Bbc-newsChancellorTax-cutsGrowthUkWallReactionHeadlinesAround-the-worldLewis-vaughanjonesReferendumsParts the economy with the biggest tax cuts in four decades. at spitalfields market in east london, they are taking stock of a mini budget that s ignored a massive shift in political direction. what do you make of moves like reversing the national insurance rise? will that help, do you think? i think it probably will help. to a degree. but it depends what bracket you are in in terms of income. yeah, i think it will help. i mean, it does not even touch the sides. i don t know. we will see. there is a lot to take in. the treasury is cutting the basic rate of income tax from 20p to 19p from april next year. it is abolishing the 45p top tax rate for people who earn over £150,000, as well as reversing the national insurance rise from november, and cancelling a corporation tax rise planned for next year. stamp duty will be scrapped below £250,000. the government will borrow to fund it. £231; billion this year. there is criticism from opposition politicians that those with the most are
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