‘A budget for the 1%’: government accused of huge tax cut for super-wealthy
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‘A budget for the 1%’: government accused of huge tax cut for super-wealthy

Kwasi Kwarteng’s measures benefit the rich at expense of struggling families, say critics

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The government stands accused of introducing a “simply staggering, huge tax cut for richer households” that will leave “the super-wealthy laughing all the way to the actual bank”, while allowing hundreds of thousands of already-struggling families to fall deeper into poverty.

On Friday, Kwasi Kwarteng, the chancellor, announced a string of tax giveaways and other measures that economists and campaigners claim will hugely benefit the super-rich at the expense of hardworking people.

Scrapping the 45p additional tax rate on earnings above £150,000.

Axing the cap on bankers’ bonuses.

Scrapping the planned rise in corporation tax to 25%.

Doubling the stamp duty “holiday” on property purchases to £250,000.

Allowing the overseas wealthy to shop duty free anywhere in the UK – not just at airports.

Axing the planned rise in national insurance contributions.

Tightening the benefits rules to make it harder for part time workers on universal credit.

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