Kwasi Kwarteng axes higher income tax for top earners in mini-budget

Higher income tax for the country’s top earners will be abolished as part of Kwasi Kwarteng’s fiscal event, otherwise known as a mini-budget.

The chancellor made the announcement as part of his plans to boost economic growth, a day after the Bank of England warned the UK may already be in a recession.

Other announcements made included the removal of a cap on bankers’ bonuses that was introduced in 2014, limiting bonuses to 200 per cent of salaries, to discourage profit-chasing that critics said triggered the financial crash of 2008.

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