Chancellor Kwasi Kwarteng Unveils Tax Cuts

Chancellor Kwasi Kwarteng has unveiled the biggest package of tax cuts in 50 years, as he hailed a new era for the UK economy. <br />Income tax and the stamp duty on home purchases will be cut and planned rises in business taxes have been scrapped. <br />Mr. Kwarteng says a major change of direction was needed to kick start economic growth however Labour says it would not solve the cost-of-living crisis and was a plan to reward the already wealthy <br />He says high tax rates damage Britain's competitiveness reducing the incentive to work and for businesses to invest.