UK slashes personal, corporate taxes in bid to spur growth

By DANICA KIRKA, JILL LAWLESS and SYLVIA HUI
Associated Press

LONDON (AP) — The U.K. government has scrapped planned corporate and individual tax hikes and removed a cap on bankers’ bonuses in contentious bid to boost the faltering economy. Treasury chief Kwasi Kwarteng announced in his “mini budget” Friday that he was reversing a hike in national insurance taxes that was introduced by the previous administration. Kwarteng’s predecessor, Rishi Sunak, imposed the increase to pay for social care and a backlog in the public health service. Kwarteng, in his statement to lawmakers at Parliament on Friday, also announced income tax rates will fall next year as part of the government’s moves to bolster the economy.