UK Announces Biggest Tax Cuts in 50 Years to Boost Economic Growth Amid Crisis

Britain's Chancellor of the Exchequer Kwasi Kwarteng holds a folder reading "The Growth Plan 2022" as he walks out of Number 11 Downing Street on his way to unveil his mini-budget in the House of Commons, in London, on Sept. 23, 2022. Daniel Leal/AFP via Getty Images

UK Prime Minister Liz Truss’s new government has unveiled the biggest package of tax cuts in half a century aimed at spurring growth in the UK economy, which could already be in recession.

Announcing his mini-budget in the House of Commons on Sept. 23, Chancellor Kwasi Kwarteng confirmed that the rise in corporation tax and national insurance contributions, planned under former Prime Minister Boris Johnson’s administration, have been cancelled.