News analysis

Britain's deep tax cuts spook investors

The tax cuts are estimated to cost approximately £45 billion in lost government revenue over the next four years. PHOTO: EPA-EFE
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LONDON - Barely two weeks after coming to power, the new government of British Prime Minister Liz Truss has unveiled sweeping tax cuts to boost the country's flagging economy.

In the biggest overhaul in British finances in half a century, the country's income tax rates will be slashed, previously agreed increases in workers' health and social care contributions will no longer be pushed through, a stamp duty imposed on the sale of houses will be slashed, and a planned big rise in corporation tax will be scrapped.

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