News analysis

Britain's deep tax cuts spook investors

Move aims to make country competitive; critics say growth, if it comes, will be slow

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LONDON - Barely two weeks after coming to power, the new British government of 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, income tax rates will be slashed, previously-agreed increases in workers' health and social care contributions will no longer go through, a stamp duty imposed on the sale of houses will be cut and a planned big rise in corporation tax will be scrapped.

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A version of this article appeared in the print edition of The Straits Times on September 24, 2022, with the headline Britain's deep tax cuts spook investors. Subscribe