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Kwasi Kwarteng expects to announce a £ 30bn tax cut this week

Kwasi Kwarteng is due to announce a £ 30bn tax cut in its emergency budget on Friday, according to reports.

The new chancellor, appointed by Liz Truss earlier this month, is expected to believe the changes will lower the cost of living and accelerate economic growth.

Chopping taxes include planned increases in social security and corporate income tax, Times press reports.

The policy would be in line with the promises made by Mrs Truss during her leadership campaign.

Like Mrs. Truss, Mr. Kwarteng has a small-state, free-market instinct, and was one of the co-authors of the book Britannia Unchainedwho advocated this approach.

But Truss argued during her leadership campaign that the UK government should pursue a looser fiscal policy and lower taxes without the associated spending cuts. Taxes, she argued, would finance themselves by stimulating growth.

Former chancellor Rishi Sunak, however, warned that such an approach could trigger an inflationary spiral.

This week the government laid off the permanent treasury secretary Tom Scholar, who was associated with the so-called

The mini-budget is also expected to present the official costs of government action to help households with energy bills and to announce the lifting of the cap on bankers’ bonuses.

Mr. Kwarteng’s so-called “fiscal event” was promised by Mrs. Truss in response to the cost of living crisis, but was postponed during a period of mourning after the Queen’s death last week.

In view of the planned parliament for the conference break next Thursday, the chancellor had to ensure a one-day extension of the session in order to deliver his statement to parliamentarians on 23 September.

MEPs are due to return to Westminster a little earlier than planned on October 10, not on 17.

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