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Kwarteng Slammed for Driving a Wedge Between UK’s Rich and Poor (2)

Sept. 23, 2022, 12:41 PM

Chancellor of the Exchequer Kwasi Kwarteng’s vision for a new economic era, which includes the biggest tax giveaway in half a century, has been slammed for being “socially divisive.”

Criticism was swift after the chancellor announced on Friday plans to scrap the 45% top rate of tax and double the threshold for paying stamp duty for home buyers, while also tightening access for people on welfare payments.

Someone earning £200,000 will gain £5,220 a year, rising to £55,220 for a person earning £1 million, while someone earning £20,000 will get just £157, according to the Resolution Foundation.

Prime Minister Liz Truss’s government is unleashing a radical new economic ...