According to reports, Quasi Quarteng is set to announce Â£30bn in tax cuts in his emergency budget on Friday.
The new chancellor, who was appointed by Liz Truss earlier this month, is said to bring down the cost of living and boost economic growth.
Taxes on chopping blocks include a planned increase in national insurance and corporation tax, many times newspaper report.
The policies will be in line with the promises made by Ms Truss during her leadership campaign.
Like Ms. Truss, Mr. Quarteng has small-state, free-market instincts and was one of the book’s co-authors. britannia chainlesswho advocated such an approach.
But Ms Truss argued during her leadership campaign that the UK government should pursue a loose fiscal policy and cut taxes without cutting related spending. He claimed that the taxes would fund themselves by promoting development.
However, former chancellor Rishi Sunak warned that this approach could lead to an inflationary spiral.
This week the government sacked Treasury Permanent Secretary Tom Schaller, who was involved with the so-called “Treasury View” and viewed as a civil service bloc at deficit spending.
This mini-budget is also expected to outline the official cost of the government’s measures to help households with their energy bills and announce the elimination of a cap on bankers’ bonuses.
Credit: www.independent.co.uk /