You are currently viewing Britain makes a risky bet on tax cuts to drive growth.

Britain’s chancellor of the Exchequer, Kwasi Kwarteng, introduced a long-awaited raft of new policies on Friday, including sweeping deregulation and a series of tax cuts.

The plan was meant to hark back to Thatcher-era policies — but it comes at a fraught time for Britain’s public finances, reports the DealBook newsletter.

Here are the takeaways:

Tax cuts: In a surprise move, Mr. Kwarteng will scrap Britain’s top income tax rate of 45 percent, applied to those who earn more than 150,000 pounds, or about $169,000, a year and cut the basic rate for lower earners. He also said the government would abandon a planned rise in corporate taxes and another on national insurance contributions, and reduce a levy on home purchases.

Deregulation: The government will remove a cap on banker bonuses, a move made possible by Brexit that is meant to bolster London’s competitiveness as a global financial center. It will also end a

Keep reading this article on The New York Times Business.

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