Income tax cuts the government had planned would be laid aside  for an unspecified time " said UK finance minister Jeremy Hunt

The government proposes to raise the corporation tax from 25% to 19%, the lowest rate in the  G-20. 

UK finance minister also reversed plans to lacerate dividend tax rates and scrap alcohol duties

The latest tax cuts would raise 32 billion pounds ($36 billion) every year" according to Jeremy Hunt 

Jeremy Hunt said, “I've concluded that the fundamental pace of income tax will stay at 20% and it will do so endlessly until financial conditions allow for it to be cut 

Bloomberg Economics calculates there is a budget hole ranging from £28 billion to £50 billion to fill, depending on the pace of debt falling 

The recent 1.25% increase in National Insurance contribution has been reversed. The basic rate of income tax is being reduced from 20% to 19% 

The top rate is proposed to be raised to 40% by eliminating the 45% tax paid on income over $166,770.The top rate is proposed to be raised to 40% by eliminating the 45% tax paid on income over $166,770

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