UK’s biggest tax cuts since 1972 trigger crash in the pound

Chancellor Kwasi Kwarteng slashes taxes on the wealthiest households and firms in a bid to boost growth

Kwasi Kwarteng's mini-budget included scrapping the 45% rate of income tax, leaving the top rate at 40%, and cut the basic rate from 20% to 19%.

Liz Truss’s new UK government delivered the most sweeping tax cuts since 1972, slashing levies on rich households and companies in a bid to boost economic growth in a move that triggered a massive market selloff of the currency and bonds.

Chancellor of the Exchequer Kwasi Kwarteng announced a series of tax cuts and regulatory reforms that will cost £161bn (€182.2bn) over the next five years.