Tory donors and business leaders have hailed Kwasi Kwarteg’s plans for £45bn of tax cuts as the “first Conservative” budget for over 20 years amid hopes of a revival in economic growth.
Executives and economists urged Liz Truss’s new government to go further after the Chancellor was praised for cancelling the corporation tax increase and outlining investment incentives in a mini-Budget that executives described as “very pro-business”.
Peter Hargreaves, a Conservative donor and the billionaire co-founder of broker Hargreaves Lansdown, said that cuts to national insurance and income tax will boost the economy but raised concerns about the health of the public finances.
Tim Martin, founder of pub chain JD Wetherspoon and a Tory donor, said the Chancellor has been “very pro-business” in the mini-Budget but called on him to go further.
He said: “The alcohol duty freeze is welcome, but the real problem for pubs is that they pay far higher business rates per pint than supermarkets and, in addition, pubs pay 20pc VAT on food sales, whereas supermarkets pay nothing.”
- The Telegraph. To read the full story click here
