Global Economy

UK PM Liz Truss plans to cut down stamp duty in mini budget


Newly elected British Prime Minister Liz Truss will likely cut stamp duty in the upcoming mini-budget. The UK PM’s first budget would focus on reviving the British economy, which has been facing the heat for a long time. PM Truss, along with the new Chancellor, Kwasi Kwarteng, has been working on the new economic plans for the budget for a long time.

The prime minister is expected to announce the new economic plans on Friday, and one of those seems to be the cut down on stamp duty. Currently, the stamp duty applied to any property for the first purchase amount up to £125,000. Reportedly Truss believes that cutting down the stamp duty would help revive the UK’s economy and termed it the ‘rabbit’ in the mini-budget.

On Wednesday, the UK Office of National Statistics announced that the nation had borrowed £11.8 billion in August, which was much higher than expected. The new PM was in New York, where she was scheduled to address the UN General Assembly. Addressing the media, Truss said that the government was focused on lowering taxes and taking appropriate measures to push economic growth.

She admitted that the UK had had a low growth rate for the past few decades. Additionally, Truss also shunned the rumors of a post-Brexit trade deal with the US for short to medium term. The UK PM is also scheduled to meet POTUS Joe Biden during her current visit to the US.

Liz Truss: Meet the new UK PM

​Liz Truss: Meet the new UK PM

During her presser, the newly elected PM also opened up about the UK’s aid to Ukraine during the ongoing Russian invasion. She commented that recent events had been inspirational as Ukrainian forces in Kharkiv had managed to drive the invaders out completely. Truss also promised to match the £2.3 billion expected to be rallied in the West for Ukraine by the end of this year.

FAQs

When will the mini-budget be placed?

The mini-budget will be placed in the British parliament on Friday, September 23.

Who is the new Chancellor to the UK PM?

Kwasi Kwarteng is the new chancellor, who had discussed economic plans with the PM for months.

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