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UK's New Prime Minister to Cut Tax Rates

Tuesday, 06 September 2022

UK's New Prime Minister to Cut Tax Rates

JAKARTA. The UK will have a new prime minister, Elizabeth Truss or Liz Truss to replace Boris Johnson who resigned on 7 July 2022.

Liz Truss, who previously served as Minister of Foreign Affairs, will issue a number of policies to address various economic problems that occur.

Citing cnnIndonesia.com, one of the policies that will be taken is to cut the tax rate in the country.

Meanwhile, quoting finance.yahoo.com, Truss's tax cuts include cutting the rate of Value Added Tax (VAT) by 5% and withholding the Income Tax.

The goal is that with a lower tax rate, the burden on the British people can be reduced.

The Three Lions are indeed faced with a high rate of inflation. In fact, in July the UK inflation rate was at its highest level in 40 years, at 10.1%

Citing cnbcIndonesia.com, the Bank of England (BoE) even predicts the increase in consumer prices will reach 13.3% in October 2022.

With such an inflation rate, it will be directly proportional to the increase in the average energy cost which is estimated to reach 4,266 pounds or around Rp 75 million at the beginning of 2023.

In addition, Truss during her campaign also promised to ensure energy supply, as the root cause of the price fluctuations that occurred.



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