UK Treasury chief to set out tax-slashing emergency budget

By SYLVIA HUI
Associated Press

LONDON (AP) — The U.K. government will publish an emergency budget statement outlining how it plans to slash taxes, tame soaring inflation and boost economic growth as a recession looms on the horizon. Treasury chief Kwasi Kwarteng’s “mini-budget” will be presented Friday to lawmakers. It’s expected to scrap a planned increase in corporation tax. New Prime Minister Liz Truss has repeatedly stressed that her Conservative government’s core mission is lowering taxes to drive economic growth. She declared this week that she is ready to make “unpopular decisions” such as boosting bankers’ bonuses to attract jobs and investment. Friday’s statement isn’t a full budget. But analysts predict that it looked to be the U.K.’s biggest tax-cutting fiscal event for more than 30 years.