The British government wants to stimulate the economy with massive tax cuts

London Britain’s new government on Friday announced massive tax cuts and the dismantling of regulations in a bid to boost Britain’s chronically weak economic growth. Among other things, the top tax rate is to be lowered, the bonus cap for bankers abolished, the planned increase in corporate tax for companies canceled and almost 40 new “investment zones” with low taxes and few conditions created.

“This is the beginning of a new era,” said Finance Minister Kwasi Kwarteng in the British House of Commons, describing the most ambitious growth program in 50 years. The conservative Tories, who have been in government for twelve years, are correcting numerous measures that they themselves advocated just a few months ago.