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Who will put the brakes on Herbert Kickl as chancellor? Great concern for the Blues!

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Quasi KwatenTax cut plan defended treasury minister.

The finance minister speaks on Saturday after the chancellor’s massive tax cuts Chris Phelps Mr Kwarten’s tax cut plan is “not a gamble, it’s a necessity”.

despite causing lb plummet DollarMr Philp claims U.K. “Cannot continue high taxes”.

He told Time Radio: “We cannot accept lower growth than we would like because the people in this country want higher wages.

“They want a better standard of living, they want to see money invested in public services, they want to see investment, they want to see their children have a better future than they do.

“If we’re going to achieve those aspirations that we really want to do, the only way to get there is to have a growth plan.

“So, it’s not a gamble, it’s a necessity.”

On Friday, the chancellor announced a so-called mini-budget in which he removed the 45% tax bracket, caps on bankers’ bonuses and halted a planned increase in corporate tax from 25% to 19%.

Mr Kwarteng also scrapped the National Insurance increase, adding: “We can’t have a tax system that takes you to the highest level in 70 years, so the last time we had a tax rate at this level was actually at the Queen before I cut taxes. His Majesty had previously inherited the throne.

“It’s totally unsustainable and that’s why I’m delighted to be able to cut taxes across the board this morning.”

The Resolution Foundation think tank said the chancellor’s measures would involve borrowing an additional £411bn over the next five years.

It said the tax cut would do little to boost the incomes of those who needed it most, noting that those earning £1m a year would earn more than £55,220 a year, while those earning £20,000 would only receive £157.

On Friday, the pound plummeted to levels not seen in decades and is currently trading between £1 and $1.09 at the time of writing.

Former US Treasury Secretary Larry Summers even warned that the pound could fall below parity against the dollar.

“It makes me sad to say, but I think the UK is acting a bit like an emerging market turning itself into a flooded market,” he told Bloomberg.