<ul><li>Basic rate of income tax will remain at 20% indefinitely</li><li>It is not right to borrow in order to fund tax cuts</li><li>Energy price guarantee will not change until April, thereafter will be targeted</li><li>Will no longer be proceeding with cuts to dividend tax rates</li><li>No longer proceeding with new VAT-free shopping scheme for non-UK visitors</li></ul><p style=““ class=“text-align-justify“>One wonders what was the whole point of the exercise over the past few weeks then. So, pretty much everything that was announced previously will be gone and only the National Insurance and stamp duty cut will stay. The income tax hold even walks back on Sunak’s commitment (he planned to cut it at a later date). So, essentially a total reversal of the entire „growth plan“ that was announced at the end of last month.</p><p>/<a target=“_blank“ href=“https://www.forexlive.com/terms/g/gbp/“ target=“_blank“ id=“3a5ab7c1-ff09-45ea-87d4-eea6613bb754_1″ class=“terms__main-term“>GBP</a></p>

This article was written by Justin Low at forexlive.com.