The Budget announced by Kwasi Kwarteng on Friday will hand lucrative business tax breaks to “affluent” Tory areas, swiping badly needed funds from areas in greater need, Labour has warned.
Some wealthier counties, including those that contain the seats of Liz Truss and her deputy, are earmarked for “investment zones”, where billions will be handed to businesses to encourage them to invest and grow. But Labour is questioning how the list of proposed zones – for a policy described as “levelling up in action” by one cabinet minister – has been drawn up.
The news came as Friday’s dramatic tax-slashing Budget was branded a “southern comfort” package by the Resolution Foundation think tank, fuelling protests that the plans announced by Mr Kwarteng are unfair as well as reckless. According to analysis carried out by the foundation, households in London and the South East will benefit by around £1,600 – more than three times the amount by which households in Wales, the North East and Yorkshire stand to benefit.
This story is from the September 25, 2022 edition of The Independent.
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This story is from the September 25, 2022 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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