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Conservative Party leader candidate Boris Johnson is reportedly planning a special no-deal Brexit budget to get the British economy “going gangbusters” by October 31st if the UK leaves the EU without a deal.
According to The Times, Mr Johnson is planning a series of tax cuts, raising the threshold for land tax on purchasing homes, a “Trump-style” freeze on new regulations, and raising the investment allowance threshold to stimulate business.
Tory - Party - Members - Mr - Johnson
It is believed that if Tory Party members vote for Mr Johnson to be the next party leader, and he becomes prime minister, he will bring forward the budget, which is normally delivered in October or November, to September.
Other fiscal measures being considered to stimulate the economy and support taxpayers includes raising the threshold for the 40p rate of income tax from £50,000 to £80,000. He is also considering a proposal initially put forward by his former leadership rival and fellow Brexiteer Dominic Raab to increase the national insurance contribution threshold from £8,632 to £12,500, meaning Britons will see more money in their paycheques every month.
Mr - Johnson - Stamp - Duty - Land
Mr Johnson could also end stamp duty — the land tax paid when buying a property — on houses costing less than £500,000. Currently, only the first £125,000 is exempt.
He is expected to discuss plans next week at a meeting chaired by Sir Edward Lister, with three senior sources from the former foreign secretary’s campaign telling the newspaper confirming that the ideas were under consideration.
Week - Institute - Fiscal - Studies - Proposals
Earlier this week, the Institute for Fiscal Studies attacked proposals by Boris Johnson to cut taxes, claiming...
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