The UK Chancellor of the Exchequer has reiterated the government’s commitment to continue cutting taxes, especially through spending cuts, and without any extra borrowing. He cited the cuts in income taxes and freezing fuel duty, and the increase of the tax-free allowance to GBP 10,000 from April 2014 as examples. The Government was helping small business by helping with high business rates (i.e. local property taxes), and a new employment allowance for small businesses which reduces their National Insurance (i.e. social security) payments.
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