Personal and business tax cuts in ‘full fat’ freeports

Details of Friday’s mini-budget are still being finalised but top priority will be increasing growth.

The Prime Minister will drive through key reforms this week after political activities were suspended during the national mourning.

She is in New York from tomorrow meeting world leaders but her ministers will unveil details of the plans to tackle the energy bills crisis and strains within the NHS.

Ms Truss will return to watch her Chancellor Kwasi Kwarteng deliver his emergency mini-budget.

He is expected to reverse as early as November the 1.25 percent rise in national insurance as well as halting planned rises in corporation taxes.

Ms Truss has put economic growth at the heart of her proposals to put the country’s finances back on track.

Up to 12 “full fat” freeport investment zones could be announced in the financial statement, areas where taxes and red tape are cut to attract investment.

The PM is said to be looking at going further by lowering taxes for people who live or work in the areas, but No10 insiders played down those reports.

The Government is reportedly looking at the West Midlands, Thames Estuary, Tees Valley, West Yorkshire and Norfolk as potential sites.

Ms Truss announced proposals to combat sky-high energy bills just hours before the Queen’s death.

She promised a cap on household prices and action to boost domestic supplies, including lifting the ban on fracking and new licences for North Sea oil and gas.

Businesses will be given six months of support but the details have not yet been set out. Shevaun Haviland, director general of the British Chambers of Commerce, said: “We really welcome the PM’s intervention.We now need to see the detail, particularly around what level of cap we are going to see for those businesses.”

Ms Haviland said the BCC does not believe that recession is inevitable and can be avoided if steps are taken.

MPs are expected to return to the Commons on Wednesday when Business Secretary Jacob Rees-Mogg sets out details of a recovery plan.

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