Kwasi Kwarteng’s tax cuts will benefit richest amid dividend boom – report

Shareholders have enjoyed large payouts at time of meagre workers’ pay growth, says study from thinktanks

Kwasi Kwarteng is pushing ahead with a multimillion pound tax cut for wealthy individuals despite growing concerns over the public finances, according to a report highlighting a boom for investor dividends since the Covid pandemic.

On a renewed day of turbulence in financial markets over the chancellor’s unfunded tax cutting plans, the Treasury confirmed it would reduce the rate of income tax on dividends.

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