The UK is preparing to mark its annual stock market market holiday by slashing some taxes, which could boost the economy by a lot.
But the new changes, which will hit a wide range of industries including the private sector, will likely only make a dent in the economy.
The changes will mean companies will have to pay tax on profits earned on the day, instead of on the last day of the financial year.
It’s expected to generate about £1bn in extra revenue.
In recent months, the government has also promised to raise the personal allowance tax threshold to £25,000 a year from the current £15,000.
A range of measures are expected to help boost growth, including a £1,000 tax cut on all new business investment.
Other measures include a cap on tax reliefs, and a £5,000-a-week pay rise for new staff.
Many businesses are also expected to benefit from the reduction in tax, including some that employ thousands of people.
This includes some high street chains like Boots and Tesco, which have been struggling with their stock prices.
But the government is also expected, as part of the measures, to make the biggest cuts in the number of workers.
Currently, about 2.5 million people work in the UK, according to the Office for National Statistics.
Since the start of the year, they have lost nearly 4.7 million jobs.
“The Government will ensure that the economy is strengthened by reducing tax and other tax avoidance and simplifying the system,” a Treasury spokesperson said.
Tax cuts and tax avoidance The biggest cut will be to the personal income tax rate, which currently stands at 45 per cent.
Businesses will be able to deduct the cost of a home, car and other essentials, while the number that are required to be taxed on income up to £1m will be reduced from 30,000 to 10,000 in 2020.
More: There are a number of changes to the business rates, including the abolishment of the Business and Industrial Levy, which had been expected to be part of any major economic boost from the government’s Autumn Statement.
There will be a cap of £20,000 on taxable income for new business in 2020, and £20 for existing businesses.
And in 2020 the government will freeze the rate for new employees for two years.
To help businesses reduce costs, the tax rates will also be reduced.
However, the Treasury says the cuts will not mean a huge reduction in their profits.
Instead, the cuts could be felt by the government as a result of the impact on businesses and workers.
“There is a lot of uncertainty about how the changes will be felt in the short term, and how long they will last,” a spokesperson said in response to questions.
Some of the big businesses, including banks and the construction industry, have already announced they will reduce staff numbers.
An additional £2.5bn will be spent on tax cuts, which include the new capital gains tax relief and a further reduction in corporation tax.
They include:The government is set to raise £7.5 billion from the tax changes in 2020 to help meet its 2020 spending target.
Its estimated to raise up to $9 billion, and has pledged to raise more than £1 trillion over the next four years.