UK tax cuts to cost 45 billion pounds by 2026/27

© Reuters. FILE PHOTO: Woman holds British Pound banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) – Britain said the package of tax cuts announced on Friday would cost 45 billion pounds by the financial year 2026/27.

The government published its growth plan alongside finance minister Kwasi Kwarteng’s fiscal statement to parliament. The document showed the predicted impact of all the tax changes over the next five years.

In 2022/2023 the cost would be just over 19 billion pounds, rising to 44.8 billion by 2026/27.