UK Chancellor of the Exchequer Kwasi Kwarteng set out the most radical package of tax cuts for the UK since 1972, reducing levies both on worker pay and companies in an effort to boost the long term potential of the economy. Kwarteng also cut stamp duty on property purchases, removed a cap on banker bonuses, and confirmed support for households and businesses from spiraling energy bills at a cost of £60 billion ($67 billion) over the next six months.