Kwasi Kwarteng announces ‘investment zones’ with huge tax cuts for businesses

Plans set out in chancellor's mini-budget include abolishing stamp duty and sweeping aside planning rules

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Businesses will receive big tax cuts and fewer restrictions on building in new investment zones" across the country, the chancellor, Kwasi Kwarteng, has announced.

Stamp duty will be abolished, employment taxes will be slashed, planning rules will be swept aside and companies will be able to completely write off investments in plant and machinery as part of the plans, Kwarteng announced in a mini-budget on Friday, as part of a major package of tax cuts.