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FACTBOX: Incoming UK PM Johnson's stance on Iran, Trump, Huawei and the economy

News Service
14:42 - 23/07/2019 Tuesday
Update: 14:44 - 23/07/2019 Tuesday
REUTERS
Boris Johnson speaks after being announced as Britain's next Prime Minister at The Queen Elizabeth II centre in London, Britain
Boris Johnson speaks after being announced as Britain's next Prime Minister at The Queen Elizabeth II centre in London, Britain

THE ECONOMY:

Johnson has vowed to spend billions of pounds on public services, infrastructure and tax cuts including promises to increase spending on education, transport, superfast broadband and police and end a public sector pay freeze.

He has said he will tap into the 27 billion pounds of "fiscal headroom" that has built up in the public finances, referring to the difference between the government's target for the budget deficit and its projected size.

"Believe me there is cash now available ... I'm prepared to borrow to finance certain great objectives but overall we will keep fiscal responsibility," he said.

British media have reported he is preparing an emergency budget including aggressive tax cuts, an overhaul of the stamp duty property tax and an assault on regulation if there is a no-deal Brexit.

During Johnson's time as mayor of London he championed financial services but has been trying to rebuild ties with company executives after an expletive against business.

TAX CUTS:

Johnson has said there is room to make tax cuts and has pledged to raise the level at which the higher rate of income tax is paid. He also wants to raise the threshold at which people start to pay National Insurance.

"We should be raising thresholds of income tax – so that we help the huge numbers that have been captured in the higher rate by fiscal drag. We can go for much greater economic growth – and still be the cleanest, greenest society on earth," he said.

He has also said Britain should cut business taxes but has indicated internet giants could be forced to pay more.

"It's deeply unfair that high street businesses are paying tax through the nose ... whereas the internet giants, the FAANGs - Facebook, Amazon, Netflix and Google - are paying virtually nothing," he said.

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