The UK's new Prime Minister, Liz Truss, has promised tax cuts and other measures as she takes over the position from Boris Johnson. This includes maintaining the corporation tax rate at 19% instead of increasing the rate from 1 April 2023, as well as reversing the 1.25% increase in national insurance contributions, which was implemented in April 2022 as a transition to a new 1.25% Health and Social Care Levy. Prime Minister Truss has also stated that no new taxes, including windfall profits taxes, will be introduced. Details on any changes will be published once available.