New U.K. finance minister scraps most of controversial tax cut plan

  • 📰 axios
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

New U.K. finance minister scraps 'almost all' of controversial tax cut plan

Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street on Monday. Photo: Leon Neal/Getty Images, said Monday he was reversing "almost all" of a controversial economic plan as he attempts to calm markets and stabilize Prime Minister Liz Truss' government.

Her government had previously reversed two other key aspects of the plan — cuts to taxes paid by corporations and the country's highest earners.Hunt revealed Friday that only a cut to national insurance — a social security tax — and a small stamp duty cut would remain from the original plan, saying "it is not right to borrow to fund this tax cut.""A central responsibility for any government is to do what's necessary for economic stability," Hunt said.

"No government can control markets, but every government can give certainty about the sustainability of public finances," he added.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Meanwhile the Republican Party keeps up the biggest con ever by preaching that tax cuts for the wealthy will “trickle down” to those in need thereby stabilizing the economy. Fool me once (Reagan), fool me twice (Trump), and yes, we will be fooled again. VoteBlue

L O L

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 302. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines