The British government has announced it will reverse plans to scrap the highest rate of income tax, following a major backlash to its proposed “growth plan.” In a statement posted online Monday, finance minister Kwasi Kwarteng said the plan “had become a distraction.” “We get it, and we have listened,” he said.
The announcement marks a major climb-down for new Prime Minister Liz Truss, whose government has been roiled by the reaction to its sweeping proposed tax cuts, which included slashing the top rate of income tax to 40% from 45%. The radical cuts sent the pound plunging to historic lows and sparked market chaos, leading to a revolt within the governing Conservative Party. This is a developing story. More to come.
Such fiscal policy is bound to be re-evaluated along the implementation line, tinkering is equally necessary as there are bound to exigencies that would be found that inhibit full actualization of the fiscal plans as proposed.
And the winner is?
The Islamic Republic is firing on students at Iran's Sharif_University. Yet, reports indicate the US may send this criminal regime billions yet again. POTUS, you have yet to help our people. At least don't fund the bullets piercing the hearts of our youth!
Speak out for Iran! Iran is in blood! Shame on silence!!! MahsaAmini Redcross
The downfall of Boris should have been through general election but the torries being torries…. Here we are.
Good decision. But man, what a shit show.
Oh, that's nice. When we complain about stupid ideas, the Supreme Court just tells us 'GFY' and does it anyway.
It’s absolute chaos!
Could it be that 'Trickle Down' economics has breathed its last? 🙏