In a dramatic about-face, Treasury chief Kwasi Kwarteng said Monday that he would abandon plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds a year.
“We get it, and we have listened,” he said in a statement. He said “it is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country.” The U-turn came after a growing number of lawmakers from the governing Conservative Party turned on government tax plans announced 10 days ago.
It also came hours after the Conservatives released advance extracts of a speech Kwarteng is due to give later Monday at the party’s annual conference in the central England city of Birmingham. He had been due to say: “We must stay the course. I am confident our plan is the right one.”Prime Minister Liz Truss defended the measures on Sunday, but said she could have “done a better job laying the ground” for the announcements.
Truss took office less than a month ago, promising to radically reshape Britain’s economy to end years of sluggish growth. But the government’s Sept. 23 announcement of a stimulus package that includes 45 billion pounds in tax cuts, to be paid for by government borrowing, sent the pound tumbling to a record low against the dollar.
pound plunging
Wow.. is that what the common folk, the non elites, voted for?
Truss deserves to be the shortest serving Prime Minister in British history.
Like why the wealthy need another tax cuts? Rich Brits are already rich beyond our wildest dreams.
Their greddy, currency speculator mate scored ok off the public... Didn't they.!
Dropped....for now. Keep watching them. They'll try to hide it in an obscure package of something, where no one will notice, until it's too late.
Which way did everyone that bet against the currency go this time🤔
Please be our voice. In Tehran's SharifUniversity of Technology, government agents trap students in the university and shoot or arrest them. This news should be spread all over the world by morning so that everyone will understand their crime. MahsaAmini
How could you be a Socialist, Communist or Fascist and be called Right wing? European Right wing appears all Leftist in ideology.
Cover Iran news, break your silent
History Money
So the friends with benefits package proposed by Britain's kinda cute female Trump has failed ... HearHear! LizTruss | WhatWereYouThinking
BREAKING: tax cuts for the rich continues to destroy every economy across the globe
UK oligarchs are unhappy
They lost money. Lots and lots of money in that 'market turmoil'.
Sparticuszorro According to the lying media the Pound wasn’t crashing all year.
I remember Kansas had to do the same and repeal their tax cuts a while back, and it was the GOP doing it. Fact is trickle down economics is a myth and once the people see that myth busted the government has no choice but to undo it. Happens every time.
And lied about it yesterday on Laura K show. The whole dirty sorry crew have got to go
Britain’s Conservative government dropped plans to cut income tax for top earners. Treasury chief Kwasi Kwarteng said that he would not scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year.
Nanjala1 Banana Kingdom Trending...gathara
Women🤣🤡
But why? In these hard times it’s the rich that struggle the most. How will they get that 5th course on their table?
That is a huge shock , if only Republicans would drop the Tax Cuts for the Uber Rich here , the Dems would gladly make it happen with enough votes !
Conservatives once again will be praising themselves for fixing the issue they caused
Tax the Royals!
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