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UK government scraps controversial tax cut for richest people after uproar and criticism

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The decision became known within hours of the Conservative Party’s annual convention. The rally kicked off in the shadow of polls supporting the Labor opposition, public outrage and severe financial volatility, with the pound and markets taking some hits.

the government of England led by the Conservative Party and a third woman, Liz Truss decided to withdraw and abandon his idea tax cuts for the wealthy .

Pushing for greater economic growth and offering a mini-budget, the recently appointed management lowered the top tax burden from 45% to 40%.

This decision: sparked financial disputes, depreciation of the British pound, street protests and even internal rebellion Joining the ranks of “Tory”.

It was Economy Minister Kwasi Kwarten who announced on Monday that the government would not go ahead with the plan.

“The elimination of the 45% tax rate is clear. Distraction from our primary mission To address the challenges of our country. As a result, we do not proceed with its abolition. We understand and we are listening,” the minister said in a statement.

convulsions in the market

The financial plan presented by Kwarteng on 23 September Doubts about London’s ability to take on public debt If there is no growth forecast, it will be generated by tax cuts.

Truss, who came to power less than a month ago, defended the decision to cut taxes on higher incomes in an interview with the BBC this Sunday, but he said it was directly attributed to the finance minister. rice field.

The 180-degree turn known this morning took place just hours before Kwarten delivered his speech at the Conservative Party’s annual general meeting in Birmingham, according to British media. Growing threats from Tory MPs to vote against plan in parliament .

The abandonment of the income tax cuts for the wealthiest will allow economic leaders to “focus on implementing key parts of the growth package,” he said.

What does the UK government plan say?

First, Kwarteng says that homes and businesses pay utility bills resulting in a sharp increase in the coming months Russian invasion of Ukraine .

Kwarteng also said he would push forward with his intention to “reduce taxes and put money in the pockets of 30 million people” and push for “supply policy reform.” Acceleration of “Major Infrastructure Projects” .

In a subsequent BBC radio interview, Qualtengu said he had made the decision “heard from so many people across the country and saw[the lowering of the topspan]being a big distraction”.

Despite everything, he argued that the truss-approved measure was only “another element in the overarching plan” and, in his opinion, the least relevant from the point of view. of the collection.

He also believes the withdrawal was not due to a “parliamentary game”, alluding to a possible lack of support from conservatives, but rather a response to “listening to voters who expressed strong views”. rice field.

Quarteng denies resignation

The minister is not considering resigning from his position, he claimed in the same interview. Co-religionists question the relevance of his continuation in Cabinet .

Mr. Kwarteng will speak at the Birmingham Convention Center in Chile this afternoon. At the Birmingham Convention Center, the ‘Tories’ hold their annual meeting until Wednesday.

Truss, who defeated Rishi Sunak in an internal election for the Conservative leadership, will address the militants on 5 October and Foreign Minister James Cleverley will address Tuesday. And the interior, Suera Braverman.

Truss government faces this Congress in polls against it A recent poll showed 54% support to 21% for the Conservatives, with Kiel Sturmer’s Labor party leading the widest gap in 20 years due to a poor start.

Source: Biobiochile

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