Treasurer Kwasi Quarting, the British correspondent to our Economy Minister, has announced that the British government will no longer abolish the highest tax rate on income over £150,000 (about €160,000). The measure was part of a major tax cut plan announced on Friday 23 September that has caused a severe financial crisis in the UK, with the pound dropping to an all-time low and government bond yields at an all-time high.
We got it and we listened. pic.twitter.com/lOfwHTUo76
– Kwasi Kwarteng (@KwasiKwarteng) October 3, 2022
The news comes days after both Chancellor and Prime Minister Liz Truss publicly defended the plan, even in the face of The frank and unusual criticism of the International Monetary Fund Even after the Bank of England is due Exceptional intervention in the markets To protect financial stability.
In fact, the government was forced to abandon the tax cuts after Truss realized over the weekend that the measure would never reach Parliament’s approval. Indeed, many Conservative Party members have expressed concern about the unpopularity of a big tax cut for the rich at a time when British households face huge bill increases and the highest inflation in 40 years.
These days, Labor opposition, mainly because of the disastrous Truss plan, has reached its maximum over the Conservatives in decades, outperform them in the polls by 20-30 percentage points.
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