(MENAFN) The British administration has abandoned plans to reduce income tax for top earners, part of a package of unfunded cuts that created turmoil on monetary markets and dropped the pound.
In a dramatic U-turn, Treasury chief Kwasi Kwarteng declared Monday that he would drop strategies to cut the top 45 percent rate of income tax paid on earnings above 150,000 pounds (USD167,000) every year.
“We get it, and we have listened,” he also stated, noting “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 about-face came following a high number of politicians from the governing Conservative Party turned on administration tax plans stated before 10 days.
It as well came hours following the Conservatives issued advance extracts of an address Kwarteng is due to give later Monday at the party's yearly session in the central England city of Birmingham.
He went on to declare: “We must stay the course. I am confident our plan is the right one.”
MENAFN03102022000045012476ID1104959628
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.