UK administration scraps 45 percent top rate tax cut| MENAFN.COM

Saturday, 03 December 2022 12:59 GMT

UK administration scraps 45 percent top rate tax cut


(MENAFN) The British administration has scrapped a suggested top rate tax cut of 45 percent, the nation's finance minister stated on Monday.

The decision to publicize a main about-face from the tax cut for high earners came after a week of financial turmoil in the nation and the UK pounding diving to a significant low against the US dollar.

Kwasi Kwarteng shared on Twitter that the cut had "become a distraction."

“We get it and we have listened,” he also said.

Kwarteng’s statement followed criticism from Tory MPs in the party’s autumn session that carries on in Birmingham.

Also taking to Twitter, Premier Liz Truss echoed Kwarteng: "We get it and we have listened.

"The abolition of the 45pc rate had become a distraction from our mission to get Britain moving.
Our focus now is on building a high growth economy that funds world-class public services, boosts wages, and creates opportunities across the country."

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