UK reverses tax reduction for highest earners | MENAFN.COM

Friday, 02 December 2022 04:50 GMT

UK reverses tax reduction for highest earners


(MENAFN) The UK administration is going to end its strategy to reduce the tax level for the most earners, which was the slightest popular actions in the recently declared ‘mini-budget’, after a public reaction and market disturbance. The action was declared on Monday by Finance Minister Kwasi Kwarteng.

“It is clear that the abolition of the 45 percent tax rate has become a distraction from our overriding mission to tackle the challenges facing our economy. As a result, I’m announcing we are not proceeding with the abolition of the 45 percent tax rate. We get it, and we have listened,” Kwarteng stated in an announcement.

The fresh UK administration, ran by Premier Liz Truss, declared a package of tax reductions as well as financing incentives called the ‘mini-budget’ on the 23rd of September, on the other hand, the actions were poorly received by Truss’ own Conservative Party, the public, as well as the economic markets.

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