Liz Truss and Kwasi Kwarteng U-turn on scrapping 45p tax rate

Liz Truss and Kwasi Kwarteng have abandoned a plan to abolish the top rate of income tax for the highest earners in an astonishing U-turn.

The Chancellor acknowledged that their desire to borrow billions to axe the 45% rate on earnings over £150,000 had become a “terrible distraction” amid widespread criticism and threats of a rebellion.

Hours before he had been due to tell the Conservative Party conference they must “stay the course” on the plans, he issued a statement saying: “We are not proceeding with the abolition of the 45p tax rate.”

#TheMirror #News #Economy

[alexchapman]

I wonder if a no confidence vote will be called soon

[mysystem]

When Michael Gove is the most sensible person in your party🤣🤣🤣🤣🤣🤣🤣🤣🤣