LONDON: The British government has abandoned plans to cut income taxes for top earners, part of a non-cut package that has caused turmoil in financial markets and sent the pound to record lows.
treasure chief quasi quartengo said on Monday it would not eliminate the top 45 percent rate of income tax paid on earnings of more than £150,000 ($1,67,000) annually.
“We get it, and we’ve heard,” he said in a statement.
U-turn comes as more lawmakers over rule conservative Party Turn on the government tax schemes announced 10 days ago.
Quarteng is due to deliver later Monday at the party’s annual convention, hours after the Conservatives released advance excerpts of a speech, which said: “We must stay on course. I believe our plan is right.”
Prime Minister Lizu truss On Sunday defended the measures, but said she could have done a “better job of laying the ground” for the announcements.
The truce took office less than a month ago, promising to radically reshape Britain’s economy to end years of sluggish growth. But the government’s announcement on 23 September of a stimulus package that included £45 billion (USD 50 billion) in tax cuts was to be paid for by government borrowing, which sent the pound to a record low against the dollar.
bank of england The bond market was forced to intervene to boost, and fears that the bank would raise interest rates too soon caused mortgage lenders to withdraw their cheapest deals, causing turmoil for home buyers. happened.
treasure chief quasi quartengo said on Monday it would not eliminate the top 45 percent rate of income tax paid on earnings of more than £150,000 ($1,67,000) annually.
“We get it, and we’ve heard,” he said in a statement.
U-turn comes as more lawmakers over rule conservative Party Turn on the government tax schemes announced 10 days ago.
Quarteng is due to deliver later Monday at the party’s annual convention, hours after the Conservatives released advance excerpts of a speech, which said: “We must stay on course. I believe our plan is right.”
Prime Minister Lizu truss On Sunday defended the measures, but said she could have done a “better job of laying the ground” for the announcements.
The truce took office less than a month ago, promising to radically reshape Britain’s economy to end years of sluggish growth. But the government’s announcement on 23 September of a stimulus package that included £45 billion (USD 50 billion) in tax cuts was to be paid for by government borrowing, which sent the pound to a record low against the dollar.
bank of england The bond market was forced to intervene to boost, and fears that the bank would raise interest rates too soon caused mortgage lenders to withdraw their cheapest deals, causing turmoil for home buyers. happened.