That British government has given up plans to cut it Steer to the Rich. The move was part of a package of unfunded cuts that they unleashed turbulence in the financial markets and brought the British pound at historic lows. The finance minister Kwasi Kwarteng stated that it would not cancel the higher rate of 45% fromincome tax paid on income greater than 150,000 pounds per year. “We understood and listened,” wrote the British Prime Minister on Twitter Liz Truss repeat the Minister’s words.
Corresponding half-timberedthe measure “had become one Diversion from our mission, “the Great Britain. “Our goal now is to build an advertising industry high growth that you fund public service World class, I’m improving wages and you create opportunities across the country,” he added. That cut The top-class income tax, which would have been cut from 45% to 40%, is the subject of bitter controversy, accused of favoring the wealthiest amid the cost-of-living crisis United Kingdom.
Other tax cuts were also announced, including the abolition of tax increases company and gods social contributions as well as the suspension of environmental withdrawals. The whole plan, estimated by economists between 100 and 200 billion pounds whose financing and economic impact have not been fully quantified, has caused turmoil in the financial markets. The pound has fallen to historic lows and UK government debt rates have risen to their highest levels since the 2009 crisis, threatening the country’s financial stability.
A situation that forced him Bank of England to an intervention 65 billion pounds to buy bonds. For days, Truss had been caught in a storm, including a political one, under the pressure of risk Crack some pension funds. At the opening of the conference on Conservative Party in progress and Birminghamalso because Survey disastrous for the party, the decision to back down at the end of a night vertices with crustaceans
In fact, no one expected such extreme measures as those presented by the Chancellor of the Exchequer on September 23 and the tax cut at the highest level, the same said half-timbered, had not been thoroughly discussed with members of his government. Soon an avalanche of reactions: the Conservative MP Nadine Dorries had accused half-timbered offloading the responsibility onto the Chancellor of the Exchequer and on the first day of the Congress. Michael Gove (Veteran and influential Conservative) Also on television, he made no secret of his concerns about the course he had taken and hoped – if not because of it – for a quick change of course. Subsequent names on name of front Tory they had sounded the alarm. And the latest polls of the opposition Labor Party showed consensus peaks of 54% versus 21% for the Tories and a 33 point gap, reminiscent of numbers from the 1990s, America’s golden years work powered by Tony Blair.