{"id":217002,"date":"2022-10-03T08:00:24","date_gmt":"2022-10-03T07:00:24","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=217002"},"modified":"2022-10-03T09:06:05","modified_gmt":"2022-10-03T08:06:05","slug":"government-u-turns-on-scrapping-45p-tax-rate","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/government-u-turns-on-scrapping-45p-tax-rate\/","title":{"rendered":"Government U-turns on scrapping 45p tax rate"},"content":{"rendered":"
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.<\/strong><\/p>\n The Chancellor acknowledged that their desire to axe the 45% rate on earnings over \u00a3150,000 in a move to be paid for by borrowing had become a \u201cterrible distraction\u201d amid widespread criticism.<\/p>\n He issued a statement, hours before he had been due to defend the plans at the Conservative Party conference, saying: \u201cWe are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened\u201d.<\/p>\n