{"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

The U-turn will be seen as a massive blow to their authority, coming a little over a week after the tax cut was announced in the mini-budget<\/a><\/span> and just a month into Truss\u2019s premiership as Prime Minister.<\/p>\n

Kwarteng told BBC Breakfast he had \u201cnot at all\u201d considered resigning despite scrapping a key part of the financial plans he set out on 23 September. The Chancellor suggested he had told Truss they needed to back down amid signs of a growing rebellion from Conservative MPs, with senior figures publicly attacking their plans.<\/p>\n

\u201cThe conversation about the 45p rate was this terrible distraction really from what was a very, very strong plan and I\u2019m very pleased that we\u2019ve decided not to proceed with that because it was drowning out the elements of an excellent plan,\u201d he added.<\/p>\n

Shadow chancellor Rachel Reeves called for them to reverse \u201ctheir whole economic, discredited trickle-down strategy\u201d as she said the U-turn had come \u201ctoo late for the families who will pay higher mortgages and higher prices for years to come\u201d.<\/p>\n

The pound surged higher in overnight trading on Monday as reports emerged that the Government was preparing to U-turn.<\/p>\n","protected":false},"excerpt":{"rendered":"

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