45p tax rate explained as Chancellor Kwasi Kwarteng reverses plans to cut it for UK's highest earners
Chancellor Kwasi Kwarteng has announced he will scrap the proposed plan to cut the 45p rate of income tax for the country's highest earners - just 10 days after it was announced in the mini budget. The Chancellor made the announcement on Twitter at 7.26am which is a major U-turn for the government.
Senior Tory Michael Gove hinted on Sunday that he would not vote for the plan when it came to Parliament, saying "I don't believe it's right".In a statement Chancellor Kwarteng said: "From supporting British business to lowering the tax burden for the lowest paid, our growth plan sets out a new approach to build a more prosperous economy.
"This will allow us to focus on delivering major parts of our growth package. First, our Energy Price Guarantee, which will support households and businesses with their energy bills.
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
Burnley and Blackburn fan anger as derby set for Remembrance SundayPendle MP Andrew Stephenson has written to the chief of the Football League calling for the decision to be reconsidered
Læs mere »