Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Kwasi Kwarteng ditches 45p tax cut ahead of Tory party conference speech

by October 3, 2022
October 3, 2022
Kwasi Kwarteng ditches 45p tax cut ahead of Tory party conference speech

Liz Truss and Kwasi Kwarteng have dropped plans to scrap the 45p rate of income tax following a revolt by Tory MPs.

Kwarteng, the chancellor, said on Twitter: “It is clear that the abolition of the 45p tax rate has become a distraction from our overall mission to tackle the challenges facing the country. As a result I’m announcing we are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened.”

The prime minister tweeted: “We get it and we have listened.

We get it, and we have listened. pic.twitter.com/lOfwHTUo76

— Kwasi Kwarteng (@KwasiKwarteng) October 3, 2022

“The abolition of the 45pc rate had become a distraction from our mission to get Britain moving.

“Our focus now is on building a high growth economy that funds world-class public services, boosts wages, and creates opportunities across the country.”

More than 14 Tory MPs, including former cabinet ministers Michael Gove and Grant Shapps, had gone public with their opposition to the plans, branding them “politically tin-eared” at a time when people were struggling with the cost of living. More were expected to go public today.

Truss and Kwarteng met last night and agreed to drop the plans less than 24 hours after the prime minister insisted that they were going to go ahead.

Kwarteng had been planning to use his conference speech today to say that the government will “stay the course” but the scale of the opposition was becoming overwhelming.

Read more:
Kwasi Kwarteng ditches 45p tax cut ahead of Tory party conference speech

0
FacebookTwitterGoogle +Pinterest
previous post
Google’s UK tax bill jumps from £50m to £200m
next post
British Steel’s Chinese owner seeks huge government aid package

You may also like

Smart Wealth Planning Tips for Expats Living in...

December 5, 2024

Living with long covid set to be improved...

May 16, 2023

Virgin Atlantic to soar to record profits as...

April 4, 2024

Nadhim Zahawi plans £600 million bid for Telegraph...

July 23, 2024

How To Maximise Google Ads Results With A...

February 23, 2024

Artisan AI closes a $7.3M seed round to...

May 16, 2024

Landlords rush to sell amid fears of capital...

September 5, 2024

Royal Mint opens pioneering facility in south Wales...

August 7, 2024

Why live marketing is more important than ever...

January 27, 2023

House prices holding steady to defy forecasts, Halifax...

March 7, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved