Kwasi Kwarteng defends 45p tax rate abolition u-turn
Telegraph, 03 Oct 2022
Liz Truss and Kwasi Kwarteng have abandoned their plan to abolish the 45p top rate of income tax for top earners in a dramatic U-turn.
Mr Kwarteng said in a statement posted on Twitter that “it is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country”.
He said: "As a result, I am announcing we are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened."
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Mr Kwarteng said in a statement posted on Twitter that “it is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country”.
He said: "As a result, I am announcing we are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened."
Subscribe to The Telegraph with our special offer: just £1 for 3 months. Start your free trial now:
https://www.telegraph.co.uk/customer/subscribe/digitalsub/3for1/?WT.mc_id=tmgoff_pvid_conversion-subscription_editorial-iniative_03-22_EGW-13_organic_youtube
Get the latest headlines: https://www.telegraph.co.uk/
Telegraph.co.uk and YouTube.com/TelegraphTV are websites of The Telegraph, the UK's best-selling quality daily newspaper providing news and analysis on UK and world events, business, sport, lifestyle and culture.
