UK: We will not go ahead with plan to abolish 45% income tax rate – Kwasi Kwarteng

UK Finance Minister Kwasi Kwarteng has confirmed earlier news, noting that his government won’t go ahead with plan to eliminate 45% income tax rate.

Additional comments

Our growth plan is a solid package.

The 45% rate was drowning out a strong package of interventions.

Together with the Prime Minister, I decided that it was best do not go ahead with the abolition of the 45% rate.

When asked if he had thought about resigning, he said no.

We are focused on abandoning the path of high taxes.

It has become clear that the abolition of the 45% tax is a distraction from our mission to address the challenges facing the country.

We understand, we hear.

This will allow us to focus on delivering the main parts of our growth package.

It was an ambitious plan.

We’ve made a lot of tough decisions.

Our mid-term plan will be published at the end of November.

I am very pleased that we have decided not to eliminate the 45% tax rate.

I take responsibility for it.

Source: Fx Street

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