Why the UK government backtracked on plans to cut taxes on the rich

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  • BBC News World

image source, Stephen Rousseau

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Kwasi Kwarteng, Minister of Economy and Lis Truss.

Britain has backed away from plans to scrap the 45% income tax rate paid by the country’s richest.

Finance Minister Kwasi Kwarteng told the BBC on Monday that the plan had become a “big distraction” from what he said was a “strong” economic package.

The decision, which many saw as an embarrassment to newly appointed Prime Minister Liz Truss, came after several MPs from her party criticized the plan.

This Sunday, Truss vowed to uphold the controversial move.

Esmond Harmon

"Entrepreneur. Social media advocate. Amateur travel guru. Freelance introvert. Thinker."

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