IEmbraced in the turmoil created by its “mini-budget”, Liz Truss’s British government on Monday made a spectacular reversal by reversing tax cuts for the richest people that had sparked criticism even within the majority.
“We understand, we have heard,” said Finance Minister Quasi Quarteng, echoing a word-for-word, on Twitter, moments later by Prime Minister Liz Truss on the social network.
“It is clear that the abolition of the 45% tax rate for taxpayers” whose income exceeds 150,000 pounds sterling (171,000 euros) per year” has affected our mission to deal with the difficulties in our country. Therefore, I declare Doing that we are not going to prosecute him,” tweeted Quasi Quarteng hours before speaking at the annual Conservative Congress in Birmingham (central England).
On Sunday, Liz Truss, who succeeded Boris Johnson as head of government less than a month ago, categorically refused to drop the controversial announcement.
By doing so, Liz Truss’s government is trying to salvage the package of measures it introduced on 23 September, undermining its most controversial measure.