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BREAKING NEWS: Chancellor announces U-turn on 45p tax

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The Chancellor has announced a U-turn on the 45p tax saying that we have listened.

Announcing the change this morning Monday, October 3, Chancellor Kwasi Kwarteng said the plan to cut the top rate of income tax had ben withdrawn,

Mr Kwarteng said in a statement: “From supporting British business to lowering the tax burden for the lowest paid, our Growth Plan sets out a new approach to build a more prosperous economy.

“However, 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.

“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. This will allow us to focus on delivering the major parts of our growth package.”


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Peter McLaren-Kennedy

Originally from South Africa, Peter is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.



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