Prime Minister Liz Truss is to ditch plans to abolish the 45p rate of tax for higher earners, Sky News understands.

In a huge reversal on the controversial policy announced in the mini-budget earlier this month, the government is set to make the announcement soon.

The 45p income tax cut policy was one of a series that prompted turmoil in the markets over the past week, with the pound reaching record lows against the dollar.

Several Tory MPs have voiced their disapproval of the plan – which would benefit the wealthiest 1%.

The policy would have to go to a vote of MPs before it could be approved.

On Sunday, the Conservative party said any Tory MP who voted against the mini-budget would have the whip removed (suspended from the Tory party).

However, many senior MPs spoke out against the plan – including former cabinet ministers Michael Gove and Grant Shapps.

Business

Products You May Like

Articles You May Like

Elon Musk Sets New Launch Date For Paid Twitter Verification System
Is your household eligible for government’s £1bn scheme to insulate middle-income homes?
Alessandro Michele Leaving As Creative Director Of The Gucci Fashion House
‘Guilt-free flying’: Rolls-Royce and easyJet test aircraft engine running on hydrogen
The Best Black Friday Deals for Book Lovers 2022

Leave a Reply

Your email address will not be published.