Kwasi Kwarteng explains U-turn on 45p tax rate cut

Kwasi Kwarteng explains U-turn on 45p tax rate cut

Chancellor Kwasi Kwarteng says he has decided to scrap the government’s plan to cut the 45% rate for earnings over £150,000 because it was “drowning out the other elements” of the mini-budget.

The chancellor described the 45p tax rate cut as “a distraction” and “the wrong thing to do”.

Report by Jonesia.

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