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New British government gives up on tax cuts for the highest earners

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UK Finance Minister Kwasi Kwarteng admitted that the economic plan released ten days ago generated “turmoil” and said another would be presented soon| Photo: EFE/EPA/TOLGA AKMEN

UK Finance Minister Kwasi Kwarteng said on Monday ( 3) that the government of Prime Minister Liz Truss gave up on the idea of ​​reducing 40% for 17% the income tax of Britons earning more than 80 thousand pounds (about BRL

thousand) per month.

The measure generated turmoil in the financial market (concerned about the prospect of the government government to greatly increase borrowing to compensate for the loss in revenue) and was criticized by lawmakers from the Conservative Party, Truss’s party, who pointed out that it would be an unpopular measure at a time of economic difficulties faced by the country, especially for the lower income population.

“I’ll be frank. I know the plan presented just ten days ago caused a little turmoil. I get it. We are attentive and we were attentive, and now I want to focus on delivering the main parts of our growth package,” Kwarteng said at a Conservative Party conference in Birmingham.

The Guardian newspaper has learned that the minister will accelerate preparations for the presentation of a new economic plan, which should focus on adjustments in public spending and deregulation. The measures, which would be released at the end of November, should now be presented at the end of October.

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