Britain’s finance minister Kwasi Kwarteng and prime minister Liz Truss have resisted calls to reverse their planned abolition of a top rate of income tax and a cut in the basic rate
British finance minister Kwasi Kwarteng will vow on Monday to stay the course with his planned tax cuts but promised an “ironclad” commitment to fiscal discipline after a week of market turmoil in response to his growth package.
But Truss and Kwarteng have resisted calls to reverse their planned abolition of a top rate of income tax and a cut in the basic rate. “We needed a new approach, focused on raising economic growth … We must stay the course. I am confident our plan is the right one.” The finance minister will have to work hard to restore confidence, including from lawmakers in his own party. On Sunday, former minister, Michael Gove, long at the heart of government, hinted he might vote against cutting taxes for the wealthy.
The International Monetary Fund last week said the tax cuts would probably worsen inequality and undermine the BoE’s fight against inflation.
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