The Prime Minister and Chancellor have backed down on the much-criticised move for the highest earners.
Liz Truss and Kwasi Kwarteng have abandoned a plan to abolish the top rate of income tax for the highest earners in an astonishing U-turn.
The pair had been under pressure, including from senior Tory MPs, to back down on the measure announced in the mini-budget on September 23. Overnight, Grant Shapps joined his former Cabinet minister colleague Michael Gove in a growing rebellion to criticise the plans during a cost-of-living crisis. In a possible hint of what was to come, Ms Truss was criticised for singling Mr Kwarteng out as responsible for the tax cut on Sunday, saying “it was a decision the Chancellor made” rather than one debated by the entire Cabinet.
On Sunday, Mr Gove toured fringe events at the conference to give his criticism of the plan, calling it “not Conservative” and hinting he could vote against the measure in the Commons.Mr Shapps, a former transport secretary, used a Times column to say “this is not the time to be making big giveaways to those who need them least” because “when pain is around, pain must be shared”.
Tory ex-chancellor George Osborne said it was “touch and go whether the Chancellor can survive” the fallout, telling the Andrew Neil Show it would be “curtains” for Mr Kwarteng if his speech on Monday went badly.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Viewers' scathing assessment of Prime Minister on Laura Kuenssberg show'I swear, galaxies are born in the time it takes Liz Truss to answer a question': Viewers' scathing assessment of Prime Minister on Laura Kuenssberg show
Read more »
Liz Truss 'threw Cabinet under the bus' in interview, readers sayThe Prime Minister was speaking about the decision to scrap the top rate of income tax
Read more »
King Charles will not attend climate summit on Truss adviceKing Charles will not attend the climate change conference COP27, which is due to be held in Egypt next month.
Read more »
Liz Truss admits mistakes over mini-budget but stands by tax-cutting packageThe Prime Minister said she had not laid the ground properly for the plan.
Read more »