Recently, UK Finance Minister Kwasi Kwarteng presented a new package of measures to keep the economy afloat. The plan would mean billions in UK tax cuts. But according to critics, it’s mainly the very wealthy who benefit from this.
The most controversial move is a plan to abolish the highest tax bracket. This means that the wealthiest Britons will now also have to pay a maximum of 40, not 45 per cent, income tax on income above 150,000 pounds (about 170,000 euros).
Truss believes that the trickle-down economy is the solution. The idea behind it? More money for the rich and corporations means more money for the entire economy.
Truss postponed the vote due to the criticism
The new plan not only caused huge turmoil in the financial markets in Great Britain. The left-wing opposition strongly opposed the plan, as such a move would cause economic inequality. The International Monetary Fund (IMF) also expressed very harsh criticism.
Not only from the left, but also from his own party, Truss has received a lot of criticism. For example, some Conservative MPs are said to be preparing for an uprising. Given the 2024 election, they see Truss’ economic plans as detrimental to the image of the Conservative Party.
Truss previously told BBC that he sticks to his plan. He admitted in interviews that he could have come up with a better explanation before.
However, the British Prime Minister intends to delay the vote on the economic plan. That’s what a minister from his cabinet is wearing Sky News Let them know.
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