All the updated news related to tax cuts

All the news related to tax cuts updated in real time

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Liz Truss and Kwasi Kwarteng U-turn on scrapping 45p tax rate

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 Chancellor acknowledged that their desire to borrow billions to axe the 45% rate on earnings over £150,000 ...

03 Oct 2022 at 12:08

Chancellor expected to U-turn on scrapping 45p tax rate

Chancellor Kwasi Kwarteng is expected to make an astonishing U-turn over the abolition of the top rate of income tax for the highest earners. Mr Kwarteng is believed to be preparing to issue a statement on Monday, climbing down over the plan to axe ...

03 Oct 2022 at 08:29

Liz Truss battles to maintain Cabinet discipline amid U-turns and confusion

Liz Truss was struggling to maintain Cabinet discipline as Conservative critics who forced her U-turn on slashing income tax for the highest earners were accused of a “coup”. Amid bitter infighting at the Conservative Party conference, Chancellor ...

04 Oct 2022 at 18:37

Truss still wants to bring top rate of income tax down despite U-turn

Liz Truss has said she still wants the top rate of income tax for the highest earners to be lower just a day after being forced into a U-turn to stave off a Conservative revolt. The Prime Minister said she backed down on abolishing the 45% rate ...

04 Oct 2022 at 14:21

Liz Truss has confidence in Kwasi Kwarteng despite 45p tax rate U-turn

Liz Truss is standing by Chancellor Kwasi Kwarteng after they abandoned their plan to abolish the top rate of income tax for the highest earners in an astonishing U-turn. Downing Street said the Prime Minister continues to have confidence in ...

03 Oct 2022 at 16:46

Truss pledges ‘responsible’ approach to public finances as benefits battle looms

Liz Truss stressed she must take a “responsible” approach to the public finances, refusing to rule out real-terms cuts to benefits as she faces a Cabinet split and a fresh battle with Tory rebels. The Prime Minister is refusing to rule out ...

04 Oct 2022 at 12:26

Kwarteng acknowledges ‘tough’ day after U-turn over tax cut for rich

Kwasi Kwarteng urged Tories to “focus on the task in hand” as he battled to restore his authority as Chancellor after a dramatic U-turn over tax cuts for the rich. Just hours before his set piece speech at the Conservative Party ...

03 Oct 2022 at 18:12

Kwarteng shrugs off ‘little turbulence’ after U-turn over tax cut for rich

Kwasi Kwarteng has sought to shrug off the chaos that triggered his astonishing U-turn on income tax cuts for the highest earners as a “little turbulence” as he battled to regain authority. The Chancellor remarked it had been a ...

03 Oct 2022 at 22:01

Tories seek to shift focus from economy after U-turn humiliation

Conservatives will attempt to shift the focus away from the economy following the humiliation of two U-turns on income tax cuts for the highest earners and the date of a new fiscal plan. Keynote speeches at the Tory conference ...

04 Oct 2022 at 07:37

Labour mayor Andy Burnham at odds with Starmer over Tory tax cut

Labour mayor Andy Burnham has said he thinks the 1p income tax cut should not go ahead, directly contradicting the stance of leader Sir Keir Starmer. He also suggested cash earmarked for tax cuts should be refunnelled into a ...

25 Sept 2022 at 13:59

Sunak supporters express alarm at tax-cutting plan amid market turmoil

Prominent supporters of Rishi Sunak have issued stark warnings about the Government’s economic strategy, echoing some of the concerns the former chancellor made on the campaign trail ahead of Liz Truss’s victory in the Tory ...

27 Sept 2022 at 16:34

More rate hikes ‘on the cards as tax cuts set to add to inflation pressures’

The Bank of England’s latest interest rate hike was smaller than expected in financial markets thanks to the energy cap freeze lowering the inflation outlook, but experts are predicting more rises to come as the Government ...

22 Sept 2022 at 16:17

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