Posted on Oct 3, 2022
Britain's finance minister reverses new policy just a week after initial annoucement
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https://www.npr.org/2022/10/03/ [login to see] /britains-finance-minister-reverses-new-policy-just-a-week-after-initial-annoucem
Britain announced a series of tax proposals that led to a major sell-off of the country's currency and the government's debt. Just over a week later, the government has been forced to change tack.
Britain announced a series of tax proposals that led to a major sell-off of the country's currency and the government's debt. Just over a week later, the government has been forced to change tack.
Britain's finance minister reverses new policy just a week after initial annoucement
Posted from npr.org
Taxes
United Kingdom
Finance
Economics
Money
Edited >1 y ago
Posted >1 y ago
Responses: 3
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PO1 William "Chip" Nagel I guess the USA isn't the only country struggling with crazy tax laws that benefit the wealthy.
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PO1 William "Chip" Nagel
Cpl Vic Burk You Mean "Voodoo Economics?" "Trickle Down Economics?" Wonder where the British Prime Ministers got the Idea From?
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PO1 William "Chip" Nagel
.."MARX: Last month it was markets reacting badly to the unusual dearth of details in the government's overall proposals. Since then, it's been members of Truss' own Conservative Party bashing the top tax rate idea. One senior former minister called it a, quote, "display of the wrong values." Even so, last night, a pre-released version of Kwarteng's planned speech to the annual Conservative Party conference included an urge to, quote, "stay the course on his tax cutting plans." This morning, he performed what Britain's political press likes to call a screeching U-turn. During a radio interview, he said he would no longer cut that top rate of tax.
(SOUNDBITE OF ARCHIVED RECORDING)
KWASI KWARTENG: My job is simply to deliver an ambitious set of policies, and I'm very proud of that. And I've listened on the 45p rate. I think it was a huge distraction on the growth plan, and that's why I've decided not to proceed with its abolition.
MARX: This climbdown constitutes a major challenge to the stability of Truss' new government, showing critics both inside her own party and among her opponents that she can succumb to pressure, public or parliamentary."
.."MARX: Last month it was markets reacting badly to the unusual dearth of details in the government's overall proposals. Since then, it's been members of Truss' own Conservative Party bashing the top tax rate idea. One senior former minister called it a, quote, "display of the wrong values." Even so, last night, a pre-released version of Kwarteng's planned speech to the annual Conservative Party conference included an urge to, quote, "stay the course on his tax cutting plans." This morning, he performed what Britain's political press likes to call a screeching U-turn. During a radio interview, he said he would no longer cut that top rate of tax.
(SOUNDBITE OF ARCHIVED RECORDING)
KWASI KWARTENG: My job is simply to deliver an ambitious set of policies, and I'm very proud of that. And I've listened on the 45p rate. I think it was a huge distraction on the growth plan, and that's why I've decided not to proceed with its abolition.
MARX: This climbdown constitutes a major challenge to the stability of Truss' new government, showing critics both inside her own party and among her opponents that she can succumb to pressure, public or parliamentary."
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