Government u-turns on 45p tax rate abolition

News Team, 03/10/2022

Picture credit: UK government

The UK government has abandoned its plan to abolish the top rate of income tax for the highest earners, Chancellor Kwasi Kwarteng announced this morning.

Writing on Twitter this morning, Mr Kwarteng said it was "clear the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country…

 "We are not proceeding with the aboliti...

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