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Kwasi Kwarteng U-turns on plan to axe 45p tax rate for higher earners
It follows 10 days of market turmoil after the Chancellor's mini Budget.
Kwasi Kwarteng has U-turned on plans to scrap the 45p rate of income tax for the UK’s highest earners.
The sudden change of heart comes just 10 days after the Chancellor unveiled his mini Budget, which has led to 10 days of market turmoil and fierce pressure from within the Conservative party.
Just yesterday, Prime Minister Liz Truss insisted that the tax cut, which would benefit Brits earning more than £150,000, would go ahead.
Mr Kwarteng said that the proposals had ‘become a distraction’ in a statement released this morning.
Given that his Growth Plan has been labelled a ‘Kami-Kwase Budget’, that would seem to be an understatement.
“We get it, and we have listened,” he wrote.
His statement says: “From supporting British business to lowering the tax burden for the lowest paid, our Growth Plan sets out a new approach to build a more prosperous economy.
“However, it is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country.
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“As a result, I’m announcing we are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened.
“This will allow us to focus on delivering the major parts of our growth package.
“First, our Energy Price Guarantee, which will support households and businesses with their energy bills.
Second, cutting taxes to put money back in the pockets of 30 million hard-working people and grow our economy.
“Third, driving supply side reforms – including accelerating major infrastructure projects – to get Britain moving.”
Mr Kwarteng’s U-turn on the 45p tax cut policy has been described as ‘humiliating’ and comes on the second day of the Tory party conference in Birmingham.
Former Transport Secretary Grant Schapps said: “Strongly welcome today’s 45p tax reversal. Sensible & pragmatic.
“Conservatives want lower tax, but let’s show our energy price cap + other policies are on side of consumers rather than borrowing to cut high earner taxes first.”
Piers Morgan said: “Tories to U-turn on 45p tax rate cut. Humongous humiliation for @trussliz @KwasiKwarteng and worse possible start to their conference. She’ll have to sack him, surely?”
Featured image: ParliamentTV
News
Police appeal to find next of kin after man found outside Palace Theatre
Daisy Jackson
Police are trying to track down the family of a man who died after being found unresponsive outside the Palace Theatre in Manchester.
The man, who has now been named as Jonathan Bernard Carroll, was seen outside the city centre theatre at around 6.30am on Tuesday 12 November.
Emergency services rushed to the scene and Mr Carroll was taken to hospital.
Tragically, the 47-year-old passed away a short time later.
A large cordon was in place on Whitworth Street and Oxford Road while police and security attended the incident.
Greater Manchester Police are now appealing to find his next of kin.
It’s believed that he resided in the Salford area of Greater Manchester.
Anyone with any information should contact the Coroner’s Office on 0161 856 1376.
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Featured image: The Manc Group
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Greater Manchester public urged to help get people ‘off the streets and on their feet’ before Christmas
Emily Sergeant
Locals are being urged to help get hundreds of people “off the streets and back on their feet” this festive season.
As the temperatures told colder by the day, and Christmas creeps closer and closer, Greater Manchester Mayor’s Charity is bringing back ‘1000 Beds for Christmas’, and the massively-important initiative is aiming to provide 1,000 nights of accommodation to people at risk of homelessness before the big day arrives.
Forming part of the ongoing ‘A Bed Every Night’ scheme, this festive fundraising mission is designed to provide food, shelter, warmth, and dedicated vital wrap-around support for those who need it most.
The charity says it wants to build on the “incredible success of 2023”, which raised more than £55,000 and provided 1,800 nights of accommodation.
Stockport-based property finance specialists, Together – which has supported the campaign for the last two years – has, once again, generously pledged to match every public donation for the first £20,000 raised.
Unfamiliar with the ‘A Bed Every Night’ scheme? Since 2017, when rough sleeping peaked, the initiative has helped ensure a significantly-higher rate of reduction in the numbers of people facing a night on streets in Greater Manchester than seen nationally.
The landmark scheme has given people the chance to rebuild their lives, while also giving them access to key services and opportunities that allows them to stay off the streets for good.
Despite the scheme’s recent success, organisations across Greater Manchester are under “a huge amount of pressure” to meet the demand for their services this winter, and given the current economic outlook, household budgets will continue to be squeezed – leaving people on the sharp end of inequality and poverty.
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“Help us be a lifeline to organisations on the frontline,” Greater Manchester Mayor’s Charity urged in it’s public appeal for donations.
You can help make sure ‘A Bed Every Night’ is a reality for all by donating here.
Featured Image – EthelRedThePetrolHead (via Flickr)
