Published: 04/10/2022 By Hannah McCormackYesterday the government announced it’s backtracking on their decision to scrap the 45p rate of income tax paid by people on incomes of £150,000 or higher.
The initial call for the 45p rate to be scrapped was introduced in last months mini budget given by Chancellor Kwasi Kwarteng. This faced huge revolt and backlash from other politicians which has in turn led to very volatile markets, a drop in the pound and turmoil in the mortgage product market. Not only that, the initial decision was branded unfair during this time of rising living costs.
Monday morning Kwasi Kwarteng tweeted “we get it, and we have listened”; “I am announcing we are not proceeding with the abolition of the 45p tax rate”
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