Chancellor Kwarteng scraps planned tax cut for richest in UK

Channel 4 News published this video item, entitled “Chancellor Kwarteng scraps planned tax cut for richest in UK” – below is their description.

The Chancellor Kwasi Kwarteng said ditching the 45p tax rate for the highest earners had become too much of a distraction.

But the sudden u-turn, just hours after Prime Minister Liz Truss stood by the policy, sent an already febrile party conference – in which there was much talk of whether this government can survive – into a spin.

This afternoon the Chancellor insisted he “gets it” but described the market reaction to his budget which sent the pound down and mortgage rates up as “a little turbulence”.

So does he really “get it”?

Channel 4 News YouTube Channel

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About This Source - Channel 4 News

Channel 4 News is the news programme from UK Channel 4 television. Channel 4 is a British public-service free-to-air television network headquartered in Leeds, United Kingdom. The channel was established in 1982 to provide a fourth television service to the United Kingdom in addition to the licence-funded BBC One and BBC Two, and the single commercial broadcasting network ITV.

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In This Story: Liz Truss

Mary Elizabeth Truss is a British politician serving as Secretary of State for Foreign, Commonwealth and Development Affairs since 2021 and Minister for Women and Equalities since 2019. A member of the Conservative Party, she has been Member of Parliament for South West Norfolk since 2010.

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