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U.K.’s Truss forced into humiliating U-turn on tax policy

Japan Times LogoJapan Times2 mo ago

U.K.’s Truss forced into humiliating U-turn on tax policy

Quick Summary

Just hours after Truss went on television to defend the policy, her finance chief released a statement saying he accepted it had become a distraction.

British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn, reversing plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets.

Truss, and her finance minister Kwasi Kwarteng, announced a new “growth plan” on Sept.23 that would cut taxes and regulation, funded by vast government borrowing to snap the economy out of years of stagnant growth.


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News Analysis

Author / Journalist: No Author

Category: Nation Politics

Topics: List Subscription Growth Content Comment Minister Sites Truss Enjoy Plan Page

Source Website Secure: Yes (HTTPS)

Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

News Source URL: japantimes.co.jp

Readership Location: Japan

Published Date: 2022-10-03, 17:12:11

News Timezone: GMT +9:00

Language: English

Original Article Length: 230 words

Reading Duration: 2 minutes read

Compatibility: Desktop Web, Mobile Web, iOS App, Android App

News ID: 2790590

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About Publisher

Japan Times Logo

Name: Japan Times

Main Topics: NationPolitics

Official Website: japantimes.co.jp

Update Frequency: 40 posts per day

Last Update: 2h ago

Headquarters: Japan

Coverage Areas: Japan

Publication Owner: Independent Company

Publication Timezone: GMT +9:00

Languages Covered: English

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Publisher ID: #132

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