A new"growth plan" by PM Liz Truss has triggered a crisis of investor confidence in the government, hammered the value of the pound and government bond prices and jolted global markets.
The change of course by Chancellor of the Exchequer Kwasi Kwarteng, and by Prime Minister Liz Truss, on Monday raised questions about their right-wing project less than a month after she succeeded Boris Johnson. At the same time, they are refusing to rule out cuts to spending and benefits in the middle of Britain's worst cost-of-living crisis in generations.
Kwarteng told BBC television that the focus on the top rate of tax had become a "massive distraction". But asked if he had considered resigning, he said: "Not at all." "Our focus now is on building a high growth economy that funds world-class public services, boosts wages, and creates opportunities across the country," she added.
Truss told the BBC she had not discussed axing the high-earners' tax band with her cabinet, and appeared to distance herself from the move by claiming "it was a decision that the chancellor made".
Source: Financial Digest (financialdigest.net)
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