The month-old government of Liz Truss in Britain has had to withdraw its move amid protests. In order to garner support in the Conservative Party, the Truss had assured the people of the inflation-hit country a cut in income tax. As soon as he lowered the income tax ceiling in line with this announcement, the market became unbalanced and the round of condemnation of the government started. Under pressure, the government has withdrawn the decision.
Finance Minister also reversed his statement At the same time, Finance Minister Quasi Quarteng has also said in a statement that he will not remove the provision of income tax at the rate of 45 percent on income above 1.5 lakh pounds. "We have heard the voices about this," Finance Minister Quasi Quarteng said. "From supporting British business to reducing the tax burden for the lowest paid, our growth plan sets out a new approach to building a more prosperous economy," the finance minister said in a statement on his Twitter account.
Top government officials were also protesting against this tax cut with slurred speech. He says that this cut has been done without assessing the damage, which will have a big impact on the country's economy. This is a symbol of the antiquated thinking of the Finance Ministry.