U.K. Prime Minister Liz Truss' push to cut taxes for her country's highest earners was a "mistake," President Biden stated Saturday. Truss was forced to scrap large portions of her tax plan last week amid market turmoil and disintegrating public confidence.
Nicola Sturgeon accuses Tories of 'utter ineptitude' after Liz Truss u-turn on top tax rate
03.10.2022 - 12:59 / dailyrecord.co.uk
Nicola Sturgeon has accused the Conservatives of "utter ineptitude" after the UK Government announced it would no longer cut the top rate of income tax for millionaires.
The U-turn was made at 8am despite Liz Truss declaring yesterday she would not change her party's controversial economic policies.
The new prime minister and her chancellor Kwasi Kwarteng have faced a week of intense pressure after announcing a mini-budget which slashed taxes for the wealthy.
But Kwarteng announced early on Monday that the scrapping of the top rate of tax would not go ahead in the wake of market upheaval.
The pound dropped to its lowest level against the dollar after the mini-budget and the International Monetary Fund (IMF) and Bank of England intervened.
Income tax levels in Scotland are set by Holyrood and SNP ministers had been under pressure from Conservatives to replicate the cuts north of the Border.
Sturgeon said the Scottish Conservatives should now “be reflecting this morning”.
She tweeted: “UK Government U-turns on top tax rate abolition because it’s a ‘distraction’. Morally wrong and hugely costly for millions is a better description. Utter ineptitude.
"Perhaps those who slammed Scottish Government for not immediately following suit should also be reflecting this morning."
But speaking to the BBC in the hours after the tax cut was scrapped, Scottish Tory chairman Craig Hoy said the Scottish Government should pass on the cut to the basic rate of tax – which will still go ahead.
When asked if the Scottish Government should go ahead with the cut to the top rate of tax regardless of Monday’s climbdown, Hoy said that was “not an objective of the (UK) Government”.
"The question now for Nicola Sturgeon and the SNP is are they going to continue
The website popstar.one is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
dailyrecord.co.uk
16.10.2022 / 14:01
US President Joe Biden brands Liz Truss's mini-budget a 'mistake'
Joe Biden has taken aim at Liz Truss's mini-budget that led to chaos on the markets and to her sacking Kwasi Kwarteng as Chancellor.
dailyrecord.co.uk
14.10.2022 / 14:55
Liz Truss to hold press conference as Kwasi Kwarteng sacked for mini-budget disaster
Liz Truss is to hold a press conference today after she sacked Kwasi Kwarteng as chancellor over the mini-budget disaster that tanked the pound.
manchestereveningnews.co.uk
13.10.2022 / 22:40
Chancellor says 'let's see' on corporation tax U-turn despite growing pressure
Kwasi Kwarteng did not commit to nor rule out a U-turn on corporation tax, despite growing pressure to abandon even more parts of the recent mini-budget which caused market turmoil.
dailyrecord.co.uk
12.10.2022 / 16:03
Ian Blackford accuses Liz Truss of ignoring 'damage' and 'chaos' of mini-budget
Ian Blackford has accused Liz Truss of "ignoring the damage and the chaos" of her mini-budget that plunged the markets into turmoil due to her unfunded tax cuts.
dailyrecord.co.uk
12.10.2022 / 14:52
State Pension Triple Lock rule to be implemented in ‘usual way’ until end of current Parliamentary term
The Department for Work and Pensions (DWP) will announce the State Pension and benefits uprating next month following a scheduled annual review which takes place after the release of the September Consumer Price Index (CPI) inflation figures in October.
dailyrecord.co.uk
10.10.2022 / 23:07
Unearthed 2018 clip shows Liz Truss warn tax cuts like hers could lead to 'boom and bust'
A warning from Liz Truss has come back to haunt her after footage showing her saying a tax cuts bonanza would lead to "boom and bust" was unearthed.
dailyrecord.co.uk
05.10.2022 / 15:33
Nicola Sturgeon accuses Liz Truss of 'ranting' during Tory conference speech
Nicola Sturgeon has accused Liz Truss of "ranting" about her opponents during the Prime Minister's speech to the Conservative party conference today.
dailyrecord.co.uk
05.10.2022 / 14:19
Liz Truss doubles down on tax plan that sent UK economy into freefall
Prime Minister Liz Truss has defended her Government’s disastrous mini budget that nearly tanked the UK economy.
manchestereveningnews.co.uk
02.10.2022 / 14:01
'I swear, galaxies are born in the time it takes Liz Truss to answer a question': Viewers' scathing assessment of Prime Minister on Laura Kuenssberg show
As the Prime Minister Liz Truss was grilled by Laura Kuenssberg, viewers questioned whether she REALLY understands that 'people are worried'. The PM was quizzed by the BBC presenter on Sunday morning (October 2).
manchestereveningnews.co.uk
01.10.2022 / 17:39
Liz Truss warns the UK faces a ‘difficult winter’ as energy prices rise, but defends mini-budget
Prime Minister Liz Truss admitted that it will be a “difficult winter” for the UK hours before the new energy price cap came into force from today (Saturday, October 1). But she defended the mini-budget revealed earlier this week despite the “disruption” the plans caused.
dailyrecord.co.uk
01.10.2022 / 14:41
Scottish Government demand urgent meeting with Chancellor over 'damaging' tax proposals
The Scottish Government has asked for an urgent meeting with the Chancellor to discuss "reversing the damaging effects of the UK Government's tax proposals".
dailyrecord.co.uk
30.09.2022 / 11:33
Scots Tory secretary claims Liz Truss's tax cuts are 'small' as he takes swipe at the BBC
Alister Jack has claimed the biggest tax cuts in the United Kingdom since 1972, funded by £72 billion a year in borrowing, are "small".
dailyrecord.co.uk
28.09.2022 / 12:37
Scottish Conservative MSPs accused of 'hypocrisy' for backing Liz Truss tax cuts
The Scottish Conservatives have been accused of "hypocrisy" for supporting Liz Truss's tax cuts for the wealthy, despite several MSPs refusing to vote for her as leader. A group of prominent Tories endorsed Rishi Sunak's leadership campaign - which promised a focus on tackling inflation - before quickly embracing the new Prime Minister after the former Chancellor lost earlier this month.
dailyrecord.co.uk
26.09.2022 / 12:57
Tory tax cuts leave UK economy in a 'very dangerous place', warns John Swinney
Tory tax cuts for the richest have left the UK's public finances in "a very dangerous place", John Swinney has warned.