Kwasi Kwarteng and Liz Truss have U-turned on the tax cut for highest earners
The government’s
U-turn on cutting tax rates for the highest earners – and its excuses for it – have been torn apart on social media.
Promising that “we listened to people”, chancellor
Kwasi Kwarteng tweeted on Monday: “It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country.
“As a result, I’m announcing we are not proceeding with the abolition of the 45p tax rate.”
This came just hours after prime minister
Liz Truss stood by the policy at the Conservative Party conference in Birmingham. Kwarteng was also set to deliver
a speech today doubling down on his plans, urging Tory MPs to “stay the course” despite the economic turmoil.
Kwarteng and Truss unveiled the controversial tax cuts – which only benefitted the top earners – 10 days ago,
along with other substantial policies, including the scrapping of the cap on bankers’ bonuses.
The pound tanked in the days that followed as the market was thrown into turmoil, with many fearing about what this meant for the ongoing
cost of living crisis. While the change in policy has already caused the pound to rebound on the market, people aren’t exactly keen to forgive and forget.
From speculation to what triggered the U-turn to reminders that Truss previously promised
not to U-turn, here’s a round-up of the most scathing tweets about the policy change.
They’re only u-turning because the rest of the country is so thoroughly repulsed by their greed.
— Rachel Clarke (@doctor_oxford)
October 3, 2022
If “listening to people was the right thing to do” this morning, why wasn’t it the right thing to do 9 days ago?
#r4today — Caroline Lucas (@CarolineLucas)
October 3, 2022
They’re not u-turning because they’ve “listened”.
They’re not even u-turning because they’ve caused the pound to collapse.
They’re u-turning because people saw whose interests they serve, and they don't want to be wiped out in the next election.
A shambles.
— Nadia Whittome MP (@NadiaWhittomeMP)
October 3, 2022
They wanted to deprive poor kids of school meals.
They wanted to give rich kids the top A-level grades.
They wanted to cut civil servants pay in the poorest areas.
They wanted to give £55K tax cuts to millionaires.
Every U-Turn they make just shows they'd hurt you if they could.
— Femi (@Femi_Sorry)
October 3, 2022
What an absolute shitshow. Idiotic idea. Followed by market carnage, stubborn defiance and now a U-turn. Truss isn’t strong and bold. She’s arrogant and dangerous. And completely incapable of rational, principled governance. The 45p tax-cut-U-turn farce sums her up perfectly.
— sarah murphy (@13sarahmurphy)
October 3, 2022
Saying we should praise the Govt for listening and reversing it's divisive tax policy is like thanking someone for stopping hitting you with a baseball bat.
— Brian Moore (@brianmoore666)
October 3, 2022
Already seen praise for the u-turn, as if they suddenly realised that giving a tax break for millionaires funded by benefits cuts for the poor during a cost of living crisis was bad, rather than they saw the polls and their own MPs rebelling and shat it
— James Felton (@JimMFelton)
October 3, 2022
So many things to say about the reversal but most important - do not forgive them.
— Minnie Rahman (@minnierahman)
October 3, 2022
? This is death for schools, hospitals, and all public services.
And the reason they had to abandon the tax cut for the super rich.
Absolute carnage.
Kwarteng confirms further cuts of up to £18bn for public services
https://t.co/4kauWcTBaV — Brendan May (@bmay)
October 3, 2022
Despite the u-turn, I think this is going to have a very long tail. There's a lot of industrial action on the horizon & every time they argue that public sector pay rises are unaffordable, the comeback will surely be that they could afford tax cuts for the rich.
— James Oh Brien (@mrjamesob)
October 3, 2022
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