Birmingham: Britain’s new prime minister, Liz Truss, has been forced to drop her plan to cut taxes on the rich after MPs defied threats of being kicked out of the banquet hall and warned they would oppose the plan. to vote.
Truss, who models herself after former Prime Minister Margaret Thatcher, confirmed the backlash on social media just 24 hours after she came on television for her debut at the Conservative Party conference underway in Birmingham.
“We get it and we’ve listened,” she said.
“The abolition of the 45 per cent rate had become a distraction from our mission to get Britain moving.
“Our focus now is on building a fast-growing economy that finances world-class public services, raises wages and creates opportunities across the country.”
Truss reposted her Chancellor Kwasi Kwarteng’s announcement, who was the first to announce the relapse.
Truss had said the day before that it was Quarteng’s decision to abolish the 45 percent tax rate and not take it to Cabinet, comments widely seen as Truss putting some distance between her and the Chancellor, her closest ally, created.
The announcement of the unfunded tax cut for the country’s top earners terrified markets, sent the pound plunge to record lows and nearly collapse pension funds.