British Finance Minister Kwasi Kwarteng said that it has been a “tough day” as the government decided to not introduce the controversial tax cuts for high earners in the country. During his speech at the Conservative conference, Kwarteng said that the economic plan caused “a little turbulence”.
“It has been tough but we need to focus on the job in hand. We need to move forward. No more distractions. We have a plan and we need to get on and deliver it. That is what the public expect from the government,” the finance minister said according to The Guardian.
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In the mini-budget, Kwarteng announced that they will be implementing a 45 per cent tax cut for the top earners. However, it was met with a lot of criticism from all sides and in the aftermath of the budget, the pound fell to a record low against the United States dollar last week.
With the International Monetary Fund (IMF) and other major organisations not backing the move, the British government said on Monday that they will not be going forward with the tax cuts.
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While the measures will not be implemented at the moment, the finance minister made it clear that the government will be looking to introduce tax cuts in a bid to boost the economy.
“Because with energy bills skyrocketing, a painful Covid aftermath, war on our continent, a 70-year-high tax burden, slowing global growth rates and glacially slow infrastructure delivery, we couldn’t simply do nothing. We can’t sit idly by. What Britain needs more than ever is economic growth.”
