We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Kwasi Kwarteng grilled by Kuenssberg over tax cuts

The Pound has jumped against the dollar after the Chancellor announced that the government will no longer abolish the 45 percent tax rate, ahead of his speech at the Tory Party conference today. Kwasi Kwarteng had announced in his mini budget on September 23, that the wealthiest members of society would be given a tax cut. The announcement led to market turmoil, with the pound plummeting against the dollar. Despite initially sticking by his plans, which were fiercely criticised both by the opposition and members of his own party, Mr Kwarteng announced via a statement this morning that the proposal would be scrapped. Writing on Twitter, he said: “We get it, and we have listened.” Following the announcement, the pound has rebounded against the dollar. At 6am, it stood at $1.1092, according to Bloomberg. By 7am, it was at about $1.1240.

FOLLOW BELOW FOR LIVE UPDATES…

Kwarteng says he has not considered resigning following U-Turn

Chancellor Kwasi Kwarteng has said that he has not considered resigning following his enormous U-turn on economic policy.

Speaking on BBC Breakfast Mr Kwarteng refused to admit that the cut to the 45 per cent tax rate was a “mistake” and instead kept repeating that it was a “distraction”.

Chancellor says 45 percent tax rate cut has become a ‘distraction’

Here is Chancellor Kwasi Kwarteng’s statement on the U-turn of the planned abolition of the 45 percent tax rate. 

Mr Kwarteng said the tax cut had become a “distraction” from the Conservatives’ “overriding mission” to tackle the “challenges facing our country”. 

Sterling rockets as Kwarteng U-turns on tax cut ahead of major speech today

The Pound has jumped against the dollar after the Chancellor announced that the government will no longer abolish the 45 percent tax rate.

Kwasi Kwarteng had announced in his mini budget on September 23, that the wealthiest members of society would be given a tax cut.

The announcement led to market turmoil, with the pound plummeting against the dollar. Despite initially sticking by his plans, which were fiercely criticised both by the opposition and members of his own party,

Mr Kwarteng announced via a statement this morning that the proposal would be scrapped. Writing on Twitter, he said: “We get it, and we have listened.” Following the announcement, the pound has rebounded against the dollar. At 6am, it stood at $1.1092, according to Bloomberg. By 7am, it was at about $1.1240.

Good morning

Good morning, I’m Olivia Stringer and I’ll be bringing you all the latest developments on the Pound for the next eight hours. Please feel free to get in touch with me as I work if you have a story or tips to share! Your thoughts are always welcome.

Email: [email protected] 

Twitter: @Livstringer_

Source: Read Full Article