• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

Call us today!  028 3752 2909 or 028 8778 9500

  • Facebook
  • LinkedIn
  • Twitter

WHR Accountants

  • HOME
  • ABOUT
  • OUR TEAM
  • SPECIALIST SERVICES
    • Audit & Assurance
    • Accountancy
    • Book Keeping
    • Computerisation
    • Payroll Services
    • Business Development & Start-up
    • Tax
    • VAT
    • Business Information Systems Support
  • BECOME A CLIENT
  • BLOG
  • VACANCIES
  • CONTACT
  • SEARCH

Mobile Menu

  • HOME
  • ABOUT
  • OUR TEAM
  • SPECIALIST SERVICES
    • Audit & Assurance
    • Accountancy
    • Book Keeping
    • Computerisation
    • Payroll Services
    • Business Development & Start-up
    • Tax
    • VAT
    • Business Information Systems Support
  • BECOME A CLIENT
  • BLOG
  • VACANCIES
  • CONTACT
  • SEARCH
  • Facebook
  • LinkedIn
  • Twitter
Home » Blog » Kwasi Kwarteng U-Turn On Scrapping Of Top Rate Of Tax

Kwasi Kwarteng U-Turn On Scrapping Of Top Rate Of Tax

October 3, 2022 By //  by Des Ingham Leave a Comment

The Chancellor has had to perform a humiliating U-turn on his proposals to scrap the 45p top rate of income tax after it created widespread panic in the mortgage and pension sector, as well as huge criticism from both opposition parties and his own Conservative Party. The scrapping of the top rate of tax had a very bad look about it when so many people across the UK are struggling to make ends meet, so this change of direction did seem inevitable sooner rather than later.

A New Approach To Build A More Prosperous Economy

top rate of tax

Kwasi Kwarteng is quoted in an article in the Belfast Telegraph as saying:

“From supporting British business to lowering the tax burden for the lowest paid, our Growth Plan sets out a new approach to build a more prosperous economy.”

“However, 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. We get it, and we have listened.”

“This will allow us to focus on delivering the major parts of our growth package.

“First, our Energy Price Guarantee, which will support households and businesses with their energy bills.

“Second, cutting taxes to put money back in the pockets of 30 million hard-working people and grow our economy.

“Third, driving supply side reforms – including accelerating major infrastructure projects – to get Britain moving.”

Government Missteps Will Undermine Confidence

The Head of Federation of Small Businesses Northern Ireland, Roger Pollen, is also quoted in the article on the subject, saying:

“The principle of it is not the point, it shows the government has already made a misstep in its two weeks of action, which is not welcome because it undermines confidence.

“I see Sterling has risen on the back of the news, so let’s hope it’s the only stumble they make and we can actually see clear policies coming through that we can rely and build our businesses on.”

He went on to say that:

“Our members weren’t focused on this part of the package at all, they were focused on the energy packets which were promised.

“That’s where there is a real problem, businesses have been articulate in the problems they’re facing. Government has now came forward and said yes we will give you support, but there is a blockage in the system,” he said.

“The commitment to money for businesses is great and we can bank that, but we haven’t seen the cash yet and prices are rising.”

“It’s exactly what we need to see, it’s just not coming along yet.”

Let us hope the Government get their act together and fast.

Category: General

Looking for immediate answers to your questions?

Schedule a no-cost consultation today!

This is a very useful Call To Action in the “After Entry” widget area. You can put whatever you’d like in it, and change the background color to whatever you’d like.

You May Also Be Interested In:

Northern Ireland Energy Summit Back For A 2nd Year

Beyond The Fee: How An Accountant Can Save You Money On Your Taxes

BGF To Play Its Part In Supporting Businesses Across The UK With Funding

NI Business Delegation Visit Westminster To Push For More Investment, Support & Less Regulation

Surge In Use Of AI By Northern Ireland Businesses

New UK – EU Deal To Remove Routine Checks On Animal & Plant Products

8 Reasons Why An Employer Should Use Our Payroll Services

Rural Business Development Grant Scheme Proves A Hit With Rural Businesses

Concern Over More Cash Payments To Staff After Employers National Insurance Contribution Hike

Previous Post: « Chancellor Under Pressure After Mini Budget Causes Chaos To Mortgage Market
Next Post: Trade Body Leader Calls For Action On Business Energy Prices »

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Primary Sidebar

WE PROMISE YOU:

If you are finding the current economic situation tough, then rest assured, we understand the pressures you face as a business owner or manager. You don’t have to face the future alone. When you choose WHR, you have an ally, a partner, a friend, in both the good times and the tough times.

028 3752 2909
028 8778 9500

RECENT POSTS

Job Retention Scheme – Update

Dear Payroll Client We are trying to continue to run our …

Northern Ireland Energy Summit Back For A 2nd Year

After a well received first outing, the Northern Ireland Energy …

Beyond The Fee: How An Accountant Can Save You Money On Your Taxes

For many, the idea of paying an accountant to handle their taxes …

BGF To Play Its Part In Supporting Businesses Across The UK With Funding

It is heartening to read that the Growth Capital Investment …

NI Business Delegation Visit Westminster To Push For More Investment, Support & Less Regulation

A business delegation from Northern Ireland, comprising of …

Surge In Use Of AI By Northern Ireland Businesses

Businesses up and down Northern Ireland have had no hesitation …

Footer

Director

James Robinson

Head Office

WHR Chartered Certified Accountants
028 3752 2909 or 028 8778 9500

56 English Street,
Armagh
BT61 7LG

Contact Us

Contact our office today. Our team are ready to help you. There is no better time than now.
Click Here →

Follow Us

Keep up to date with our social media

  • Facebook
  • LinkedIn
  • Twitter
  • Blog
  • Specialist Services
  • Privacy Policy

Website created by ZebWeb