Uk
Rebel Tories plot to block tax cut
Rebel Tories plot to block tax cut

Rebel Conservative MPs are reportedly preparing to vote down sections of a finance bill to block the abolition of the top rate of income tax.

The government’s plans for huge tax cuts, unveiled last week, have come under criticism after triggering nearly a week of financial market chaos including a sharp fall in the value of the pound.

Those tax cuts included a plan to scrap the 45 per cent top rate of income tax applied to the highest earners.

Britain’s opposition Labour Party has pledged to restore the tax rate to 45 per cent if it comes to power, saying tax cuts for the wealthy would not spur growth.

“Frustration doesn’t come close – MPs are absolutely furious,” The Telegraph quoted an unnamed ex-Cabinet minister as saying.

“The 45p tax rate cut was completely unnecessary. It came at a high political cost for very little benefit.”

Earlier, Truss defended her plans to reignite economic growth and said taking urgent action to grow the economy meant “taking controversial and difficult decisions.”