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UK’s Kwarteng says will not resign after tax cut U-turn

UK’s Kwarteng says will not resign after tax cut U-turn By Reuters

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Economy 15 minutes ago (Oct 03, 2022 08:02)

© Reuters. British Chancellor of the Exchequer Kwasi Kwarteng attends Britain’s Conservative Party’s annual conference in Birmingham, Britain, October 3, 2022. REUTERS/Hannah McKay

LONDON (Reuters) – Britain’s finance minister Kwasi Kwarteng said he would not resign after making a humiliating U-turn on cutting the 45% top rate of income tax on Monday, saying the plan had become a “massive distraction”.

Asked if he has considered resigning, Kwarteng told the BBC: “Not at all.”

He declined to admit it was a mistake. “What I admit was that it was a massive distraction on what was a strong package,” he said.

UK’s Kwarteng says will not resign after tax cut U-turn

Instant View: British pound up on report govt may reverse tax cut planBy Reuters – Oct 03, 2022

LONDON (Reuters) – Britain’s pound rallied and UK stock futures rose on Monday, after a BBC report that a proposed controversial tax cut in the government’s mini-budget might be…

Sterling rebounds on reversal of proposed tax cut, yen weakensBy Reuters – Oct 03, 2022

By Rae Wee SINGAPORE (Reuters) – Sterling climbed higher on Monday after British finance minister Kwasi Kwarteng said the government would reverse a plan to scrap the UK’s highest…

UK’s Truss and Kwarteng forced into humiliating tax U-turnBy Reuters – Oct 03, 2022

By Kate Holton and Kylie MacLellan LONDON (Reuters) – The government of British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn, reversing plans to cut the…

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