On October 14, local time, Truss fired former Chancellor of the Exchequer Quasi Kwarten and made major changes to the previously proposed tax cut plan. Kwarten, who has been in office for just 38 days, has thus become the most incumbent British Chancellor of the Exchequer since 1970 and former Foreign and Health Secretary Jeremy Hunt has been appointed to replace Kwarten.
In September this year, the UK government announced a series of large-scale tax cuts. Under the plan, the UK will cancel plans to raise corporate tax rates and reduce income tax rates. The plan made investors worry about the UK government’s financial situation, the British pound and the UK bond market fluctuated enormously and the Bank of England was forced to intervene to stabilize the market.
Due to overwhelming opposition pressure, Truss announced in early October that he would abandon the cut in the top income tax rate. On the 14th, he further stated that there would also remain a plan to raise corporate taxes proposed by the previous government.
The sweeping tax cuts have not only led to chaos in the British financial market, but have also reduced the confidence of the British people in the government. At the same time, some cabinet members also began discussing how to get Truss to step down.
On October 15, local time, the new UK finance minister Hunt publicly stated that Truss’s tax cut plan did not take into account the budget, acted “blindly” and used the loans to finance tax cuts. ” not feasible “; in addition, reducing wealth Personal tax is “a mistake”.
The new UK finance minister, when named in jeopardy, accused the prime minister of a tax cut plan “a mistake”. Click on the video to see what it is!
