Politics & Finances

Truss Tables Tax Cuts That Crashed British Pound

10/2/2022

U.K. Prime Minister Liz Truss has tabled the tax cut plan that crashed the British pound last week.

Truss Tweeted, "We get it and we have listened," in a post that also featured a lengthy statement from Chancellor of the Exchequer Kwasi Kwarteng. In part, the statement reads:

"Our focus now is on building a high growth economy that funds world-class public services, boosts wages, and creates opportunities across the country."

This policy U-turn comes after the Bank of England took emergency measures to stop the pound's nosedive on Wednesday, September 28.

This intervention came mere days after Kwarteng -- who was appointed by Prime Minister Truss after she took over Boris Johnson's post -- spoke about the U.K.'s inflation-stricken economy while announcing the plan the previous Friday:

“This cycle of stagnation has led to the tax burden being forecast to reach the highest levels since the late 1940s. We are determined to break that cycle. We need a new approach for a new era focused on growth.”

The Wall Street Journal reported on the sweeping tax relief package, noting that it will "cut payroll taxes, freeze corporation tax, ditch banker-bonus cap and spend billions to subsidize energy bills."

Amid the fiscal turmoil, the pound hit a historic low but Truss still defended the major tax cuts.

An NBC report pointed out that "few Brits actually voted for [Conservative] Truss" and that Labour Party leader Keir Starmer has "joined others in urging the government to address the crisis by recalling Parliament, which is on recess."

The news outlet spoke to Dominic Grieve, a former U.K. attorney general and member of Parliament who was with the Conservative Party until 2019.

He stated, “As a Conservative I find it quite worrisome. It seems to me a very high-risk strategy and not one you would associate with a Conservative government.”

Now, with the tax cut plan tabled, it seems that financial collapse has been avoided for the time being. However, things are still not looking good for Truss's Conservative Party.

NBC shared a new article that notes, "the party finds itself in embarrassing retreat with a resurgent opposition center-left Labour Party about 20% ahead in opinion polls."

The Labour Party's finance spokesperson Rachel Reeves said, "The Tories have destroyed their economic credibility and damaged trust in the British economy."

What do you think about scrapping the controversial U.K. tax plan? Is it too little too late?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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