UK’s opposition Labour vows to reverse tax cut for richest | The Guardian Nigeria News


The leader of the UK’s main opposition party on Sunday vowed to reverse a tax cut for top earners announced by the Conservative government as the nation heads for recession.

The new Conservative Prime Minister Liz Truss supports tax cuts as a way to stimulate economic growth and her government removed a top rate of 45 percent for the highest earners in a “mini-budget” announced Friday.

Labour Party leader Keir Starmer, speaking before the party’s annual conference in Liverpool, told the BBC that if his party won power, he would cancel the tax cut for those who earn over £150,000 (168,000 euros) per year.

Doubts over the tax-cutting budget prompted the sterling to collapse to its lowest level against the dollar since 1985.

“I do not think the choice to have tax cuts for those that are earning hundreds of thousands of pounds is the right choice when the economy is struggling the way it is, working people are struggling the way they are,” Starmer…

Source: Guardian Newspaper