Given the ferocious opinion polling results this last week or so, perhaps small wonder that:
Liz Truss's government has abandoned its plan to abolish the 45% top rate of income tax in a humiliating U-turn, following a mounting Conservative revolt over the policy and a turbulent reaction from markets.
In a tweet, Kwasi Kwarteng confirmed the change, saying: "We get it, and we have listened."
The chancellor said the decision to cut tax for people on incomes of £150,000 or more "has become a distraction from our overriding mission to tackle the challenges facing our country".
He continued: "As a result, I'm announcing we are not proceeding with the abolition of the 45p tax rate."
It is impossible to frame the tax cut as the solution to these supposed challenges - as was the case until they 'changed', and its removal as a solution to... well, what? Political irrelevancy and ultimately redundancy? If they're able to move beyond it. And I wonder if they can. This is a blow so much greater than that inflicted on the Major government on Black Wednesday. It strikes at the key issue of competence.
And this the week of the Tory party Conference? You can imagine how they were salivating at the idea they'd come to that Conference with the announcement of the income tax cut - rich blue meat for their base, and whatever else they know their base. Problem is they appear to know little else. Some of us might have thought May aloof and out of touch and out of her depth, Johnson as worse again, but Truss and Kwarteng have proved that there is no limit to the ineptness and incompetence and arrogance of the Tories.
Then again, they're in power for at least another couple of years. An early election? Unlikely, surely?
No comments:
Post a Comment