The government’s U-turn on cutting tax rates for the highest earners – and its excuses for it – have been torn apart on social media.
Promising that “we listened to people”, chancellor Kwasi Kwarteng tweeted on Monday: “It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country.
“As a result, I’m announcing we are not proceeding with the abolition of the 45p tax rate.”
This came just hours after prime minister Liz Truss stood by the policy at the Conservative Party conference in Birmingham. Kwarteng was also set to deliver a speech today doubling down on his plans, urging Tory MPs to “stay the course” despite the economic turmoil.
Kwarteng and Truss unveiled the controversial tax cuts – which only benefitted the top earners – 10 days ago, along with other substantial policies, including the scrapping of the cap on bankers’ bonuses.
The pound tanked in the days that followed as the market was thrown into turmoil, with many fearing about what this meant for the ongoing cost of living crisis.
While the change in policy has already caused the pound to rebound on the market, people aren’t exactly keen to forgive and forget.
From speculation to what triggered the U-turn to reminders that Truss previously promised not to U-turn, here’s a round-up of the most scathing tweets about the policy change.