UK PM Liz Truss came under pressure, took back the decision to cut income tax

The month-old government of Liz Truss in Britain has had to withdraw its move amid protests. In order to garner support in the Conservative Party, the Truss had assured income tax cuts to the people of the country struggling with inflation. As soon as he lowered the income tax ceiling in line with this announcement, the market became unbalanced and the round of condemnation of the government started. The government under pressure has withdrawn the decision. 

Announced in the mini budget in September

The Truss government had made a provision to cut income tax by bringing a mini budget in September. After this, opponents of the Truss in the Conservative Party did not delay in attacking the government. Subsequently, Finance Minister Kwasi Kwarteng said that the decision to reduce the tax ceiling has been humbly withdrawn. The Finance Minister gave this clarification after the objection came from the MPs of his party, which said that this has benefited the less prosperous section of the country, the common man has not benefited from it. Whereas the most affected by inflation is the common man.

Government officials were also protesting

Top government officials were also protesting against this tax cut with slurred speech. He says that this cut has been done without assessing the damage, which will have a big impact on the country's economy. This is a symbol of the antiquated thinking of the Finance Ministry.

Ten years of economic progress sluggish

The pace of economic progress of the country has been sluggish for almost ten years, in such a situation, if income tax relief is given to the affluent class, it can have a wrong effect. This is not a decision to give the message of increasing the pace of progress. This will have a direct impact on global investors and they will start withdrawing their cash from the UK market.