‘Cruel and greedy’: high earners on Kwasi Kwarteng ditching top tax rate
International markets, voters, members of the Conservative party and experts have reacted with dismay to Kwasi Kwarteng’s “fiscal event” last Friday, when the chancellor announced that the top tax rate of 45% would be abolished.
Here, seven high earners who will benefit from this tax cut share how they feel about it, and what they will do with the money.
“I’m furious! I grew up in a poor household and have never forgotten it. I have worked hard to be a good earner, but this doesn’t mean I believe I’m better than those who aren’t doing so well. This – at a time when people are already suffering so much. Energy prices. NHS. Education. Transport. All problems which need urgent attention. Not to mention the lack of legal aid. The low fees paid to legal aid practitioners. Lack of affordable housing, childcare, etc.
“Truss and Kwarteng seem to have no understanding or sense. How can the basics be paid for? How do they think the economy will grow? Why don’t they care about poverty? I feel sick and ashamed. I will give it to charity: to the NSPCC, because more children will be neglected, and others. I didn’t ask for this. I don’t need it. I don’t want people to think I’d vote for such a stunt. It’s appalling. I am so sorry for our country. It’s being ruined.” Claire, 60, a solicitor from Dorset
“I’ll be at least £50k better off – a gigantic pile of free money that I didn’t ask for, don’t need and which doesn’t affect my lifestyle. And incidentally, because I earn in dollars, and my pension stocks are in dollars, I have been given another pile of money because of the weak pound. It’s obscene and personally embarrassing. Give £5k to 10 poorer people instead. Imagine having to explain to someone on £30k, what I’ve just received.
“It’s
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