BIRMINGHAM, England (Reuters) – British Prime Minister Truss told the BBC on Thursday that he was not informed in advance of the cut to the top income tax rate, but insisted he would stick to the plan.
In September, Finance Minister Kwartengu unveiled tax cuts that would primarily benefit the wealthiest. His failure to detail the fiscal implications and economic reforms that would encourage growth led to turmoil in financial markets.
Asked whether the cabinet had been informed of the cut in the top tax rate, Mr Truss said: “We weren’t.
The Sunday Times newspaper reported that Quarteng attended a party in the hometown of hedge fund managers and Conservative donors on the same day the tax cuts were announced.