Government reverses tax cut

On 3 October, Kwasi Kwarteng, the Chancellor of the Exchequer (the person in charge of the UK’s money) announced that the Government would no longer be getting rid of the top rate of income tax (money paid to the Government out of people’s wages, which is used to pay for public services such as schools and hospitals). What is the top rate of income tax? It is extra tax that the country’s top earners – people who earn more than £150,000 each year – have to pay. It was introduced by Prime Minister Gordon Brown in 2010. On 23 September, in the Government’s mini-budget (a plan for how it would spend money), Kwasi Kwarteng announced that the top rate would be scrapped. This would have meant that top earners would…

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The Week Junior (Digital) - 1 Issue, 356

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