DECRYPTION – The British government has backed away from the token measure that fueled the financial storm.
Correspondent in London
He may have been nicknamed the “Suicide bomber » («Kami Kwazi “), the Chancellor of the Exchequer nevertheless seeks to save his skin at the same time as that of his Prime Minister. Kwasi Kwarteng on Monday announced a dramatic U-turn after announcing his “mini budget which unleashed the storm on the markets, reversing a tax cut benefiting the wealthiest Britons.
Speaking at a much-anticipated speech to the Conservative Party convention in Birmingham on Monday afternoon, Kwasi Kwarteng acknowledged that the day had been “harsh“. He confirmed that the 45% bracket in the income tax scale – for taxpayers whose income exceeds 150,000 pounds (172,000 euros) per year – would not be abolished. It was the most contested measure. Kwasi Kwarteng does not admit any error, but considers that the controversy constituted “a huge distraction“eclipsing”a solid set of measures»…
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