The BBC reported on Monday that the British government is anticipated to reconsider the proposed elimination of the highest rate of income tax that has prompted a reaction in the ruling Conservative Party.
When he released a mini-budget on September 23, the finance minister Kwasi Kwarteng shocked the financial world by slashing taxes, including the highest income tax rate of 45p, as part of a "growth plan" that would be financed by massive government borrowing.
The programme had been upheld by the government despite falling prices for government bonds and the pound, but numerous prominent lawmakers have increased their opposition to it at the party's annual conference, which started on Sunday.
On Sunday, former minister, Michael Gove, long at the heart of government, hinted he might vote against cutting taxes for the wealthy.
Kwarteng had planned to tell the conference on Monday that the government “must stay the course” and he was confident the plan was the right one, according to advance excerpts released by his team. read more
The BBC said the government was expected to make an announcement in the next hour. No one at the Treasury was immediately available to comment.
Kwarteng has said he will set out his funding plans on Nov. 23 in a full fiscal statement.