Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

The UK will not abolish the maximum income tax rate


October, 03 2022
watermark Economic news

The UK authorities have decided to abandon plans to abolish the maximum income tax rate of 45% applied to annual income over $ 150,000 pounds.


Previously, it was assumed that all brits earning more than 50,271 pounds would pay income tax at a flat rate of 40%.


The Bank of England announced the abolition of the maximum income tax rate back in September as part of a large-scale tax reduction program. It is worth noting that this program has attracted criticism from many experts due to the sharp increase in the state budget deficit and led to a rise in the yield of government bonds. As a result, to mitigate the consequences, the British regulator had to suspend the planned start of the sale of government bonds and instead start buying debt securities again.


Last weekend, on October 2, Prime Minister Liz Truss admitted that the government should have better prepared financial markets for tax cuts and increased government borrowing. Despite this, Truss stressed that, in general, the decision to increase borrowing was correct.


According to the British Debt Management Office (DBO), the state budget's borrowing needs in the current financial year will amount to 234.1 billion pounds, which is almost one and a half times more than previously expected.


Feedback

ForexMart brand is authorized and regulated in various jurisdictions.

This website is operated by (Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines.

Restricted Regions: does not provide services for residents of certain countries, such as the United States, North Korea, Sudan, Syria and some other regions.


© 2015-2022 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.