Tory MPs are threatening to revolt against Liz Truss and Kwasi Kwarteng’s plan to abolish the 45p tax rate for Britain’s highest earners, a report says. Backbench Conservative MPs were reportedly outraged after the government set out its plan in the Chancellor’s mini-budget last Friday.
According to the Telegraph, MPs claimed the move was “toxic” and involved “high political costs with very little benefit”.
Tory rebels have suggested they are now preparing to vote down parts of the Finance Bill in a bid to dissuade Ms Truss from scrapping the 45p tax rate.
The magazine has indicated that MPs will support amendments that could prevent the move from making it through the House of Commons.
An ex-cabinet minister said: “Frustration doesn’t come close – MPs are absolutely furious.”
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Another added: “It’s unbelievable that a Conservative government is endangering people’s homes and their pensions.”
However, the prime minister has defended her proposals, saying her mini-budget showed she was willing to make “controversial and difficult decisions”.
During a morning interview with local BBC radio stations, Ms Truss added: “We needed to take urgent action to grow our economy.”
Truss’ defense of her mini-budget comes as polls suggest the tide is turning for Sir Keir Starmer’s Labor Party.
“It’s also important to note that Labor’s numbers are rising just as much as the Tories on many of the underlying questions.
“This is not only a case of the Tories becoming less popular, but also of Labor becoming more and more popular.”